Oil and gas industry losses worldwide now exceed 233,000 and are expected to continue into 2016, according to energy sector job recruiter Swift Worldwide Resources.
The Houston-based firm said in mid-June that the number of job losses in the industry exceeded 150,000 (see Shale Daily, June 16). However, layoffs escalated through September.
"As the end of November draws closer, the number of job losses is shown to be over 233,000," the firm said.
Swift CEO Tobias Rad said the rate of job losses "has unfortunately increased, with almost 25,000 publicly announced job losses in the last two months alone." There's "limited incremental investment in the sector and no sign of an immediate turnaround," which means "the situation is likely to get worse." Total job losses now are forecast to exceed 250,000 in 2015, with more job losses expected in 2016.
"With very limited new job openings for either direct hire employees or contractors, this figure represents a real and substantial loss to the upstream industry, which will be hard to replace once the market recovers," Read said.Click right here to read the whole article.
Connect with us on Facebook and Twitter!