Oil & Gas Industry Update Q2 2015

Oil & Gas Industry Update Q2 2015

As reported in our Q1 updates, the oil and gas industry has taken a massive hit, with OPEC’s inability to cut production meaning a global oversupply of oil stocks which has cause the price of oil to plummet over the past months.

In terms of prices, forecasters predict that the price will remain stable with recent highs seen at the end of February at $62.50 per barrel. A member of the Royal Saudi family Prince Al-Waleed bi Talal said oil my never cost $100 a barrel.

With many other factors playing havoc on the oil prices and in turn, the global economy, lets take a look at how the job market is fearing in each country and industry updates.

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Saudi Arabia

The world’s most influential player in regards to oil production and resources, everyone is keeping a watchful eye on this oil rich country.

Even this oil slump has taken its toll on the oil giant with fresh data from the final quarter of 2014, showing exports were reduced to and average of 7.11 million barrels per day, its lowest levels since 2011.

Despite this, King Salman bin Abdulaziz has vowed to continue oil and gas explorations to construct a diversified economy despite the plunging drop in crude oil. This shows his intent to continue production without cutting too many jobs.

OilProduction is set to increase during Q2, 2015 in Saudi Arabia as they look to maintain a stable level of export volumes and meet the rising domestic demand.

Fuel consumption is also set to see strong growth this quarter thanks to an increase in domestic refinery output and high level of subsidisation.

The output is forecasted to remain stable over the coming year with an average production of about 11.8million barrels per day (of crude and other liquids). This is in fact a marginal increase on 2014 levels.

As would have been anticipated, a small decline in crude exports is likely to be seen as new refining capacity is brought online.

GasGas continues to plague the Kingdom as their non-associated gas development staggers due to the low domestic gas price and limited foreign participation.

Gas consumption will continue to be held back by the limitations in supply domestically. Downstream expansion projects and diversification of the power sector will suffer a significant impact from an insufficient gas supply as well.


At the time of publication jobs in Saudi Arabia were aplenty with:

  • 8 advertised jobs for a Drilling Foreman
  • 6 advertised jobs for a Safety Engineer
  • 5 advertised jobs for a Petroleum Engineer
  • 6 advertised jobs for a Rig Manager
  • 5 advertised jobs for a Drilling Superintendent
  • 9 advertised jobs for a Project Engineer

As well as a total of 129 jobs advertised in general. 


The UAE is experiencing a vital period for its economic stability. The recent drop in oil prices have meant their efforts in diversifying away from their reliance of the oil and gas sector have become a pivotal factor in the long term and sustainable health of their economy.

This said, production looks likely to continue to increase and is buoyed by one of the most active job markets in the oil and gas sector in the region.


Production is set to increase with crude oil, LNG and other liquids rising to an average of 3.29 million barrels per day. That number is forecasted to increase to 3.35 billion next year.

The UAE is likely to be one of the main players in making up for the lack of production (due to political turmoil) in Iraq and Libya. It is anticipated to focus on adjusting diesel and gasoline deficits while boosting LPG production among other products to do so.


Gas production is set to see a large increase in the readjusted q2 forecast rising to 69.56 billion m3 this year, up nearly 10 billion m3 from last year’s figures.

This is reflective of the gas consumption as the demand for gas continues to rise at unprecedented rates with consumption increasing from 84.89 billion m^3 last year to 89.32 billion this year. This will likely subdue once other renewable comes to the fore, reducing the pressure on gas.

One of UAE’s main gas projects that began this year, Al Hosn Gas in the Shah gas development, is seen to reach full capacity in Q2. This is important for the gas sector in the UAE as it is likely to spur other regional gas development projects and other projects by Adnoc in the UAE.


At the time of publication, jobs advertised within the oil & gas industry included:

  • 12 advertised jobs for a Mechanical Engineer
  • 6 advertised jobs for a Project Engineer
  • 11 advertised jobs for a Project Management
  • 6 advertised jobs for a Petroleum Engineer
  • 5 advertised jobs for a Drilling Manager

and a total of 157 available jobs across the entire industry.

It promises to be the most buoyant in the region with the Bayt Job Index Survey reporting the oil and gas industry was the third most attractive industry to work in in the UAE behind only banking and construction by 7 per cent and 3 per cent respectively.


As discussed in our Q1 updates, the drop in crude prices can spell potential opportunity for Qatar, the regions and worlds largest supplier of LNG.

HE Abdullah bin Hamad Al Attiyah, ex-energy and industry minister and the president of the Qatar Administrative Control and Transparency Authority, said

That the lower oil prices remain lower inflation, benefiting construction, oil drilling and other sectors. He reflected Saudi Arabia’s prince’s notion that barrel prices were not likely to rise higher into the $60 per barrel mark and attributes there diversification from oil and strength in LNG as a main driver of continued growth in the oil and gas sector.

Qatar remains more resistant to the low oil prices as well, due to their large supply of gas and financial reserve and low fiscal break-even oil prices.


At the time of publication, jobs advertised within the oil & gas industry included:

  • 2 advertised jobs for a Petroleum Engineer
  • 2 advertised jobs for a Warehouse Person
  • 1 advertised job for a Mechanical Engineer
  • 1 advertised job for a Electronics Technician
  • 1 advertised job for a Drilling Manager

and a total of 22 other oil and gas related jobs.


Kuwait, although not as well resourced as the likes of Saudi, Qatar and UAE continue to set their sights towards their goal of 4 million barrels per day by 2020.

The slump in oil prices through Q4 2014 and Q1, 2015 have not altered this figure either a projected $5.6 billion in oil and gas contracts expected to be signed in the remaining year.

Along with Qatar, Kuwait is the other country in the region likely to be least affected by the drop of oil price due to their low fiscal breakeven price. 


The jobs are not as prominent in this location as the previous locations, however there were:

  • 1 international driller position
  • 2 international rig electricians
  • 1 international rig manager
  • 1 Civil superintendent
  • 1 Piping superintendent
  • 1 Planning superintendent

found advertised online at the time of publication.

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