Even with record levels of production, upstream oil & gas companies have been voicing concern over the future of the industry. Many organizations have expressed difficult in finding qualified workers for the highly specialized market, which could threaten future productivity and revenue, especially now that the U.S. is set to begin oil exports for the first time since the 1970s.
To address this concern, the Houston Chronicle reports that Dan Dinges, CEO of Cabot Oil and Gas, the Houston-based firm, has donated $2.5 million to the Lackawanna College's School of Petroleum & Natural Gas in order to train future workers on installing pipe, monitoring wells, repairing equipment and the other necessary skills to continue the success of the industry.
"It's hands-on experience. It's what we as an operator out in the field love to see: somebody that can connect the dots, and when they show up on a location, they understand the equipment, they understand what they are looking at and they know how to perform in the field," Dinges told the source about the training program.
A recent report by Ernst and Young analyzing the 50 largest publicly traded oil and gas exploration and production companies showed that U.S oil reserves have reached nearly 25.4 billion barrels, up from 2.1 billion barrels in 2013. According to the same report, oil and gas profits rose 53 percent from last year, to $33.4 billion.
With such dynamic growth taking place, having the qualified people on the ground to maintain production is critical. Of course, as new wells are opened and new technologies introduced, there will be a need for experienced leadership to make sure that new workers follow the most efficient and safe practices. Xbig6 has extensive experience in Houston oil field management consulting, and can provide expert insight for companies in all parts of the industry.