The Oil And Gas Industry Is On The Path Of Recovery

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The increase in the number of drilling permits and jobs in the oil and gas industry confirms that the oil and gas industry is on the path of recovery. An increase in oil and gas extraction jobs is an indication that hiring will continue in the oil and gas industry as the rigs are activated.

Increase In Oil And Gas Mining Jobs

An increase in onshore activity and investment in oil and gas exploration and production has created demand for workers. Companies are now searching for talent that they had lost since they had to let go of workers when oil prices came tumbling down. An increase in the number of drilling permits issued, indicates that the demand for workers will continue, giving job opportunities to many.

Valerie Jones said in a recent Rigzone article:

“Mining added 11,000 jobs in March, with 8,800 of them being in support activities for mining. Jobs in oil and gas extraction increased by 1,800. Employment in mining has now risen by 35,000 since hitting a recent low in October 2016.”

Texas Petro Index Rises For Fourth Consecutive Month

The Texas Petro Index(TPI) considers many factors that include production volumes, rig counts, prices, drilling permits, completions and employment figures, when calculating the index. The TPI Index rises for the fourth consecutive month, indicating that the oil and gas industry is well on its way to recovery. The rise in rig counts in the Permian basin and Eagle Ford shale indicates that the demand for jobs will continue to support the increase in production.

Velda Addison said in a recent article:

“In a news release issued April 19, the alliance said the TPI rose for a fourth consecutive month, coming in at 160.4 in March, which is still about 5.6% less than a year ago.

Higher oil and gas prices, increased drilling activity, a rise in the number of drilling permits issued and gains in the value of oil and gas production in the state all contributed to the rising index.”

The oil and gas industry is on the path of recovery, with oil rigs operating and jobs opening up. It signals that the oil and gas industry is on the path of recovery, increasing oil and gas production and opening up job opportunities for many.