Shrinking sector?
3 Mar 2016 by Rob Smith
Driving to work has been getting cheaper thanks to the tumbling oil prices. Unfortunately, for many engineers, particularly those working in the oil and gas sector, they no longer have jobs to drive to.
Such is the scale of the industry’s ongoing turmoil, jobs cuts have become an almost daily occurrence.
Globally, many of the major players have let staff members go.
In January alone Shell confirmed plans to axe 10,000 jobs, while BP said it was cutting 4,000 jobs across its exploration and production business. Oilfield services firm Schlumberger also announced it had cut 10,000 jobs.
Many of the cuts, including 600 at BP, will affect workers in the North Sea. Clearly, the outlook is bleak.
However, industry representatives say there is still potential to thrive in the oil and gas industry.
They suggest the slowing and eventual cessation of production offshore will create the opportunity to forge a long-term career in decommissioning.
Major growth
Indeed, decommissioning projects, though steady at the moment, will likely ramp-up over the next decade, according to a recent study by industry body Oil & Gas UK.
It is also anticipated the onshore sector will see major growth in the coming years. Fracking, though still the cause of widespread controversy, is an all but established industry in the UK.
Graduates will undoubtedly play a huge part in building UK shale.
Veteran engineers, whose skills have been perfected elsewhere, will also be invaluable to those looking to lead the shale charge.
It seems, therefore, that despite the job cuts and well-publicised woes of the global oil and gas industry, there could be light at the end of the tunnel.
Read a more detailed analysis taken from our February cover story HERE.
