Oil And Gas Updates Q4 2015
The oil & gas outlook for crude oil and the free fall in oil prices have made ‘energy’ the most talked-about sector of the entire market in 2015.
The oil and gas sector has been without doubt the most talked about industry in 2015 with plummeting oil prices still fluctuating and a global oversupply remaining; hiring has felt a definite bump in the road.
Despite many experts predicting the bottoming out of oil prices last quarter, such expectations have not come to fruition as prices have fallen to around US $53 per barrel although at its lowest point saw them drop below the $50 per barrel mark. Lower than forecasters predicted ($59 per barrel a quarter ago) it shows the constant cloud of uncertainty around when the market is likely to stabilise.
In terms of demand, this has increased providing hope for many oil companies and its employees, but prices are not likely to rise any time soon, expected to hover around the same number until mid to late next year.
This increase in demand is anticipated to provide a robust improvement in consumption, combined with governmental support to help provide growth in the sector in the Middle East region.
Prices hovering around the $50 per barrel will remain a key challenge for revenue growth for all companies, which may mean your salaries may not see the increase they have seen in the past.
Many energy companies are looking towards structural reforms and reforms to energy subsidies as a cost saving scheme and also to enhance growth opportunities among its employees.
The diversification of GCC government portfolio’s have provided a stable financial backing for economies that have previously relied heavily on its oil exports to ensure that these low oil prices do not prove a significant impact to the economy.
If prices remain as they are and run below the current price countries need to break even, many of the GCC nations have enough reserves to last them a long time before it becomes problematic. For example, Saudi Arabia has enough supply to not start worrying up until the year 2020.
This is similarly the case with their neighbours with the country in the best shape being the UAE due to diversifying their portfolio a lot earlier than many of the states in the GCC.
Jobs in demand
Drilling, operations & terminal, engineering, general services, geosciences and business support are all positions intended to be filled and is a great opportunity to work with one of the largest oil providers in the world.
In general, hiring intentions are decreasing on a global scale, such intentions are generally much more positive in the Middle East emirates 24/7 said, particularly the expat workforce.
The oil and gas sector has taken its first big hit in regards to recruitment over the past quarter according to Sanjay Modi, regional managing director of monster. Despite hiring in the gulf remaining higher than many other regions around the globe, there has definitely been a slow down he mentioned with many oil and gas companies cutting back spending on recruitment.
The healthcare sector leads other industries with a 44 per cent increase.
There are certainly positions available in the coming term it is a matter of getting your CV in the right place.
If you would like assistance in finding such positions, then upload your CV below and be appointed your very own personal job hunt manager who will help ensure your CV gets under the nose of the right recruiters and headhunters who have vacancies they need to fill!