Oil and gas sector 'facing skills crisis'

[M_Ali + 32]

Oil and gas sector 'facing skills crisis'

By Kevin KeaneBBC Scotland's energy correspondent

The oil and gas sector is facing a skills crisis, according to a survey of more than 17,000 industry professionals.

 

The Global Energy Talent Index (GETI) report says cuts to graduate recruitment and apprenticeships during the oil downturn are to blame.

It expects the situation to worsen over the next five years, resulting in increased costs and less productivity.

The report says engineering roles are facing the biggest skills shortage.

It suggests many possible recruits are attracted to the "technology" sector rather than oil and gas.

The survey found that 40% of respondents felt that a crisis had already hit the industry, with a further 28% expecting it to take hold in the next five years.

https://www.bbc.co.uk/news/uk-scotland-scotland-business-46947628

 

Ali: 

The world aggregate oil & gas reserves (operating & proven) pumping power is no match for the pumping power of the BIC Debt (craftily presented as credit) pumping power. About $300 B bad debt created by the BIC helped invent and produce 5M barrels of US shale oil between 2006-2013 doubling US output. This increase equivalent to about 6% of world daily consumption pumped into the global market and in the process crashed the oil price by %73 (from high $110 in 2014 to low $30 in 2016). This meant Uncle Sam’s oil bill made an annual savings of roughly $180-$200 B (10M US daily consumption rate x $50 average price drop per barrel since 2014). That means the bad debt ($300B) made over a decade was recovered in less than 2 years, not a bad debt after all guarantied by USTD/FRB courtesy of QE & limitless Quantity Theory of Money concocted up by MF champion of Chicago School of Monetarism. KSA & other OPEC members rushed frantically to push the new US shale oil producers out of the market by pumping, supplying and filling every conceivable market & storage facility available globally pushing some small shale produces over the cliff; shale Oil break-even price being about $60 Oil. 

The other 2 top producers Russia & KSA instead of panicking should have dropped their daily production by 3 M each to counter effect US shale market share, alas greed & fear got the better of them ; they would’ve all benefited including US shale producers from high oil prices (10Mx$50 is less than 7Mx$100). However oil prices dropped like a rock but prices of electricity, bread, yogurt & Porsche skyrocketed. As for the O & G industry facing shortage of skills (mostly at the lower end of the expertise scale), I personally don’t give a ..... to industries who treat their hard working and dedicated professionals like tissue papers; they must pay through their noses when the oil prices rise again for the scarce skills they need for all the income losses they caused on hundreds of thousands industry professional they pushed into the cold since the collapse of oil prices. However, there is more political intrigue content to political economy than there is economic sense. But ultimately Debt manufacturing supersedes not just oil & gas industry but all others put together many times over. Debt NOT necessity is the Mother of All Invention in a NWO run by BIC.

 

[Tom Kirkman + 8,860]

20 minutes ago, M_Ali said:

The oil and gas sector is facing a skills crisis, according to a survey of more than 17,000 industry professionals.

 

The Global Energy Talent Index (GETI) report says cuts to graduate recruitment and apprenticeships during the oil downturn are to blame.

This totally ignores the massive layoffs and forced early retirement from the last oil crash employment bloodbath a few years ago.