Oil & gas sector ‘outperforms’ rest of Scottish economy

The oil and gas industry is “continuing to outperform” the rest of the Scottish economy. New findings from the 17th Aberdeen & Grampian Chamber of Commerce survey show confidence and […]

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By Priyanka Shrestha

The oil and gas industry is “continuing to outperform” the rest of the Scottish economy.

New findings from the 17th Aberdeen & Grampian Chamber of Commerce survey show confidence and activity in the oil and gas sector have continued to rise, with a strong demand for employment and increasing investment from both operators and contractors.

However, the Fraser of Allander Institute at Strathclyde Business School, which conducted the survey, claims recruitment and skills shortage are the major issues and oil and gas firms have been paying between 5-12% more to attract or retain staff.

Robert Collier, Chief Executive of Aberdeen & Grampian Chamber of Commerce said: “The oil and gas industry is a vital element of the Scottish and UK economies. Our latest survey findings give considerable cause for optimism, including new investment and activity in the UK and international markets. However, it also highlights the continuing issue of skills shortages which is driving staff cost increases across the industry. In the longer term, significant new blood will be required to combat the cycle of companies poaching experienced staff from each other.”

Another survey conducted earlier this month, however, showed workers in the oil and gas sector in the UK felt “under appreciated” as pay rises has failed to keep up with inflation.