Bouncing back from a layoff in oil and gas is harder than it used to be

Oil and natural gas exploration -- geology and geophysics
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Newsman
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Bouncing back from a layoff in oil and gas is harder than it used to be

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After past industry downturns, many found better work within 3 years, but this time looks different.

....

A significant portion of people who lost work in the industry prior to 2015 soon ended up earning more money than they had before. Within three years, the top quarter of them were earning at least $33,000 more than they did the year before they were laid off.

On the other end of the spectrum, a quarter of those people were earning at least $22,000 less after three years.

The study relies on Statistics Canada's Longitudinal Worker File, a specialized database that allows researchers to track people over time as they change jobs, start businesses, retire or make other changes that affect their income.

Given the lag in some of this data, however, the study wasn't able to offer a full picture of how people laid off in 2015 or later are faring a full five years later. But despite positive outcomes, such as Gara's, the available evidence suggests it's getting harder to find good work.

After past downturns in the industry, between 70 and 85 per cent of unemployed workers found new jobs within a year of being laid off, according to the study. But for those who lost jobs in oil and gas extraction in 2015 or 2016, it was closer to 60 per cent.

Read More: https://www.cbc.ca/news/canada/calgary/ ... -1.5762201

GuyM
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Re: Bouncing back from a layoff in oil and gas is harder than it used to be

Post by GuyM »

Prediction is hard, especially about the future.

Just reviewing what I posted here back in 2013; a few quotes:
That said, as with all careers, I would suggest that ensuring your round out your "hard skills" development with good, transferable "soft skills" is always the best career plan. A narrow and highly focused pure-technical skills set will always leave you vulnerable to shifts in any industry - as the financial investment advisors tell us, a balanced portfolio is always the least risk, and the same is true of the skills sets you chose to develop you time in investing in.
To be clear, I think there will be a down cycle
"
If you look at some of the estimates based around the production of oil from "tight" shales via hydraulic fracturing then supply will continue to out-strip demand (as it has done since about 2011) for considerable time.
So - no, I didn't see the pandemic coming and the impact on global demand pushing us into over-supply, however the next decade (after 2013) was always going to be about US unconventional production rather than (as the thread had suggested) the growth of EV use. We may be out of the "8 year cycle" that had dominated exploration from the 1970's oil shock, as the "tight" shales with fracking don't have the same lag from exploration to production - at least until the US tight oil industry is no longer able to respond rapidly to demand changes.

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