Page 63 - Vol 33 Issue 34 2021

Outlook oil

most obvious being cost savings. are compounded by the wealth of opportunities ployee upskilling hasn’t kept the same pace. This
Companies will also see less time investment available elsewhere. has meant that many companies have found
for areas that may not be as fruitful as they may This has subsequently meant that many com pa- them selves in a position where they often have
have believed. It also means that they’ll be able nies have struggled to attract younger employees. an underskilled workforce.
to plan out subsequent moves more effectively One of the core ways that they’ve done so is through There have been a few ways that many
from an earlier stage. offering higher salaries, as well as more benefits. companies have been tackling this skills shortage,
While this was already seen with 3D technology, Because of this, labor costs have continued to stay however. The first, as we mentioned above, is
4D helps firms determine how a reservoir should high, despite technology reducing the overall total attracting newer talent that’s already skilled with
change over time, providing them with much number of workers needed. a particular technology, although this provides
This has been driven further by the increasingly
more data. specialized needs and skills of certain roles, which many of the challenges that we’ve mentioned
above.
is one of the few side effects of more technology their existing workforce. This avoids many of
Secondly, many firms have been upskilling
Increased
being implemented.
6 Labor Costs the costs associated with hiring new employees,
Though there’s been an expansion in the although it does mean that there will be both a
Skills
time and financial investment needed to do so.
number of positions available in the industry, 7 Shortages Either of the above options should offer a
this has been met with an aging workforce, which large number of dividends over time, especially
provides several challenges. Many of these are Though technological needs in the petroleum once the related technology is implemented and
seen in the areas of retention and training, which in dus try have increased rapidly, the pace of em-
capitalized on.
AFRICAN POWER Mining & Oil Review Vol33 Issue 34 2021 | 63