Oil & Gas Industry Update Q3, 2014
On-going innovation and technological advancements in drilling have made it possible to produce increased yields in oil and natural gas. Worldwide, the oil and gas sector needs to recruit 120,000 new employees at present. Employment of petroleum engineers alone is set to increase by 17% between 2010 and 2020.
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Major companies throughout Asia have found it difficult to attract qualified candidates for various roles. Dubai is the most desired work location in the world for oil and gas professionals. Crude production in the US has risen by more than 50% in the past 5 years, and demand for drilling operations far exceeds the current supply of talent. Oil and natural gas companies in the U.S. are recruiting. China is developing an energy pipeline that will feed the growth of its economy. The country has oil and gas interests in many parts of the world.
Australia is a major global player in the LNG sector, and there is sustained demand for professionals in health and safety roles. As Australian oil and gas companies work towards completion of billion-dollar LNG projects between 2016 and 2018, the need for talent is only set to escalate. Over the next 25 years, the industry expects to make 130 new discoveries, and 240 new developments in the UK, with about 18,000 people working offshore. Demand for oil and gas workers in Brazil is consistently high as the region is steadily becoming a significant area of business.
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