Confidence Returning To Oil & Gas Market

expat network

Confidence Returning To Oil & Gas Market

After a tough four years new research shows that for the first time since 2014 the oil and gas industry expects more new jobs to be created than lost over the next 12 months.

Since the price of oil crashed in 2014 it is estimated that more than 440,000 jobs have been cut in the sector worldwide. But with the price of oil having stabilised since July 2017, new research by recruiter NES Global Talent and oilandgasjobsearch.com shows that almost 90% of employers expect staffing levels to either increase or remain the same in 2018.

The survey shows that in total almost 60% of employers expect to recruit significantly over the next 12 months. Of those, almost a quarter of employers expect to increase their workforce by 5%; almost a fifth expect to increase staffing by between 5% and 10%; and more than a sixth by more than 10%.

Almost a third of employers expect staffing levels to remain the same and just 11% of employers expect to cut jobs.

Tig Gilliam, CEO of NES Global Talent, said: “Globally we are now increasingly confident that the market supports increased investment in the energy sector. Energy companies with the support of their partners have right-sized their organisations for the current levels of activity. With a stabilised price environment and lower cost profile, more and more assets offer attractive returns on investment and operations. This increasing activity is leading the higher performing companies to refocus on quality people to lead and deliver value.

“While this activity is being led by a sharp increase in investment in US shale, there has also been an uptick in capital projects being approved which will positively impact the industry across all regions. With our own staff operating in over 60 countries, the increasingly positive tone of our clients and contractors is a welcome signal of the turnaround in the market and the participants in this survey echo that sentiment.”

You can read the oil and gas market report here

Moving Abroad Checklist

Initial Considerations

Will your partner be travelling with you?

If so, what will they be giving up in your present home and will they be able to continue with their career in your new home? You will need to check whether a separate visa is required for your partner to work or if your visa gives that right. If they are unable to work you will need to decide on the effect on your finances and what alternatives are available to give a fulfilling life (home business, training, voluntary work).

Are you taking family with you?

Moving with family raises many exciting opportunities, but also can create challenges. The HSBC Expat Explorer survey indicates that expat kids can take six months to settle in to their new country (see article). Getting young or even older children to prepare to move and leave their friends and family behind can be a challenge and should be thought through.

The options for education is another area that needs to be thought through.

Moving your child to a new country with a different education system can be a great opportunity to broaden their experience, but if they are close to key exams the timing can make this inadvisable. If you do take your family with you, it is important to decide between joining the local school system or choosing an international school.

Where will you be living?

Whether you will be living in a house or apartment, furnished or unfurnished, these decisions will affect what you need to take with you. The time you are planning to live overseas will also affect whether you should leave your property at home empty, rent it out or sell it. See the article Sell, Store or Ship.