Oil, Gas and Petroleum Refinery

Global Crisis and Challenges in Oil and Gas Industry

In the midst of one of the greatest periods of expansion in its history, the global oil and gas industry is facing a labour crisis, brought on by years of layoffs that could jeopardize its future. Even as companies unveil increasingly ambitious plans to uncover new sources of oil  projects that have led oil companies to boost capital expenditure roughly 20 per cent in the last two years the industry has continued to shrink its labour force. And because the shortage is most severe among specialized workers such as senior scientists and engineers, it will take seven to 10 years to train replacements to help close the gap. Over the closing 12 to 18 months, a confluence of occasions, consisting of growing oil prices, planned capital investments, and converting enterprise demographics, has stretched enterprise sources to the breaking factor. From rig workers to petroleum engineers, there’s greater work to be carried out than there are workers to perform it.