The release of talented PetroTechnical Professionals caused by the significant Oil price volatility represents a tremendous opportunity for the GCC Oil Industry to rejuvenate its demographics and close its historical Talent Gap (albeit still leveraging Expats) to nurture the future generation of Local resources.
The Talent Gap represents the gap between the ideal demographic distribution and the current and future expected availability of PTPs, with impacts on the delivery capabilities across the Oil Industry lifecycle.
To face the complexity of the Talent Gap challenges, it is necessary to leverage a full suite of approaches / tools based on field project experiences, listed as follows:
HR Strategic Planning;
Nationalisation of Resources;
Enhanced Competence Development;
First Line Leaders;
Manpower Contingency Plan;
Asset Competence Rebalancing.
Such tools are selected and combined based on a Company specific diagnostic approach taking into consideration its internal current situation and future strategic challenges, together with the changing Industry scenarios.
As far as the Middle East is concerned, the Talent Gap issue is more severe compared to the average of the Industry, as it has been present for a longer period mostly due to NOCs progressive change in their role from petroleum resource owners to active operators.
The current Oil volatility may prove to be a huge opportunity for the Middle East players allowing them to cover the Talent Gap by hiring resources on the down-slope, since the Middle East NOCs are the least affected by the low price of Oil.