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Scotland sees economic growth from energy sector

Bank of Scotland sees job growth in energy sector.
By Daniel J. Graeber   |   April 4, 2014 at 9:38 AM   |   Comments

| License Photo
EDINBURGH, Scotland, April 4 (UPI) -- The Bank of Scotland recognized the economic potential from the region's energy sector is world class, a Scottish government spokesperson said Friday.

The Bank of Scotland said the oil and gas industry could create 39,000 new jobs across the country during the next two years.

"This report is very welcome and clearly demonstrates the huge contribution that the oil and gas sector makes to the economy now and will continue to make in the future," a spokesperson said Friday.

The bank's report said most of the oil and natural gas companies operating in the region are located in and around Aberdeen.

"The presence of this world class cluster means that Scotland is now a major player in the global oil and gas supply chain, with Scottish companies now operating in over 100 countries," the spokesperson said.

In February, the British government said it expects to secure $330 billion in the next two decades through the recovery of the 3 billion to 4 billion barrels of oil equivalent still left in the North Sea. London said that estimate assumes Scotland remains part of Great Britain.

Scotland holds a referendum for independence in September.

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