The Oil and Gas industry is at crossroads today owing to the impact of technological advancements. The energy industry has seen a surge in technological advancements, which is disrupting the traditional style of working. Automation is replacing workers on a large scale and productivity is increasing manifolds. As a result, new job roles have emerged that require more human-machine interaction and operation.
To conceptualize, manage, and handle the new upcoming projects and reviving the existing ones, every company will require highly ingenious and professional experts who can drive innovation and productivity and hence the role of recruiters has taken the center spot and is the most significant function.
To attract the right talent at the right spot, it is important to have a right recruitment strategy in place. Here are the recruitment trends you can make use of to hire successful candidates:
1. Look within your system- Internal Recruitment
As a recruiter, the first source of hiring potential candidates can be the existing employees. Look for the potential candidates who can be promoted to fill the requirements. You can also shortlist candidates who can be trained and upskilled to the positions available. You can opt for transferring candidates within or outside the department they are currently operating in. Upskilling in the oil and gas industry can be accomplished via on-job training program, or specific programs intended for different roles.
2. Conduct an employee referral program
Launch an employee referral program where the existing employees can refer to a high potential candidate for the job requirements in the company. Link the program with monetary or social incentives to increase participation. This will considerably reduce the hiring cost and time for recruiters and will provide them with a bigger and better talent pool. However, make sure you monitor the effectiveness of the referral program by analyzing the cost of referral program vis-à-vis the other recruitment channels.
3. Track outsourcing opportunities
Analyze the job functions that can be outsourced to a vendor to save cost, time, and effort. For instance, for work requirement in the overseas market, analyze the cost of recruitment and transfer of full-time employees vis-à-vis the cost of outsourcing the project to another vendor. Include the indirect cost like management, training, and infrastructure to ascertain the total cost of hiring versus outsourcing. In most cases, outsourcing will be a cheaper and better alternative and thus the recruiters can look for outsourcing certain tasks like rig workers, technicians, maintenance staff at the offshore project.
4. Recruitment drive at educational institutions
University recruitment has many benefits. A large number of potential candidates are available in one spot, as they are freshers they can easily adapt to the company culture and over the period can become an asset to the organization. You can sign a formal collaboration with the educational institution so that the talent is readily available. Additionally, you can design a course curriculum or workshop for providing practical training to students before hiring for a specific job role. This will improve the perception of the oil and gas industry in the minds of the young talents and will prepare them to perform highly skilled technical work after joining.
5. Seek help from recruitment specialists
Recruitment agencies have a database of the prospects with different skill sets, experience, and expertise. They even perform a background check and might provide you a better fit at a reasonable cost. Some recruitment specialists know the oil and gas industry well and can look for candidates in other industries who can be an ideal match. This approach is especially suited for hiring in senior positions or to fill up the vacancy for highly technical or proficient staff who are rare in the oil and gas industry.
6. Connect to Online Job Boards
Job boards are an online platform where you can post your job requirement and advertise your company. There are two types of job boards, one which is generic and has the job listings from all the industries and the other that has a specific job listing for oil and gas industry. We suggest tapping both the options with more focus on the dedicated oil and gas job boards like NrgEdge. This will help you in hiring the potential candidates who are willing to work in the energy sector.
7. Use Social Media
Social media has become business-oriented and there are dedicated social media sites that focus on professional networking like LinkedIn. Additionally, Facebook and Twitter are also being used for professional purposes. You can use a social media post to publish your job openings. There are companies who have already adopted social media into their recruitment process, for example, ExxonMobil launched #BeAnEngineer campaign to attract engineers and highlight opportunities for the STEM. It also highlighted the stories of engineers from the field. Even Shell recruitment team accepted that they are using social media for hiring talented workforce and it is proving beneficial for them.
Additionally, you can manage the database of prospects via ERP or SAP system so that when you have a requirement, you can refer your internal system to choose the right candidate. As a recruiter, stay aware of the changing needs and expectation of the new workforce. Learn what keeps them motivated and how you can hire and retain the right talent. Make sure you draft the job benefits/perks in a way that highlights the key expectations of the prospects.
If you feel the entire hiring process looks cumbersome, you can connect with us for any recruitment related assistance.
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Two acquisitions in the energy sector were announced in the last week that illustrate the growing divergence in approaching the future of oil and gas between Europe and the USA. In France, Total announced that it had bought Fonroche Biogaz, the market leader in the production of renewable gas in France. In North America, ConocoPhillips completed its acquisition of Concho Resources, deepening the upstream major’s foothold into the lucrative Permian Basin and its shale riches. One is heading towards renewables, and the other is doubling down on conventional oil and gas.
What does this say about the direction of the energy industry?
Total’s move is unsurprising. Like almost all of its European peers operating in the oil and gas sector, Total has announced ambitious targets to become carbon-neutral by 2050. It is an ambition supported by the European population and pushed for by European governments, so in that sense, Total is following the wishes of its investors and stakeholders – just like BP, Shell, Repsol, Eni and others are doing. Fonroche Biogaz is therefore a canny acquisition. The company designs, builds and operates anaerobic digestion units that convert organic waste such as farming manure into biomethane to serve a gas feedstock for power generation. Fonroche Biogaz already has close to 500 GWh of installed capacity through seven power generation units with four in the pipeline. This feeds into Total’s recent moves to expand its renewable power generation capacity, with the stated intention of increasing the group’s biomethane capacity to 1.5 terawatts per hour (TWh) by 2025. Through this, Total vaults into a leading position within the renewable gas market in Europe, which is already active through affiliates such as Méthanergy, PitPoint and Clean Energy.
In parallel to this move, Total also announced that it has decided not to renew its membership in the American Petroleum Institute for 2021. Citing that it is only ‘partially aligned’ with the API on climate change issues in the past, Total has now decided that those positions have now ‘diverged’ particularly on rolling back methane emission regulations, carbon pricing and decarbonising transport. The French supermajor is not alone in its stance. BP, which has ditched the supermajor moniker in favour of turning itself into a clean energy giant, has also expressed reservations over the API’s stance over climate issues, and may very well choose to resign from the trade group as well. Other European upstream players might follow suit.
However, the core of the API will remain American energy firms. And the stance among these companies remains pro-oil and gas, despite shareholder pressure to bring climate issues and clean energy to the forefront. While the likes of ExxonMobil and Chevron have balanced significant investments into prolific shale patches in North America with public overtures to embrace renewables, no major US firm has made a public commitment to a carbon-neutral future as their European counterparts have. And so ConocoPhillips acquisition of Concho Resources, which boosts its value to some US$60 billion is not an outlier, but a preview of the ongoing consolidation happening in US shale as the free-for-all days give way to big boy acquisitions following the price-upheaval there since 2019.
That could change. In fact, it will change. The incoming Biden administration marks a significant break from the Trump administration’s embrace of oil and gas. Instead of opening of protected federal lands to exploration, especially in Alaska and sensitive coastal areas and loosening environmental regulations, the US will now pivot to putting climate change at the top of the agenda. Although political realities may water it down, the progressive faction of the Democrats are pushing for a Green New Deal embracing sustainability as the future for the US. Biden has already hinted that he may cancel the controversial and long-running Keystone XL pipeline via executive order on his first day in the office. His nominees for key positions including the Department of the Interior, Department of Energy, Environmental Protection Agency and Council on Environmental Quality suggest that there will be a major push on low-carbon and renewable initiatives, at least for the next 4 years. A pledge to reach net zero fossil fuel emissions from the power sector by 2035 has been mooted. More will come.
The landscape is changing. But the two approaches still apply, the aggressive acceleration adopted by European majors, and the slower movement favoured by US firms. Political changes in the USA might hasten the change, but it is unlikely that convergence will happen anytime soon. There is room in the world for both approaches for now, but the future seems inevitable. It just depends on how energy companies want to get there.
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In its January Short-Term Energy Outlook (STEO), the U.S. Energy Information Administration (EIA) expects global demand for petroleum liquids will be greater than global supply in 2021, especially during the first quarter, leading to inventory draws. As a result, EIA expects the price of Brent crude oil to increase from its December 2020 average of $50 per barrel (b) to an average of $56/b in the first quarter of 2021. The Brent price is then expected to average between $51/b and $54/b on a quarterly basis through 2022.
EIA expects that growth in crude oil production from members of the Organization of the Petroleum Exporting Countries (OPEC) and partner countries (OPEC+) will be limited because of a multilateral agreement to limit production. Saudi Arabia announced that it would voluntarily cut production by an additional 1.0 million b/d during February and March. Even with this cut, EIA expects OPEC to produce more oil than it did last year, forecasting that crude oil production from OPEC will average 27.2 million b/d in 2021, up from an estimated 25.6 million b/d in 2020.
EIA forecasts that U.S. crude oil production in the Lower 48 states—excluding the Gulf of Mexico—will decline in the first quarter of 2021 before increasing through the end of 2022. In 2021, EIA expects crude oil production in this region will average 8.9 million b/d and total U.S. crude oil production will average 11.1 million b/d, which is less than 2020 production.
EIA expects that responses to the recent rise in COVID-19 cases will continue to limit global oil demand in the first half of 2021. Based on global macroeconomic forecasts from Oxford Economics, however, EIA forecasts that global gross domestic product will grow by 5.4% in 2021 and by 4.3% in 2022, leading to energy consumption growth. EIA forecasts that global consumption of liquid fuels will average 97.8 million barrels per day (b/d) in 2021 and 101.1 million b/d in 2022, only slightly less than the 2019 average of 101.2 million b/d.
EIA expects global inventory draws will contribute to forecast rising crude oil prices in the first quarter of 2021. Despite rising forecast crude oil prices in early 2021, EIA expects upward price pressure will be limited through the forecast period because of high global oil inventory, surplus crude oil production capacity, and stock draws decreasing after the first quarter of 2021. EIA forecasts Brent crude oil prices will average $53/b in both 2021 and 2022.
Source: U.S. Energy Information Administration, Short-Term Energy Outlook (STEO)
You can find more information on EIA’s expectations for changes in global petroleum liquids production, consumption, and crude oil prices in EIA’s latest This Week in Petroleum article and its January STEO.
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