While the oil industry has undergone extensive job losses of late (to the tune of 350,000 worldwide) it may seem ludicrous to imagine that oil companies could face an issue regarding a lack of skilled workers in their industry, but here we are. With the price of crude oil in a free fall, companies in states like Texas (99,000 direct and indirect oil jobs lost in the past two years) and North Dakota (nearly 1,000 drilled but uncompleted wells as of March) are feeling the pinch.
"Even if prices went to $100 per barrel of oil, you don't have any frack crews available to complete all the wells that need fracking," a survey respondent told Hart Energy Market Intelligence.
One way that oil companies can cut costs is through VMS adoption. Andrew Karpie, research director, services and labor procurement at Spend Matters, has more in this complimentary research brief, Why Oil and Gas (O&G) Companies Need a VMS: Visibility, Flexibility and Control.
Claim your copy here.