Industry experts have indicated that a sustained low oil price would further lead to more job losses in the oil sector in 2017 with oil field services and Exploration & Production (E&P) segments accounting for the lion share of the loss.

According to the immediate past president, Nigerian Association of Petroleum Explorationists, NAPE, Nosa Omorodion, “The global industry has lost over 600, 000 jobs with the oilfield services and Exploration and Production E&P sector contributing almost 70 percent. This will continue into 2017 as companies re-adjust to this new-normal.”

He explained that this has led to a massive cut back of new investments in the industry, with oil companies continuing to narrow their focus on extremely high-return activities, indicating that more job redundancies are still in the horizon.

Oil

He stated: “Weak oil prices have cut billions of dollars from revenue streams and has continued to put extreme pressures on corporate survival across companies in the world. Indeed only the fittest will survive.

“Global oil politics and negotiations have done very little to lift the industry out of its current predicaments. A lot more tradeoffs are still required particularly from the key players in ensuring that our industry gets back on the path of growth,” he noted.

He stated that, the current industry disruption has continued to adversely affect oil driven economies like Nigeria’s.

According to him, “Nigeria’s oil and gas resource base is world class and very attractive. However, the growth and sustenance of our local industry continues to be stifled by self inflicted issues.”

He advised that, if the industry must reverse its dwindling industry fortunes, there must be concerted effort in the restoration of investor confidence.