Oil Rig Companies - Do They hire workers during recessions?

We are in the midst of a recession, and some companies like Halliburton and Schlumberger oil rig announced that they will be laying off workers. Entry Level Roustabout jobs in Canada are cutting salaries by 12%, while the expert positions as drillers are losing 4%. It 's natural to be worried, but the oil industry is one of the less affected sectors of the economy.

The only newspapers love to report bad news because it sells more copies. But did you know that Noble Corporation is launching 5 new oil rigs and hiring up to 1500 workers, while Transocean is launching 10 new rigs and taking roughly the same number of workers? When GlobalSantaFe merged with Transocean in 2007, had an order backlog of $ 33 billion. The recession may slow things down, but those are still a lot of orders to be completed.

In 2008, China's economic growth was 12%, and this has pushed oil prices to $ 140/barrel. Because of the recession, the World Bank predicts China growth to slow to 6.5% (worst case scenario). The Indian economy shows the same pattern - 7.8% at peak economy in 2008, 5% in 2009 due to the recession. The International Energy Agency expects that both India and China consume more oil 300% by 2030, and that China beat the United States as the world's largest user of energy in 2020. They (IEA) estimates that the world needs to invest at least $ 20 trillion over the next 25 years for this growing energy demand and to compensate for the decline of the world's major oil fields.

In other words, recession or not, the price of oil will not remain low forever. Offshore drilling companies have every incentive to continue drilling for oil, and this is indicated in the news media as Bloomberg Financial News. Schlumberger still has a backlog of orders worth $ 1.77 billion, Exxon spent $ 79 million every day to search for oil is going to spend 29 billion in 2009 on exploration and drilling, and will continue to spend that amount every year for the next five years. Overall, the oil companies around the world will still spend $ 400 billion in oil exploration in 2009 despite the recession.

When you consider the fact that many jobs are filled by offshore drilling workers hired in 1970, who will retire over the next year, job prospects remain bright.

These three factors - continued long-term growth of oil demand growth, continued investment by oil companies, the retirement of older workers - means that the oil rig companies will still be trying to fill a large number of jobs and oil rig Roustabout in the next decade ....