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Oil and Gas - A Recession Proof Industry

by:Wingoil     2020-07-09
In a climate where most industries are in decline how can the Oil and Gas industry continue to rapidly expand? With more and more us relying on energy to service technology it is easy to see why the International Energy Agency has estimated that the global demand for energy by 2031 will increase by a staggering 60% compared to our usage at the beginning of the decade. Surprisingly it predicts that we still posses the required fossil fuels to meet most of these needs and although industry experts estimate current reserves only lasting 40 years, conflicting views are growing surrounding how much more will be found or made economically viable to use. Oil and Gas remains key to our daily life and we readily depend on it for 90% of our transport, food, pharmaceuticals, and chemicals as well as it forming the foundation of modern life. As technology improves and the global population rises, the demand for Oil and Gas is set to grow and increase the need for production in an already thriving industry. The oil and gas sector continues to benefit from significant investment and this growing demand has led to a shortage of qualified employees. This presents a potential area of interest for technical and professional staff looking to benefit from the enormous range of new work opportunities. Traditionally employers have had to rely on skilled international workers to provide a local solution as skilled workers don't exist within the region. With further investment planned in the North Sea and Great Yarmouth, can solutions be found from the rising number of unemployed professionals within; engineering, construction, and property within this region? There is a common misconception that due to the nature of the work the industry can only offer a short term, but well paid 'career' (particularly offshore). It is often assumed that a shortage of oil and gas reserves in the North Sea will result in an abbreviated career - with demand only existing whilst resources are plentiful. However, with continued improvement, companies are developing smaller more marginal reserves and are significantly extending the working life of most of the existing production. In addition figures show that at present the majority of North Sea workers have careers spanning over 20 years providing a very experienced and dedicated workforce. Therefore not only does it offer a career unlike any other, it also provides excellent remuneration packages (especially considering the offshore working patterns of 14-21 days on and 14 days off) and a long term secure future. Norfolk has one of the UK's oil centers on its doorstep with opportunities throughout in a climate where other industries have rapidly declined. With additional investment also being made in alternative energy such as Wind, Solar, biomass, helping to sustain the demand, it is predicted that opportunities within the Energy sector will continue to grow into the foreseeable future. Written by Andrew Childerley FIRP CertRP, Director of Technical Moves
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