riding out the downturn
Encouraging signs in oil and gas sector
THE annual report card for the oil and gas industry makes encouraging reading. Confidence is rising and, thanks to lessons having been learned from previous downturns, firms are in a good position to capitalise on the economic recovery.
Aberdeen and Grampian Chamber of Commerce’s latest survey into the sector has highlighted the retention of skilled staff as the main difference in the last 12 months compared to similar downturns in 1999 and 2004. Clearly, there have been significant job losses across the industry, but not on the wholesale levels seen in the past.
It would be naive to believe that there is not more pain to come, but the mood music appears to suggest that many in the industry are keen to expand and invest again after keeping their heads down during the worst of the economic turmoil.
Having the nerve to retain skilled staff when there is considerable financial pressure to downsize shows a level of courage and maturity in the industry which bodes well for the coming months and years.