The oil and gas industry is expected to create more new jobs than lost over the next year, according to new research conducted by recruiter NES Global Talent and oilandgasjobsearch.com.

The Oil and Gas Outlook 2017 report indicated that positive signs are returning after the industry witnessed more than 440,000 job losses worldwide since oil prices crashed in 2014.

With prices on the recovery path and having stabilised since July this year, around 90% of employers expect to maintain current staffing levels or hire new employees next year.

Around 60% of employers are expected to recruit over the next year.

NES Global Talent CEO Tig Gilliam said: “Globally we are now increasingly confident that the market supports increased investment in the energy sector.  Energy companies with the support of their partners have right-sized their organisations for the current levels of activity.

“This increasing activity is leading the higher performing companies to refocus on quality people to lead and deliver value.”

“With a stabilised price environment and lower-cost profile more and more assets offer attractive returns on investment and operations. This increasing activity is leading the higher performing companies to refocus on quality people to lead and deliver value.”

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Gilliam further added that besides a significant increase in investment in US shale, the number of capital projects being approved has gone up, auguring well for the industry.

As part of the research, more than 3,000 employers and around 7,000 workers were surveyed.

According to the survey, 23% of the employers stated that they would increase their workforce by 5%, and 19% expect to see an increase of 5-10% in staffing levels.

Approximately 30% of the employers are of the opinion that the staffing levels will remain the same, while 11% expect to cut jobs.