OTC 2017 – 1-4 May

This week offshore energy industry experts and leaders once again gather from across the world at NRG Park in Houston, for the Offshore Technology Conference (OTC 2017). It is the largest event in the world for the oil and gas industry with more than 2,300 exhibitors and attendees representing 100 countries. At OTC 2016, more than 68,000 attendees from 120 countries gathered at the annual conference placing OTC 2016 among the top 15 highest attended in its 48-year history, regardless of the price of oil per barrel.

Key Themes Of OTC 2017

Again the key theme of OTC 2017 focuses on cost efficiencies (but at the same time maintaining safety) – “It’s all about reducing costs and choosing contractors wisely to survive lower-for-long oil prices.” Recent mergers such as that between Technip and FMC “are indicators that companies are striving to become more efficient.”

A new theme at OTC 2017 is how industry conditions are creating technology breakthroughs – “There are major changes underway in Mexico and Brazil concerning regulation and development of offshore services, designing and developing offshore renewable energy structures and infrastructure.” 

Employment Optimism Returns – Oil & Gas Hiring On The Increase

As oil prices stabilise around the $50-a-barrel mark optimism is filtering back into the industry and is evident at the OTC. At the opening of OTC 2017 U.S. Secretary of the Interior Ryan Zinke;

“You should be excited. If you are in the oil and gas, or energy segment in this society, the stars have lined up and we’re going to make jobs.”

U.S. Secretary of the Interior then signed orders creating a new special post dedicated to helping the energy industry and starting a comprehensive review of the government’s five-year energy plan.

Companies at OTC 2017 also noted a positive shift to hiring and that a good barometer for jobs is that in North America oil & gas companies are conducting ‘manpower studies’ – reviews of how many workers they’ll need for new oil & gas projects – “There weren’t any manpower studies last year…. it was about how many people they needed to get rid of. Now they need to hire.”

The U.S. Bureau of Labor Statistics March 2017 jobs report is also indicative of another positive step forward for the U.S. oil & gas industry, showing another monthly increase in the number of mining jobs (including oil & gas extraction) – employment in mining (oil & gas extraction) has now risen by 35,000 since hitting a recent low in October 2016. This increase can be attributed to;

• The ramp-up in onshore activity in shale
• Many E&P (exploration and production) companies are now searching for talent again after being left with an almost-depleted workforce due to the industry downturn
• Oilfield services companies which were hit especially hard during the oil glut are also ready to hire again

In Texas oil and gas employment increased to 211,700 in March 2017, an increase of 3,400 jobs since February 2017- “The increase in employment likely signifies that activity is continuing to pick up in the industry and that there is demand for jobs as more rigs are put back to work.”

In Oklahoma the oil and gas industry there also experienced its largest two month employment gain in this sector since at least 1990 as the state’s oil and gas industry continues to make its comeback.

Contact our expert oil & gas energy recruiters to discuss your resourcing requirements in the UK and globally.

E-mail technical@tenlivegroup.com or call +44 1236 702 007. 

Sources
Water Tech Online
OTC Net
Houston Chronicle
Houston Chronicle
EP Mag
Rig Zone
Rig Zone
News OK