Tuesday, November 6, 2012

UK oil and gas sector more optimistic

The UK’s oil and gas sector is optimistic despite increased challenges from rising costs and skills shortages. According to a survey by the Aberdeen & Grampian Chamber of Commerce (AGCC), the sector has outperformed the rest of the Scottish economy.

Staff recruitment has proven to be a difficulty to many oil and gas companies, and many doubts still lingered over the industry but many organizations are enhancing staff compensation to retain their workers. Positive fiscal moves have also supported the industry, although the AGCC pointed out the economic uncertainties will still impact the sector on a medium term.

Outlook is also positive for 2013 and experts say the sector would be able to support global demand. Salaries for skilled workers are also skyrocketing as companies compete and pirate workers from each other. The survey illustrated the positive outlook for the oil and gas sector which is now considering more-longer term plans with the nearing Scottish independence referendum come 2014.
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