Canadian industry harder hit because production and exploration more sensitive to falling price
A survey of oil and gas companies throughout North America indicates a major pullback underway in the industry as they cut capital spending and reduce hiring in response to low oil prices.
The survey, by human resources company Mercer, indicates 44 per cent plan to cut back on capital spending and 32 per cent will reduce their search for new talent for their companies in 2015.
The results of the survey are a sharp contrast to a year ago in the oil and gas industry, when finding employees with the right skills was a priority and 66 per cent of firms said they were on the lookout for new hires.
“Most organizations in one way or another are looking for reductions in expenses,” Graham Dodd, Mercer’s energy and natural resources energy leader for Canada, told CBC News.
He said firms are moving from thinking about cuts to putting them into place as they “adjust to the new reality of $45 oil.”
…click on the above link to read the rest of the article…
