Today, oil supplies about 40% of the world’s energy and 95% of its transportation energy. As a result, those who own the lion share of the reserves of this precious energy source are at the driver’s seat of the world economy and their influence is steadily growing. Since the 1930s the Middle East has emerged as the world’s most important source of energy and the key to the stability of global economy. It is home to 65% of global oil proven reserves and 45% of its natural gas. According to the US Geological Survey over 50% of the undiscovered reserves of oil and 30% of gas are concentrated in the region primarily in Saudi Arabia, Iran, Iraq, Kuwait, UAE and Libya.
Safety is one of the vital constituents of oil & gas industry activities because most of the operational conditions, chemicals and end products associated with oil & gas production are well-known to pose serious safety and health threats to the workers. Reducing the number of dangerous occurrences, injuries and hydrocarbon releases remains a top priority and is a key focus of the industry’s absolute commitment to continually improving process safety standards.
Careers in the oil & gas industry are diverse and vary in skill level and educational attainment. This industry is also growing rapidly meaning that employers are frequently in need of skilled manpower that can fill their positions. Engineers in this industry earn very competitive salaries – the average salary for each engineer in oil & gas to be 44,990 USD/year.
Oil & gas companies have increasingly relied on complex data to delve into Earth’s geology and find energy resources thousands of feet below the surface. Leading human resources (HR) organizations within the oil & gas industry are starting to effectively use data analytics to help identify, recruit, retain and develop young generation.
Skill shortages are a risk to the oil & gas industry’s sustainability. Competition for experienced workers is expected to be fierce. Just as industry and government are looking for market diversification solutions, demand-driven solutions for workforce concerns are also required to develop a larger pool of qualified workers.
Continue reading “Solution for skill shortage in oil & gas industry”
The oil & gas industry plays an important role in the economy: it creates jobs for both women and men and value by extracting, transforming and distributing hydrocarbons, and it also creates the energy resources that underpin the economy. In just five years, the shale oil & gas increased oil production in the Middle East, by approximately 64%. As a result, oil & gas now supports almost 10 million workers, and employment growth in the industry is greatly out pacing job creation in other sectors.
The success of the upstream oil & gas has led to the recruitment of over 20,000 people in the last two years; this figure includes employees recruited to back-fill roles in addition to meeting the needs of the expanding industry. Evidence from the respondents suggests that many of these vacancies have been filled externally rather than by training or up-skilling existing staff. Companies having to look outside their existing staff to meet their business requirements puts pressure on an already tight labor market.
A close look at Middle East oil and gas industry and talent demand in this industry
Saudi Arabia hasn’t failed to state its position as the global leader in oil and gas production. Continue reading “The Development of Oil and Gas Sector in Saudi Arabia”