Despite a tough few years of depressed oil prices, the sector has successfully brought costs down in order to operate in an environment with radically lower oil prices. These cost efficiencies have affected the entire supply chain, though some sectors—namely upstream, supply, and drilling—have taken the greatest hits, particularly in human capital losses. Uncertainty and instability reign, even as companies work to meet an increasing global energy appetite. Only now is the sector beginning to emerge from its upheaval.
The pricing downturn came at a critical time for the industry as it grapples with a technical talent shortage and a challenged reputation among young talent. To keep production costs down, many companies plan to leverage cost-efficiencies hard-won over the last couple of years and invest in technology—and the talent to operate it. The experience gap is more profound due to new and more complex technologies and an aging workforce in certain regions.
Labor availability remains a major concern amidst a talent shortage across critical occupations in the next 10 years, and companies are beginning to utilize an open talent strategy to attract, grow, and retain talent.
Supply: Global production real and forcasted, 2010-2030, by engergy type
Source: BP World Outlook, 2017; Deloitte, 2017
The effective use of digital technologies in the oil and gas sector could reduce capital expenditures by up to 20%
Source: McKinsey & Co., 2016
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