Industry analyst Rystad Energy believes there is a massive need for recruitment in the offshore oil and gas sector. New projects are being sanctioned and activity levels in the sphere are starting to increase.
It says that the negative trend in employment in the oilfield service industry is levelling out. While there was a 35 percent reduction of the workforce between 2014 and 2016, the overall headcount at the top 50 oilfield service companies remained stable from 2016 to 2017.
Companies involved in the North American shale industry faced especially large cuts from 2014 to 2016, however these companies were the ones adding to their workforce last year.
Since the end of 2017, hiring has also been picking up within the offshore sector as rising prices encourage more offshore projects to be sanctioned. In 2018, Rystad Energy expects almost 100 projects worth about USD95 bn to be sanctioned. This compares to only 45 projects in 2016. An additional 100 projects are expected to be sanctioned in 2019, says Rystad.
Together with the expected growth in shale market, Rystad expects the oil service sector’s labour market to grow by 20 percent by 2020 – a level last seen in 2010.
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