OIL & GAS MARKETS • DEPARTMENTS
Energy talent survey finds potential for skills exodus to renewables sector
A whopping 82% of oil and gas profes-
sionals would consider leaving for another
energy sector within three years, accord-
ing to findings from the sixth annual
Global Energy Talent Index (GETI) . The
report by Airswift and Energy Jobline also
found that 54% would choose renewables.
Moreover, the talent migration is
already under way, with 28% of those who
joined the renewables sector in the past
18 months transitioning from oil and gas.
This is partly driven by rising concerns
over climate change, with ESG factors now
the second-biggest driver behind cross-
sector career moves.
A total 85% of those in the sector say
ESG concerns are now a factor in whether
to join or leave a company. Those oil and
gas majors that are slowest to adopt clean
energy could, therefore, be most at risk
of mass resignations, with 28% of survey
respondents reporting that their organiza-
tion has not changed direction to adapt
to the energy transition. With investors
increasingly spurning fossil fuels , profes-
sionals now rank the transition to clean
energy second only to COVID-19 as the big-
gest challenge to oil and gas over the next
three years.
On the other hand, oil and gas workers
awarded their companies an average 3.53
out of 5 stars for performance on envi-
ronmental issues, and 18% of people who
joined from another sector in the last 18
Key fi ndings from the new Global Energy Talent Index show that the oil and gas industry
should not underestimate the competition for talent from other energy sectors like
renewables, as well as from the technology industry. Source: Airswift, Energy Jobline
months came from renewables. Further,
89% of all professionals would consider
moving within the sector, indicating that
companies with strong ESG credentials
could attract workers from both within
and outside the industry .
Renewables salaries are also increas-
ingly attractive . A total 40% of renewable
professionals received a pay rise last year,
compared with 31% in oil and gas. And
only 11% of those in renewables saw sala-
ries fall, compared with 21% in oil and gas.
“ The (oil and gas) sector should continue
to promote its role in global development
efforts and as a bridge to clean energy ,”
said Janette Marx, CEO at Airswift.
Airswift and Energy Jobline inter-
viewed sector experts and surveyed 10,000
energy professionals and hiring managers
in 161 countries across five industry sub-
sectors : oil and gas, renewables, power,
nuclear and petrochemicals.
Wood Mackenzie: Russian-Ukraine war may slow global economic growth in 2022-2023
Global economic growth could slow to
2.5% year-on-year in 2022 and 0.7% in 2023
due to the Russia-Ukraine war, according
to Wood Mackenzie .
The company has produced a downside
scenario for the global economy, assuming
large spill-over effects from the Russia-
Ukraine conflict through transmission
channels and markets, some interruption
of energy and commodity flows, an energy
price shock causing recessions in the EU
and US, and pro-cyclical policy missteps
exacerbating matters.
“Energy and commodity prices could
fall as the global economic downturn takes
hold and the EU and US recessions bottom
out after four to six quarters when con-
sumption hits its nadir,” said Peter Martin,
Research Director. “The lag in reaching
the bottom of the economic cycle sees the
global economy take a bigger hit, relative to
the base case, in 2023 compared to 2022.”
In the scenario, Russia partially defaults
on sovereign debt worth $480 billion, with
contagion effects for the European bank-
ing system. However, this pales in com-
parison to the Euro crisis in 2011-2012,
and banks are now better capitalized to
weather losses.
Conversely, a sharp rise in energy and
food prices hurts industry, destroys demand
and erodes consumer purchasing power.
Global business confidence deteriorates
and investment contracts. Wages are fro-
zen before unemployment eventually rises
and consumption falls further. Concerned
about inflation, major central banks persist
with monetary policy tightening into the
recession and fiscal support is inadequate.
“We think a 15% decline in Russia’s
GDP this year is possible,” Mr Martin said.
“Over the medium term, however, Russia’s
economy will be forced to rebalance and
restructure.” He added : “ More importantly, the global
economy could be looking at more perma-
nent changes. If the COVID-19 pandemic
highlighted a need to shorten supply chains,
the war in Ukraine underscores the impor-
tance to have reliable trading partners.
These forces could lead to a lasting realign-
ment of global trade. The global economy
becomes more regionalized — shorter sup-
ply chains with ‘reliable’ partners. ”
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