A question that is asked by most Oil & Gas practitioners since 2014. Many old timers say the the Oil & Gas Industry is resilient to this type of crisis. It has proven itself in many instances in the past. At this time after almost five (5) years in the down trend, when will the oil & gas industry recover?
Being one of the Oil & Gas practitioners who spent decades in the industry and affected by job cuts, I have a positive perspective on the industry since 2014. I always said to myself, it will be resurrected. However, with numerous big companies within the industry closing down or bought by another player, will there still be a good outlook the Oil & Gas industry?
Many Overseas Filipino Workers particularly in the Gulf area were already repatriated back to the Philippines for reasons related to the downturn in the Oil & Gas industry. Many were unlucky enough to get stranded in a foreign country without any hope of getting a job to sustain themselves or their families back home in the Philippines. If it was not through the intervention of the Philippines government, these unlucky OFWs might still be lingering in a foreign country with no hope of repatriation.
Though I have already moved on to another industry, I am still hopeful that I could still go back to the Oil & Gas where I spent more than half of my life. When will the Oil & Gas Industry recover is a question that nobody can ever answer definitively and positively.