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Brazilian Association of Oil Service Companies (Abespetro) Estimates That By 2022, The Sector Will Create 721 Thousand Offshore Job Vacancies
Research conducted by the Brazilian Association of Oil Service Companies (Abespetro) points to an optimistic outlook regarding offshore job creation. The institute predicts that the sector will create 721 thousand job vacancies in the offshore sector. There was uncertainty in the oil and gas market in recent years, with falling oil prices and cost-cutting measures confirming the despair experienced by the sector. This greatly affected offshore production, but now that the oil price seems to have stabilized, the industry faces the following question: What are the prospects for offshore oil and gas in this new business environment?
Global investments abroad have suffered a sharp decline due to the collapse of oil prices, after reaching a historical record in 2014 of US $ 335 billion. In the new price climate, several planned investments have become unprofitable, and companies have had to rethink how to reduce investment costs to make their projects marketable. However, the industry’s mood changed in 2017 to a more optimistic view of the future. Rystad Energy believes that global investments abroad will be US $ 155 billion starting in 2018.
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With the revitalization of mature fields and the freeze on oil prices, Abespetro concludes that the trend is for the growth of the offshore sector and the likelihood that employment capacity will exceed 1.2 million new job vacancies. We can clearly see the dynamic between investments and production in the industry, where production follows investment patterns. Due to this evident relationship, we expect production to recover rapidly by 2022, as the estimated increase in business post-2018 will result in new assets and consequently in the restructuring of the sector.
