Top Trends in the Energy Industry
Updated: Aug 8, 2022
Here are the top trends facing energy with insights that effect talent/talent acquisition. This week we highlighted trends in energy, oil prices, hydrogen, and innovation.
There is a lot of volatility in the energy sector. Oil and gas are rising in price with political unrest and supply and demand. It does not look like OPEC countries will make a decision to relieve the markets.
The Permian, which has been known to be able to ramp up and ramp down when oil prices change, will not be ramping up as expected. Supply chain issues and prior investments have changed the landscape a bit.
“The EU agreed to ban 90 percent of Russian oil imports by the end of the year, the leaders of the European Council said.”
Hydrogen has become a big focus and in its current stages of development there is a need to focus on making sure it isn’t allowed to leak when used or it could add to global warming. Since it is in the early stages, this is the time to make sure it is used safely.
What does all this mean? As I heard from the Kansas Fed’s presentation earlier this year, energy security can’t be an afterthought while the energy transition takes place. In order to make the energy transition, investments need to be made now even if the technology is not mature in order to meet the demand.
Though the Fed didn’t foresee the Ukraine/Russian war taking place as well as supply issues when they presented earlier in the year. It is clear that energy security has become more prevalent in the average person’s mind, more than originally expected.
How does this effect talent? We have recently helped a company hire several folks focused on the hydrogen sector. Talent is being heavily recruited in this space, if they have hydrogen experience. Buying talent should not be the only strategy. Attracting talent that is in other areas, like oil and gas, LNG, and more is a strong focus. Training and upskilling will be needed; however, individuals are looking for new challenges and to be a part of the change. Talent can also assist with the innovations that are needed to make sure we implement the energy transition without consequences moving us forward rather than backwards.