About our industry

Outlook

The oil and gas environment remains challenging, but industry analysts agree that global energy demand is set to grow over the long term and that oil and gas will continue to play a significant role. Large-scale investments in oil and gas infrastructure will therefore be needed to meet this demand and to offset a natural decline in existing production. And of course, the opportunities presented by the decommissioning sector will also be important.

In terms of the global appetite for energy, the most recent analysis from the International Energy Agency (IEA) estimates that demand is set to grow by 32% by 2040 – by which time the world’s energy supply mix will divide into four almost-equal parts: oil, gas, coal and low-carbon sources1. You can read more in depth analysis about the market outlook on our Group site here

Training for a changing world

There is no denying that the oil and gas industry is facing some real challenges in the near term. However, long term skills shortages remain an issue, as more experienced engineers approach retirement age. Industry analyst Hays Oil and & Gas has reported an increase in company development programmes, with businesses seeking to improve professional development for employees of all ages. Petrofac Training Services has been responding to these industry concerns by developing its own workforce competency solutions that can help businesses identify skills gaps and provide training to counter any shortfall.

And if you choose to move away from the oil and gas industry, our training can also equip you with many transferable skills that can be used elsewhere, such as the offshore renewables and decommissioning sectors. Our reputation and culture for pioneering new training means we will continue to support individuals and companies whatever shape the future holds.

1 International Energy Agency, World Energy Outlook 2015 (which, under its central New Policies Scenario, suggests that by 2040, coal will account for 4,414 million tonnes of oil equivalent (Mtoe) of primary energy demand, whereas oil will account for 4,735 Mtoe, Gas will account for 4,239 Mtoe and low carbon sources for 4,547 Mtoe) © OECD/IEA 2015 World Energy Outlook, IEA Publishing. Licence: http://www.iea.org/t&c/