Pemex CEO Emilio Lozoya Austin tells delegates at GE Oil & Gas' annual meeting that the industry needs to move away from "buying talent rather than building talent".
The oil and gas industry needs to move away from a situation where "buying talent rather than building talent has become the norm," Pemex CEO Emilio Lozoya Austin told delegates Monday at GE Oil & Gas' annual meeting in Florence, Italy.
In the opening morning's session, which focused on how the oil and gas industry can remain economic and sustainable, the head of Mexico's state-owned oil company noted that a key aspect of building a sustainable industry was in how it develops talent.
"Engineering, operational and management talents [are] the decisive elements in the race to be competitive," he said.
"The long learning curves, which we at Pemex estimate at around seven years, are needed for turning graduates into reliable engineers and technicians has led to a situation in the oil and gas industry where buying talent rather than building talent has become the norm.
"I think this is one of the key challenges in this room, to find a more collaborative way to build talent because otherwise we will have escalated costs."
Not only do oil and gas companies need to recruit "the best human capital on the market", Lozoya Austin said, but retaining talent through appropriate compensation and career advancement policies among employees as well as a structure that promotes a continuous acquisition of skills is also necessary.
Pemex CEO Emilio Lozoya Austin speaks at GE Oil & Gas' annual meeting in Florence, Italy.
Source: Jon Mainwaring
These "are some of the tools we’re trying to develop in our organization to foster talent," he said.
Lozoya Austin also highlighted Pemex's investment in a corporate university.
"About $300 million will be invested in various campuses," he said. "It's not a bricks and mortar investment, but rather a technology investment. And we hope to utilize this avenue to collaborate with [the industry], set up strategic partnerships, focus on human capital and on training."
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