Oil and gas sector ‘needs 120,000 new employees’
Baby boomers have been accused of stealing their children’s future, attaining their wealth at the next generation’s expense and leaving young people entering the world of work facing bleak prospects.
But as the previous generation heads for retirement – and aided by changes in the tax regime and our ever greater thirst for energy – there is one industry heading for a jobs boom.
The oil and gas sector needs to recruit 120,000 new employees worldwide over the next decade to avoid a skills shortage, according to PricewaterhouseCoopers research, and companies in the sector are pushing hard to attract employees into the interesting and exciting – not to mention well remunerated – industry.
The sector is well placed to benefit from this employment boom: the 2013 Budget introduced tax breaks that industry experts say is driving record investment in North Sea exploration, estimated to be running at £13bn this year and predicted to rise higher in 2014.
The industry fits in well with the Government’s desire to rebalance the economy – the engineering and science expertise required in the sector is highly exportable – as well as hopes to boost STEM (science, technology, engineering and mathematics) in schools and universities.
www.thetelegraph.co.uk 19th Sept 2013