Asia Leads The Way In The Global Oil & Gas Market
However, as new projects and business investment lead employers to increase headcount, skill shortages are still affecting recruitment plans.
The job index, which charts the number of jobs posted on nine oil and gas job portals across the world, rose to a high of 1.65 in the first quarter of 2014, a substantial increase from the end of last quarter’s index of 1.31 and on par with the year-on-year score of 1.68.
But in Asia the job index rose to an all-time high of 2.32, supporting the increasing importance of Asia in the global oil and gas market.
The Index was established in October 2010 when it was set at 1 all subsequent months have been compared to this benchmark. Many of the regions are facing an increase in hiring for 2014 and in order to attract top talent in competitive markets, are increasing salaries and benefit packages.
“The first quarter of 2014 has been a strong one globally, with Africa, CIS and North America seeing the biggest hikes in job numbers,” said John Faraguna, Global Managing Director of Hays Oil & Gas. “Investment in businesses and new technologies to support enhanced oil recovery (EOR) is driving new projects. As a result, optimism is high and we expect to see further growth in 2014. However, as companies look to increase their headcount in specialist, niche areas, employers may struggle to find the talent needed and be forced to fight it out with other companies for these sought after profiles.”
As well as a global perspective, the Hays Oil & Gas Global Job Index also provides a measure of month-to-month jobs posted by region.
“Our figure of 2.32 for the first quarter in Asia is the result of new and existing fields driving business and hiring activity forward,” says Christine Wright, Operations Director of Hays in Asia.
“Energy demand from South East Asia is expected to grow by 80 per cent by the year 2035. This increase should result in the global centre of gravity for oil and gas shifting eastward.
“Asia is a region rich in natural resources. It is politically stable and with a well-educated, relatively low cost workforce it continues to be targeted for business growth by global IOCs. Reflecting this, the Asia Job Index has demonstrated a consistently high level of vacancies and continues to grow in comparison to global markets.
“With existing and new fields in Malaysia, Indonesia and Vietnam in both conventional and non-conventional reserves driving the market forward, we are experiencing continued growth in the exploration and production sectors. In addition design and construction of offshore structures, in particular Topsides, FPSO, FSO and offshore rigs, remains a strong and expanding market with Singapore, South Korea and China well established as market leaders globally.
“The manufacturing industry in Asia also continues to drive forward,” continues Christine. “The OEMs sector is proving to be a consistent engine for growth. With issues of quality and reliability high on the end users’ agenda, Asia has made giant strides in improving the quality of the equipment manufactured and the results are increased orders and a wider range of products being produced.
“Regional sales managers and business development managers in Asia Pacific are in high demand, targeted by global OEM’s to drive new business by capitalising on the development of offshore oil and gas fields in Malaysia, Vietnam, Indonesia and China. This demand has seen salaries slowly creep up as businesses seek to maximize their sales revenues,” said Christine.