Update on current situation in Oil&Gas Industry and Careers

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Many workers were laid-off from powerful companies such as Halliburton or Schlumberger because of low crude price. Halliburton reported $3.2 billion loss in the second quarter due to breakup fee it paid rival, Baker Hughes. In the second quarter another 5,000 jobs were cut, bringing the total workforce to just more than 50,000 people. Over 35,000 jobs were eliminated in two years which is roughly 40 percent of its total jobs. Chairman and CEO Dave Lesar said that no new job cuts were announced and they are expecting to see a modest uptick in rig count. Schlumberger reported a huge loss and announced the elimination of over 8,000 jobs in the first quarter and about 10,000 jobs in fourth quarter of 2015. More job cuts are possible in July.

Such downturns forced especially mechanics and roustabouts to find new jobs. Fortunately, workers’ flair helped them to find jobs in construction, retail, engineering consulting or chemicals. Some got jobs in agriculture, technology or financial services. Surveys show that many laid-off would not take a job in the oil patch again. Nonetheless, in case oil price goes up many new potential employees will be engaged in massive projects.

 However, those seeking for an opportunity in the North Sea might be a bit problematic as an effect of the uncertain investment environment created by Brexit. One cannot marvel on it, referendum showed that majority is not pleased with England belonging to European Union. It is obvious that a fair amount of money England donated for other countries does not pay off and tosh deputies are concerned about is irrelevant. England does not need an approval from European Parliament to simply decide about Britain’s economy and things such as letting cheap workforce come to their country.

To sum up, current situation in Oil&Gas Industry is not good. Oil market requires a bit of time to retrieve its best. $45 crude price level is already stable and some experts claim that it may rise up to $60/bbl in coming months.

Sources:

Fuelfix.com

Houstonenergyinsider.com

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