:: PETEX Perspectives by Greg McCormack
The oil and gas industry is experiencing a mass exodus of retirees and, as a result, faces its most difficult human resource challenge in 25 years. The average age of employees with major companies is 46-49 years and the average retirement age is 55. A 2005 panel at the Offshore Technology Conference noted “North American upstream oil and gas companies will likely lose more than 60 percent of their employees, along with their experience and knowledge, in just 5 years.” The new talent is out there, if only we can recruit and train them in time to meet the world demand for energy, which is expected to increase about 50 percent in the next 20 years. To secure enough oil, we’ll have to venture beyond usual limits and discover new ways to find and extract the oil we’ll need. There is no doubt the industry will need superior personnel trained in technology, on-the-job skills, and safety awareness to help accomplish its goals.
The year ahead presents challenges never faced before, and PETEX is uniquely positioned to help address them. We tap a reservoir of knowledge among our broad network of seasoned experts engaged in the latest practices and impart their knowledge for the benefit of our growing petroleum industry–and in keeping with The University of Texas at Austin’s highest educational standards. Our courses and materials help prepare personnel for all walks of the industry.
With our expanded global presence, PETEX can assist clients almost anywhere with training distributed, rather than centralized, and located closer and closer to sites of operation on and offshore, in Texas and worldwide. In addition to scheduled classes at our Houston Training Center, we’ve reopened our West Texas Training Center in Odessa with plans to expand in 2009 with hands-on training in all phases of lease production operations—all to better to serve you in the new and challenging year ahead.
In 1944, it was a shortage of skill sets in the industry that caused the Texas Legislature to mandate that The University of Texas at Austin provide training to the oil and gas industry, hence the creation of PETEX. That same shortage of skills reappears today, and PETEX stands ready to assist, as it has for nearly 65 years.
Best wishes in the new year, Greg McCormack
PETEX Newsletter Winter 2008
In This Issue:
- Oil Prices in the Coming Year: A Buyers Market
- PETEX Perspectives by Greg McCormack
- Event Honors Legends in Drilling Industry
- We are PETEX
- Dr. Paul Bommer Updates Drilling Best-Seller
- Professional Development Training Showcase
- A New Year of Courses and Publications
- PETEX Awarded Top Program of Excellence