As the oil industry bounces back from the sudden dip due to the novel Coronavirus, oil and gas search firms have been rather busy. This is because expert oil and gas search firms, like the Newport Group, can be relied upon to find the best executives as companies look forward to getting back on their feet.
But why are oil and gas executive recruiters suddenly in demand? Let’s find out by tracing the events in the recent past.
It’s no secret that the oil and gas services industry was perhaps the worst affected during the pandemic, marked by laying off staff and scraping underutilized equipment. Moreover, drilling services had to resort to rampant downsizing of operations for cost-cutting purposes.
Not only that but several industrial powerhouses like Weatherford were also forced to declare bankruptcy.
But this year has seen a gradual increase in oil and gas prices, which has further been boosted by the Russian invasion of Ukraine early this year. However, the shortage of staff and equipment is threatening to disrupt the supply chain. In fact, oil prices have touched the $100 mark (per barrel) for the first time in a long time.
Aside from that, the downsizing of capital spending over a period has led to the unavailability of certain equipment. This means that you may not find some machinery on the market even if you’re willing to pay more.
So fierce is the demand for specialized machinery that some of the biggest fracking fleets in the United States have been booked for a year.
What Role Does An Oil And Gas Search Firm Play Here?
Although the stabilization of oil and gas markets is good news for the oil service industry across the globe, there’s one major challenge- normalizing the supply chain. You will still find supply pressure-induced inflation in different sectors, which is ultimately translating into higher oil prices.
Hence, oil companies today are looking to spend more on efficient gas production strategies. For instance, Continental Resources, which mainly works in the Bakken-shale region, increased its capital budget by 47% for this year. But almost half of this may be consumed by inflation.
One important thing to note here is that the supply disruption isn’t just limited to the commodity itself. Aside from the demand for quality machinery, the need for competent staff has increased to a great extent. But this doesn’t mean oil companies can allot months and years to find the best heads to help stabilize operations.
This is where oil and gas executive search consultants come into the picture. With constant changes in technologies, and of course, consumer demand, oil companies need to maintain their competitive edge by hiring the cream of crop executives. These are the people who can handle complex business as well as the technical aspects to ensure smooth operations.
Expert oil and gas executive search consultants use a combination of seasoned recruiting experts and top-notch recruiting strategies to ensure the best for your business.
For Which Sectors Can You Avail The Services Of These Firms?
The best oil and gas executive search consultants, like The Newport Group, can help recruit top talent for sectors like exploration and production, facilities and pipelines, midstream or downstream, etc.
You will find many oil and gas executive recruiters regularly participating in trade shows, national associations, and related events to expand their knowledge related to the needs of the industry as a whole. Moreover, the top oil and gas executive search consultants use cost-effective recruitment strategies that comply with different hiring budgets.
These firms have also extended networks in the natural energy industry to help companies get top consultants and executives.
We Network With A Purpose
The Newport Group is a leading executive recruiting firm with expertise in numerous industry verticals. We deploy proprietary data sets and meticulous processes to identify, recruit, place, and help retain blue-chip talent at leading companies nationwide. Turn the challenges ahead into competitive advantages alongside our help. Roles we’ve placed include Senior VP, VP of Operations, Sr. Construction Manager, and Operations Manager Telecom, to name a few. Our team of recruiters is active in all sectors of real estate development, including production homebuilding, multifamily, affordable, commercial, retail, land, and asset, and property management. Construction verticals include commercial, civil, telecom, gas, power, utility, pipeline, infrastructure, and environmental consulting and remediation. Ever strategic in our approach—we present talent that aligns with our client’s strategic objectives.