UAE: Petrol industry recruitment drive heat ups Emirates Today 09 November 2007 Petroleum producers from Libya to the Gulf are offering $1 million bonuses to attract the skilled workforce they need
As the price of oil is poised to touch a record $100 per barrel, oil companies have resorted to desperate measures to attract skilled employees, including offering signing bonuses of up to $1 million (Dh3.75m). Engineers and geologists have been offered pay hikes, special allowances and bonuses as petrol companies compete for a limited talent pool. Salman Mohammed Al Shidi, chairman of the Dubai and Northern Emirates chapter of the Society of Petroleum Engineers told Emirates Today: "Companies like Aramco are offering $1-million signing bonuses to attract specialists. The oil sector has been [booming] and a lot of new projects are targeting the limited number of oil specialists. "Companies are fighting for the same resources and it is impossible to train new people overnight," he said, saying a geologist with 10 years' experience is normally paid Dh36,000 a month in addition to free housing, school fees for children and a signing bonus. "If you agree to work for a long period, they pay your bonus in advance." Oil producers in the region from Libya to the Gulf have launched ambitious projects to enhance production capacity in a bid to meet growing global demand and take advantage of record prices. Saudi Arabia has the world's largest oil production capacity and pumps out 11 million barrels per day. In 2006, Saudi oil company Aramco announced an $18 billion (Dh67.5bn) expansion plan to increase production by 15 million barrels per day by 2020. However, expansion plans have been hindered by the ageing pool of skilled staff in the sector, as many petroleum engineers and geologists are nearing retirement age. According to the Society of Petroleum Engineers - an American association - there is an acute shortage of manpower in the oil and gas sector and the average age of a petroleum engineer is 54. In the UAE, the average age of an oil industry employee is 48. The Independent Petroleum Association of America estimates that 40 per cent of the industry's skilled profession als will reach retirement age by the year 2010. While demand for technical and service professionals has increased, the quantity of qualified people is actually decreasing. The American Association of Petroleum Geologists has reported a 70 per cent decline in enrollment in programmes related to geosciences since the 1980s. The heads of 10 leading oil producers are set to host a conference in Dubai next February on the challenges of recruiting skilled professionals in the industry. And the scarcity of manpower has led oil producers to poach staff from rival companies to complete their projects on time. Al Shidi, who is also the head of reservoir engineering for Dubai Petroleum, said the big winners from the shortage are the talented workers who are being recruited. "An experienced petroleum engineer exposed to the latest technology tools will get a $1-million signing bonus to work for a specified period, normally five years. "Other companies in the region are offering similar incentives and relocation packages to retain staff. By VM Sathish (c) Emirates Today 2007 Article originally published by Emirates Today 09-Nov-07 -- http://rovicky.wordpress.com/ None one right solution ! No one can monopolize the truth ! ---------------------------------------------------------------------------- JOINT CONVENTION BALI 2007 The 32nd HAGI, the 36th IAGI, and the 29th IATMI Annual Convention and Exhibition, Bali Convention Center, 13-16 November 2007 ---------------------------------------------------------------------------- To unsubscribe, send email to: iagi-net-unsubscribe[at]iagi.or.id To subscribe, send email to: iagi-net-subscribe[at]iagi.or.id Visit IAGI Website: http://iagi.or.id Pembayaran iuran anggota ditujukan ke: Bank Mandiri Cab. Wisma Alia Jakarta No. Rek: 123 0085005314 Atas nama: Ikatan Ahli Geologi Indonesia (IAGI) Bank BCA KCP. Manara Mulia No. Rekening: 255-1088580 A/n: Shinta Damayanti IAGI-net Archive 1: http://www.mail-archive.com/iagi-net%40iagi.or.id/ IAGI-net Archive 2: http://groups.yahoo.com/group/iagi --------------------------------------------------------------------- DISCLAIMER: IAGI disclaims all warranties with regard to information posted on its mailing lists, whether posted by IAGI or others. In no event shall IAGI be liable for any, including but not limited to direct or indirect damages, or damages of any kind whatsoever, resulting from loss of use, data or profits, arising out of or in connection with the use of any information posted on IAGI mailing list. ---------------------------------------------------------------------
