The challenge of finding and retaining skilled and experienced workers in the Oil & Gas industry remains high, regardless of the up and down wave the industry continues to ride.
By the mid-1980’s, when the Oil price slumped to below $10 a barre, the industry reacted by delaying or dropping projects, and cutting exploration/capital spending along with major job losses across the sector. The impact of this drop in training and recruitment was felt for many years later and by 2013/2014, when record spending pushed up activity levels in the North Sea, there was an acute shortage of workers with 10-15 years experience.
With the oil price dropping to below $50 a barrel over the last year, the industry has again reacted by delaying or dropping projects and cutting spending, along with job losses across the sector. But with this reaction do we risk being in the same boat as 2013/2014 in 2030?
Oil and gas producer BG Group has become the first to explain recently in detail how it intends to make its offshore platforms more efficient. By simply reducing “dead time” on installations and empowering the offshore workforce to carry out its own logistics and planning.
Thousands of staff and contractor posts have already been lost or had their rates significantly slashed, and we don’t seem to be at the end yet. There are a lot of savings to be made by what BG is doing and engaging with the workforce is key.
You don’t deliver efficiency by just cutting jobs.
In 2008, Dave Brailsford was head of performance at British cycling. Instead of cutting jobs, he broke down each individual element involved and improved each of them by just 1% to realize a significant increase when all were combined.
In these lean times, this is one way that should be considered as a means of transforming companies so they are streamlined, efficient and ready to handle challenges of the future. Lone Tree has partnered with the industry as a significant aid in this streamlining process. They are prepared to weather the storm so to speak, and run more efficiently in every area possible as they work with companies to ease the tension this time can often induce.