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Rising costs have led to the job market in Australia’s oil and gas industry quieting down, according to a new industry report.
The Hays Oil and Gas Global Job Index measures employment activity in oil and gas industries across the world, tracking the number of jobs posted in the sector every quarter. Results from the fourth quarter of 2013 indicate that Australia is lagging slightly behind the rest of the world in terms of the number of oil and gas jobs on offer.
At the end of December last year, the index for Australasia was recorded at 1.05. This was down from the 1.60 reported just three months prior.
In comparison, the global index stood at 1.3 last December, down from 1.7 in September.
Hays cited a number of reasons behind the cautiousness in the Australian market, including “cost escalation and the financial viability of certain projects” in the country. The index reported that Australia still has the highest labour prices of any country, leading international operators to hesitate spending on these shores.
The strong Australian dollar is doing little to help, Hays pointed out.
Paula Kirwan, regional director of Hays Oil and Gas, added that last September’s election is yet to generate the expected boost in business confidence that was expected.
“While the new regime has begun processes to both remove red tape and facilitate acreage releases, the real term effects won’t be felt until the House of Representatives ‘catches up’ with the change of government on July 1 2014,” she said.
With competition for jobs in this sector looking to heat up in the coming months, budding oil and gas professionals must ensure they are doing all they can to promote themselves and appeal to prospective employers. Taking oil and gas training courses is an ideal way to get a leg up on the rest of the competition.