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> Oil and gas crowned Scotland’s top earning sector
Oil and gas crowned Scotland’s top earning sector
13 Aug 2014
As salaries continue to grow across the financial sector, the Oil and Gas industry has followed suit, with Scotland in particular taking the lead.
Reports have shown that oil workers are now being paid more on average than those in the finance sector, with those from some of the UK’s biggest oil and gas companies, such as BG Group and Tullow Oil, being paid nearly twice as much as their financial counterparts.
Statistics show that oil and gas firms listed on the London (FTSE 100) Stock Exchange, are paying their employees an average of £106,660 in salary, pensions and bonuses each, which shows a significant increase over the past five years. This average is nearly double that of the finance sector which pays an average of £54,608 per employee.
These figures are particularly significant to the Scottish industry, as oil and gas becomes Scotland’s top earning sector. This is having an overall impact on those working in the sector, and professionals wanting to enter it too.
The key driving forces behind the increase in salaries, are undoubtedly the skills shortage that the industry continues to face, coupled with the fact that the oil and gas sector is a strong and growing industry and needs these skilled workers in order to maintain the growth.
Those who have worked in oil and gas have often acquired unique skills and experience that are necessary in the sector, having dealt with complex and demanding projects, hence increasing their salaries becomes inevitable as the candidate pool remains limited and the price of oil high.
The oil and gas industry as a whole continues to go from strength to strength, both globally and more regionally in Scotland. Revenues from North Sea oil and gas reserves are an important source of income for Scotland, and since 2002, these revenues have on average increased or decreased by nearly 35% each year, according to the Office for Budget Responsibility, showing that there is still scope for growth within the sector.
Innovation within the energy sector is strong too and the oil and gas industry is no exception. These key businesses working in the North Sea can see the benefits of this established region, and so the salaries of its workers will continue to reflect this.
If you are looking to work in Scotland's oil and gas industry, Spencer Ogden's sector specialists based in our Aberdeen and Glasgow offices, are able to deliver a bespoke recruitment service to our candidates and clients.
Contact our Aberdeen office: +44 (0) 12245 6600
Contact our Glasgow office: +44 (0) 141 375 7300