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The human factor
The boom in oil demand has increased pressure on regional producers to boost output which, in turn, has spurred an increase in innovation to reach new targets.
But it may not be raw reserves or high technology in exploration and production that will determine which companies succeed in meeting the challenge.
Quite simply, success will depend on their ability to find and retain a supply of well-trained and experienced engineers.
The worldwide shortage of qualified engineers is well known. For example, Transocean, the offshore drilling company, has set up a “boot camp” as a fast-track training base to meet the shortfall of experienced labour in the North Sea.
But a new study closer to home – reported in this issue of Pipeline – says regional oil producers are at a distinct disadvantage in the global competition for scarce engineers.
Not only are regional companies finding it difficult to attract young professionals from around the world, the supply base of experienced engineers from within the GCC population to replace expatriates is still far too limited.
The study by Middle East Strategy Advisors describes it as one of the biggest challenges to have been encountered in recent years by the human resource departments of regional oil and gas producers.
Companies that have recognised the problem have put in place techniques such as systematic assessment tests and executive searches; competency based management; career and succession planning; and tailored compensation plans.
But too many have buried their heads in the sand, seemingly unaware of the scale of the problem and how severely it could damage their futures.
It can take years to achieve measurable results after embarking on a well-structured human resource strategy.
How many companies can afford to wait
any longer?
The Pipeline Team
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