Malaysia to put former Goldman Sachs banker on trial extradition to US

US-China trade talks weigh down European stocks

CapitaLand states that Singapore property not set for ‘big bump’

South Korean Capital to invest over $1 billion in fintech and blockchain

Singapore condo resale prices down 0.3% in January

 
TOP STORIES

Canadian oil and gas sector to lose 12,500 jobs this year: Report

Canada, oil and gas, Canadian Association of Oilwell Drilling Contractors

Factors such as drop in commodity prices, low investment spend, and uncertainty in oil and gas extraction impacts the sector’s labourforce

Petroleum Labour Market Information in its new report predicts Canada’s oil and gas sector will lose 12,500 jobs in 2019. There will be a decline of 23%, which lowers total jobs to 173,300 from 226,500 in 2014.  According to the report, nearly 7,600 oil and gas field services jobs will be removed from the workforce, in addition to 3,700 jobs in exploration and production, and 1,400 jobs in oil sand. The figures are startling.

Canadian Association of Oilwell Drilling Contractors reported that only 36% of members operating the drilling rigs were employed in the first quarter, which is the ideal time of the year for Canada as frozen ground will provide access to backcountry drilling sites.  

PetroLMI vice-president Carol Howes, said, “Until such time as additional export capacity becomes available, the employment outlook for Canada’s oil and gas sector will continue to be impacted.”

According to CEO Mark Scholz of the Canadian Association of Oilwell Drilling Contractors, over many years, Canada’s oil field services sector has been damaged and its impact will show in 2019. “Market access continues to be the number one issue, as lack of infrastructure has cost Canada billions in investment dollars,” Scholz said.

Leave a Comment