In 2014, the balance of Energy supply and demand coincided with geopolitical factors and changing market competitive forces to create an epic decline of over 55% of peak oil pricing.
Unlike other Energy Industry downturns, this current cycle has been unpredictable with significant excess global capacity, the USA becoming a global net exporter of shale gas and OPEC’s (Organization of the Petroleum Exporting Countries) inability to regulate pricing or control USA’s unconventional resource supply. Experts cannot forecast with certainty when the downturn will end, or the price fluctuations nor the new “normal” price of oil, and finally what competitive forces will be at play in the industry going forward. In effect, it could appear that the business case of the Energy Industry has entered a new era, or has it not?
The global Energy Industry has gone through a layoff of talent. Training, development and hiring plans have been delayed or cancelled due to cost management. What challenges does this pose for Young Professionals (YPs) in the Energy industry and those who were planning to join?
As rig count declined and projects were postponed or cancelled, the new dynamics have brought about great opportunity for Innovation, Efficiency, Technology advancement and entrants of Mergers and Acquisitions. Several companies are reportedly working on cross platform solutions and cost reductions through supply chain and procurement. These new strategies are opening up new opportunities for YPs in the Energy industry. How should YPs prepare themselves to succeed and take advantage of these new opportunities?
The education and skill sets of YPs will have to consider future careers in shale gas and unconventional resources, and careers that will leverage the advancing digital and internet age to drive solutions for the Energy industry, and lastly potential increase of careers in the electrical and alternative energy as part of the traditional Energy Industry.
Given these factors, The Next Wave (TNW) of Energy Industry’s leaders who are today YPs have current market challenges to navigate, they might be facing new career dynamics and may require different skill sets from previous generations of Energy industry leaders.
With this new landscape in mind, the 2016 TNW Asia program aims to provide a blueprint for how YPs can understand the new economics and market forces to support them in achieving successful and sustainable careers, whilst ensuring they are able to adapt to the current uncertain business environment. Panel discussions will focus on the emerging trends in the global Energy Industry to provide TNW Asia participants with an appreciation of recent events and support them in building their competitive edge in the Energy Industry workforce.