Seriously? I cant understand people nowdays, do you just randomly pluck info from somewhere or make it as you go? Researching about your future doesn't hurt......

Correction 1 - 2017/2018 recession? hard to say, whats your justification? There could even be a recession this year in Asia(technically Malaysia could be entering recession very soon) ---- refer to China - (in Malaysia refer to 1MDB   )
Correction 2 - big asian 1997 crisis fine. 2008! crisis you call mild? really? the effect can still be felt until today!

Like the crazy dude (supersound) who was talking about Libya(the African nation) blaming low oil prices for going bankrupt. Libya is going bankrupt due to oil theft, a civil war, ISIS, kidnapping,bombs......and the list goes on. The last thing that Libya will bankrupt for is low oil prices because their oil production costs are one of the lowest(if you been there you will know why). The country that is still somehow standing and is most affected by oil prices are Venezuela and Russia due to lower margins.

And the problem doesn't end there. Even Natural Gas prices are falling. With Iran's oil pumping full into the market and really demand is not going to rise because face it, vehicles/airplanes are getting more fuel efficient, powerplants are moving to non-hydrocarbon/renewable sources.

The industry will prevail and adjust to whatever the price is.

Like stamp said since this is oil and gas career thread will provide you advice on career, not an expert but speaking from statistics and common sense.

Most resilient sector in the O&G is Production/Maintenance/Operations -------re-skill into this sector because the jobs are still there. Justification - while companies can cut all other budget to save cost P/M&O is their main focus and expenditure for revenue, they might cut headcounts but not as many and they might hire cheaper labor (fresh grads) to replace more expensive ones.

Worst sector Exploration/Drilling -- its just not worth paying so much to drill wells anymore. However if you can re-skill to shale/fracking, whatever people say onshore drilling is still cheaper than offshore drilling and will survive.

Those who are all gloomy about the job markets, well there are lesser jobs now but still many skilled position are hiring internationally. Do not do just one job for all your life. like ch_teo said build different engineering skills and experience.

Weatherford increases its worker layoff target to 11,000

as weakness in the North American oilfield service market activity continues.
Responding to continued weakness in the North American oilfield services market, Weatherford International said Thursday it would revise the number of planned layoffs to 11,000.
The company completed 97 percent of its planned workforce reduction of 10,000, Weatherford said in its second quarter 2015 earnings report Wednesday. The additional cuts in Weatherford’s workforce will occur in the company’s U.S. operations, with a focus on support positions.
Based on its 2015 reduction in force actions, Weatherford now expects annualized savings of $754 million from the release of 9,936 employees, said Weatherford Chairman, President and Chief Executive Officer Bernard J. Duroc-Danner during the company’s second quarter 2015 earnings call Thursday morning.

The company is taking advantage of the downturn to develop a leaner structure and a tighter organization, Weatherford said. In addition to layoffs, the company has closed more than 60 operating facilities across North America through the first half of this year, and will close 30 more by year-end 2015. The company’s procurement savings initiative also remains on track.
“Market conditions will not improve significantly in the balance of the year,” said Duroc-Danner in the July 22 earnings report. While modest activity increases will occur in North America and certain international geographies, these increases will not be material. “In this environment, we expect to grow market share internationally and benefit from better operating economics in the United States.”
As a result of its cost-cutting actions, along with focus on working capital, reduced capital expenditures (CAPEX) and higher net income levels in the second half of 2015, Weatherford expects to generate positive free cash flow from operations on a full-year basis, Duroc-Danner said.
Weatherford is responding to the current industry downturn by reducing its full-year CAPEX forecast by $100 million to $750 million, or 48 percent lower than 2014 levels.
The Geneva, Switzerland-based company recorded revenue for the second quarter of $2.39 billion, down from $2.79 billion in first quarter 2015 and $3.71 billion for second quarter 2014. Sequentially, North America comprised the bulk of the revenue decline with only a small decrease in international revenues.
The second quarter was a tale of two segments, Duroc-Danner said during the company’s second quarter earnings conference call. While Weatherford’s international operations continue to do well, its North American segment performance deteriorated due to the continued decline in the U.S. rig count, the seasonal breakup in Canada and pricing pressure on all of Weatherford’s service and product offerings. North America second quarter revenues declined 30 percent from the previous quarter to $808 million; these revenues also were down 51 percent from the same quarter in 2014.
Weatherford reported positive free cash flow of $104 million in the second quarter, mainly on improved working capital performance and lower CAPEX, and saw its free cash flow improve sequentially $370 million, despite lower earnings.
Duroc-Danner said during the conference call that Weatherford’s U.S. operations have not been as well managed as its Canadian and Latin American segments, and that its U.S. operations will come out of the recession an entirely different operation.
The company is not cutting into muscle by laying off workers, but adding muscle through internal highgrading of its workforce or selective outside hiring to strength its bench, Duroc-Danner said during the call. The company’s entire operational leadership is undergoing change through its highgrading and outside hiring process.
Weatherford is just one of the oil and gas industry firms to announce layoffs in response to the global oil price downturn. FMC Technologies announced Wednesday it would lay off additional workers due to the challenging North America land market.

Hercules to file for bankruptcy 'within weeks'

Jack-up owner Hercules Offshore said it expects to file for bankruptcy protection in about three weeks and hopes to emerge several months later with a restructured balance sheet.
The shallow-water contractor has been struggling for months as the jack-up market has been especially hard hit in the oil and gas downturn.

Last November, the company trimmed its workforce by 15%. In June, it reached a deal with creditors in a move that will leave those lenders with control of almost all of the equity of the company.

Hercules said on Thursday it has support for the filing from holders of over two thirds of its collective outstanding debt, Reuters reported.

It added that the pre-packaged process will reduce the time it spends in bankruptcy protection, which it hopes to leave early in the fourth quarter.

The company's balance sheet lists $266 million in current assets and $1.35 billion in current liabilities.

Earlier in the week, Hercules posted a net loss of $88.3 million on revenue of $79.2 million for the second quarter 2015, compared to net income of $6.6 million on revenue of $243 million for the second quarter 2014

Eventhough you deleted, but thanks to supersound quoting u b4 u delete it lolx

Thanks for the revelation

Seem like 2017/2018 will be the next coming recession as targetted. Just like 1997/98 and 2007/08 and 1988

Now the question is... Will it be as big as the asian 1997 crisis? or mild like 2007 (which affect the EU and US) or would it be as big as the international 1988 crisis...

Gotta be prepared...

Is it worth for me to change my career from Consultant (Oil  gas) into Upstream Contractor at this moment.

I am quite worry as global crude oil prices continue to sink and most effected on Upstream sector..

As for timing it is pretty establish from where I work that the economic cycle is 3142 days in duration or 8.6 years. Yeah pi multiply by 1000 days.. it is bizarre I know and no one can explain it we just accept it as truth from studies. Maybe that is why this knowledge is not mainstream. From the last crisis that started in 2007 the target for the next is 2015.75. Which is this year.

The last crisis was about credit crunch toxic mortgage back securities. This coming crisis is about sovereign debt crisis especially of emerging economies. Oh and the eu too. So you judge. What's amazing this time is the whole world is suffering from the same issue in unison. Not an isolated case. Personal opinion here.

PM me company name and position, I can check for you

Please start a thread in real world if you want to continue this. I don't mean to get this far off topic.

Eventhough you deleted, but thanks to supersound quoting u b4 u delete it lolx

Thanks for the revelation

Seem like 2017/2018 will be the next coming recession as targetted. Just like 1997/98 and 2007/08 and 1988

Now the question is... Will it be as big as the asian 1997 crisis? or mild like 2007 (which affect the EU and US) or would it be as big as the international 1988 crisis...

Gotta be prepared...

Is it worth for me to change my career from Consultant (Oil  gas) into Upstream Contractor at this moment.

I am quite worry as global crude oil prices continue to sink and most effected on Upstream sector..

As for timing it is pretty establish from where I work that the economic cycle is 3142 days in duration or 8.6 years. Yeah pi multiply by 1000 days.. it is bizarre I know and no one can explain it we just accept it as truth from studies. Maybe that is why this knowledge is not mainstream. From the last crisis that started in 2007 the target for the next is 2015.75. Which is this year.

The last crisis was about credit crunch toxic mortgage back securities. This coming crisis is about sovereign debt crisis especially of emerging economies. Oh and the eu too. So you judge. What's amazing this time is the whole world is suffering from the same issue in unison. Not an isolated case. Personal opinion here.

anysourcesfromgoogletoverifythis.
btw, how do you get the month which the crisis began in 2007 to arrive at 20015.75
whichis september.

because it is hyped that sept 13 thisyear would beeconomic crash following the shemitah cycle..

Brent dropped to the half year low point after plunging for 4 weeks even before Iran effect kicks in

Obama really killed the shale this time