Oil companies cut over 440,000 jobs – NNPC COO

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The Nigerian National Petroleum Corporation (NNPC) has stated that the current downturn in the oil and gas industry has forced the industry to cut 440,000 jobs globally since 2014, ThisDay reports.

In a keynote address at the recent 10th Annual sub-Saharan Africa Oil & Gas Conference held in Houston, Texas, United States, NNPC’s Chief Operating Officer in charge of Ventures, Dr. Babatunde Adeniran said in addition to the job cuts, there were retirement of workers who started their careers in the 1970’s and 1980’s.

“Unfortunately, the industry is not doing enough to attract young millennials to fill the knowledge gap created by the latter exits. The downsizing and lack of job opportunities in the industry have created a situation where many students no longer want to enroll in oil & gas-related courses. There is an imminent talent shortage,” he said.

Adeniran, who delivered an address on: “Current state of our Industry and the Transformational Adjustments Required to Succeed in this new Petroleum Era,” noted that universities in Nigeria and sub-Saharan Africa will need to double their graduate supply of petro-technical professionals by 2020.