The prolonged downturn in commodity prices that started in the summer of 2014 has seen more than 350,000 people globally lose their jobs in the oil and gas industry to date. However, as BP’s mantra “lower for longer” evolves into Shell’s phrase “lower forever” and we adapt to the reality of working with an oil price around $50/bbl, signs of recovery are beginning to occur.
The US shale sector, with its relatively low operational expenditure costs and rapid rig up time, has led that revival, and it is anticipated that deepwater projects, which have also experienced cost reductions over the past 3 years, will follow in time.
However, in line with every other time this cyclical sector has come out of a downturn, the anticipated increase in activity is matched by concerns over how and where the industry will find the recruits required to fuel a resurgence, either through attracting former employees back or encouraging new, young people to join....
We Need To Celebrate Our Successes If We Want the Next Generation To Be Part of Our Future
Alistair Geddes, Executive Vice President, Expro
01 October 2017