Analysis from oilandgaspeople.com said that a record-breaking recent licence round, where 167 new licenses were handed out, would drive new employment in the sector.

In the past few months alone, UK Stat Oil has announced a £4.3 billion investment into North Sea oil, which should create over 700 jobs, while a Talisman Energy-Sinopec joint venture recently announced a £1 billion spend in the region.

However, the high demand may not necessarily equate into new jobs, with skills shortages in the sector threatening to derail the bullish predictions.

The UK oil and gas sector has experienced a talent crush in recent years, with experienced workers heading to other climes while older workers were leaving altogether.

However, with onshore exploration opening up due to a lifting of the moratorium on hydraulic fracturing, the drain may get worse.