In 2015 U.S. oil & gas production driven by a decade of shale oil growth remained steady despite a significant decline in drilling activity. However, reports issued in early November by the Energy Information Administration indicate that production was starting to decline as operators waited for the recovery in price before completing new wells. The market in North America was unpredictable in 2015 and this is set to continue throughout 2016.
US drilling activity saw a considerable slowdown in 2015. According to Baker Hughes Rig Count data there was a 60% drop in active rigs, dipping to levels not seen since July 2010, as upstream activity, primarily driven by the “shale boom”, has slowed in response to low oil prices. The drop in active US oil rigs has yet to translate into significant output declines, as the drop in activity levels have been offset by high-grading and other efficiency gains. However, the most recent data clearly shows that onshore production growth has stalled and output is starting to decline. It is still to be seen what effect, if any, this decline will have on the global supply/demand imbalance and prices.
Throughout 2015 there was a fundamental attitude shift in Washington D.C. towards lifting the 40 year ban on US crude exports. Experts from different fields agree that exporting US crude oil will help grow the economy, lower consumer fuel prices and create jobs, all at a time when the industry sorely needs a boost. Once the world’s largest energy importer, the US is now poised to become the largest LNG exporter in the world (set to overtake Australia) and this could potentially trigger five to seven years of unprecedented growth in demand for domestic natural gas.
Although there have been layoffs and redundancies in oil & gas in North America , there still remain pockets of hiring activity; LNG projects, such as Freeport, Sabine and Cove point have moved into construction phase. This has led to high demand for qualified skilled labour including Electricians, Welders and Mechanical Fitters. Furthermore, additional projects are expected to receive FID and move forward with construction plans over the next 12 to 18 months. As these projects move through the phases, demand for skilled trades will intensify as competing projects battle for talent in order to meet project timescales.
Source: The 2016 Compensation, Recruitment and Retention Guide for the Oil and Gas Industry, Hays at OTC Houston 2016
Our Global Recruitment Director Joanne Telfer will be at Offshore Technology Conference Houston OTC 2016 – come and meet Joanne at Booth 2063 at the Scotland Pavilion, NRG Center, OTC 2016, Houston from 2-5 May 2016
Contact Joanne Telfer +44 7547 761779 Email joanne@tenlivegroup.com
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Ten Live is an international resource management company with the expertise & the commitment to work together with our clients to find the right recruitment and retention solutions to ensure success
With our roots in Scotland,Ten Live operate across the United Kingdom, MENA, Asia Pacific, Africa, the Americas and Australia.
We provide 360-degree customer-centric resourcing solutions in core sectors technical (energy, engineering and manufacturing),supply chain/logistics , industrial telecoms, and general staffing
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We have immediate availability to a UK and global pool of skilled, unskilled, middle management and executive personnel – the right people are sourced for our clients, ranging from Senior Executive, Operational, Technical & Support on a Permanent and Contractor basis from Individual Placements to full 360 degree project resource solutions within the technical (energy, engineering, manufacturing), industrial, supply chain/logistics, rail and telecoms sectors
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