The energy sector is currently experiencing a period of some uncertainty, which is being driven by a number of factors. The slowdown of the Chinese economy, the emergence of new US supplies of oil and gas, plus the increasing use of renewable sources of energy are all contributing to the reduced oil price, which is having a knock-on impact for many producers, manufacturers and service providers within the sector.
So what does the future hold? Making predictions is difficult at the best of time, but it’s almost impossible when discussing global economic matters. There are certainly some indications that we are witnessing a substantial shift. The move to renewables, for example, seems certain to accelerate. There are clearly environmental drivers at work, while many analysts point out that economies of scale should mean that costs associated with wind, solar and tidal power will fall over time.
The future of the global economy is rather more uncertain. Growth within the Chinese economy has had an enormous impact on other nations in recent years and the current slowdown is certain to have ramifications. But how long will it continue for and how deep will the impact be? That’s difficult to know, although it is clear that businesses and world markets tend to react poorly to periods of uncertainty.
These factors may appear to point to a rather downbeat assessment of the prospects for oil and gas. Some industry experts, however, appear to be cautiously optimistic. John England of Deloitte, for example, has noted that key players within the industry have now accepted that there has been a significant shift and that they are focused on creating a leaner and stronger industry as a result.
While there may be an acceptance that oil prices will remain at a lower level than has been witnessed in recent years, there was evidence of a decline in US production at the end of 2015. This would seem to put the foundations in place for some sort of price rebound. At the same time, some OPEC members are clearly feeling the heat and are looking to cut production, in order to drive prices higher.
Looking specifically at the situation here in Iraq, it seems reasonable to expect that some changes will continue to be seen. There will undoubtedly be a focus on increasing levels of efficiency, with innovation acting to improve oil extraction, development and production. This inevitably means that employers will be seeking those individuals who have the mindset that enables such new levels of innovation. It’s clear, therefore, that there will be exciting opportunities for those who are able to embrace changes.
If you’re looking to position yourself for a role in the sector, then it’s important that you should think about how you present yourself to prospective employers. From creating an appealing CV, to carrying out proper interview preparation, you’ll want to ensure that you set yourself apart from other candidates.
Here at MSELECT, we’re able to offer advice on the best steps for your career. We also receive the most exciting oil & gas jobs here in Iraq. Browse our job listings and get in touch to receive further information.