Now that the price of oil is once again climbing, there are some among the oil and gas industry who worry that the industry won’t be able to find enough qualified employees to fill the gaps in the field. After several thousand job losses between 2015 and 2016, the prospective pool of oil and gas employees is smaller than ever. However, there is room for hope, because two significant factors are working in favor of oil and gas companies throughout the world.
The Price of Oil Is Rising Again
On November 1, the price of Brent crude reached $60 a barrel for the first time in two years. The rise in oil prices has ignited a surge of excitement from investors and traders around the world. After two years of tumult, the oil and gas industry is once more hitting its stride.
Two years of loss and recovery have left oil and gas a smarter, leaner animal. Current companies operate under the expectation that oil won’t surpass $50 a barrel, which means the $60 benchmark is a precious thing indeed. To preserve the trend, most experts agree that the world’s major oil and gas companies will likely curb production throughout 2018.
In other words, as the industry rebuilds there is time to focus on education and training, not merely filling a position in an industry that’s expanding too quickly for its own good.
That’s good news for young people looking for work in a new industry. It’s also a positive sign for anyone who values a safely run oil and gas project. After all, well-trained employees are safe employees.
Efficiency Is at a Premium
By the time the price of oil bottomed out at $27 a barrel in early 2016, the industry had to cut thousands of jobs in an attempt to survive the downturn. Those who remained to continue supplying the world’s demand for energy learned how to operate at peak efficiency.
As a result, as the industry recovers and searches for new employees, there is little rush to fill posts with those people who are not adequately equipped and trained.
Consider it a Rebuilding Year (or Two)
At the moment, the dearth of available skilled employees isn’t something to worry over. Oil and gas had doubled down on its efforts to reach out to a fresh generation of graduating students in the hopes of explaining the benefits of joining the new and improved oil and gas industry.
Most encouraging, there’s no rush to get the job done quickly, only correctly.