Survey shows aging assets, access to talent are top issues facing energy industry

A survey taken at the 2015 Offshore Europe indicated that attendees ranked aging assets and access to talent as the top issues facing the energy industry. A total of 29% of respondents identified each as their primary concern. Legislation also featured, with 15% of respondents ranking it first, due to the increasing complexity of the global regulatory environment.

Peter Richards, Vice President Marketing & Communications for Lloyd’s Register Energy, said, “Across the world, assets are reaching maturity, access to reservoirs remains challenging and many experienced specialists are nearing retirement. On top of that, the ‘digital oilfield’ brings an increased need for strong capabilities in mathematics, statistics and data alongside the traditional science and engineering skill sets. This survey reflects those industry dynamics.”

The theme of this year’s Offshore Europe, “Inspiring the next generation,” also reflected this and recognized the need to understand what the industry’s future looks like and to build a talent pipeline to support it. However, in the low oil price environment, many organizations need to make difficult decisions to achieve cost reductions, and that may prove to be counterproductive in the longer term.

John Nicolson, HR Director for Lloyd’s Register Energy, commented: “Even as the energy industry braces itself, companies must keep one eye on the future. If the talent pool is diminished (in quality or quantity), the business will be less able to leverage the upturn when it arrives.”