Australia's AIG Says Geoscientists in Energy Sector Face High Unemployment
The Australian Institute of Geoscientists (AIG) says Thursday that geoscientists in Australia's energy resource exploration and production segment -- covering petroleum, coal and coal seam gas -- have the highest rate of unemployment nationally compared to their peers in other fields, according to data released in the latest AIG Australian Geoscientist Employment Survey for the June 2016 quarter.
The AIG survey indicated that geoscientists in energy production and exploration field has an unemployment rate of 20.3 percent, followed by mineral exploration -- Australia's largest geoscientist employment sector -- at 18.7 percent, while the national average were estimated at 15.9 percent.
Unemployment in all geoscience fields in Australia far exceeded the average nationwide for the entire workforce of 5.7 percent for June 2016.
AIG said the survey received responses in the June quarter from around 6,000 geoscientists in Australia, working in all sectors of exploration and mining (including energy), government, education, research, environment and a range of other fields of practice.
Major Australian oil and gas companies such as Woodside Petroleum Ltd. and Santos Ltd. have reduced their capital expenditures in recent years following a decline in revenue resulting from the slump in global oil prices that commenced in the second half of 2014.
Capital expenditure by Woodside fell to $344 million in June 2016 quarter compared to $4.27 billion a year ago, while Santos' capital spending also slipped to $133 million, 51 percent lower than the $271 million in the corresponding period last year.
"Australia needs its exploration sector (including energy) to get back to work to help underpin the economic health of our nation and provide opportunities for future generations," AIG President Mike Erceg said Aug. 1 in a press release.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Malaysia's InvestKL Woos Top Oil, Gas MNCs to Base in Kuala Lumpur
- Petrobangla Invites EOIs for 3 Offshore Exploration Blocks in Bay of Bengal
- Malaysia's SapuraKencana Posts 7.1% Gain in 2Q FY17 PAT to $27M
- TH Heavy Engineering, McDermott End Partnership in Malaysia
- Singapore's NUS Slowly Builds its Petroleum Engineering Program
- Windfall Tax Branded a Backward Step
- U.S. Announces First Ever Offshore Wind Sale On Pacific Coast
- FERC Approves Gas Pipeline Projects To Increase U.S. Exports
- Bankrupt Sri Lanka Takes Russia Oil
- A Guide to the Week's Oil and Gas Market Hits and Misses
- Equinor Exits All Russia Joint Ventures
- Chevron Investors Go For Energy Transition In Near-Unanimous Vote
- EU Leans Toward Delaying Pipeline Ban to Clinch Oil Deal
- Chevron Makes New Appointments In Leadership Structure
- Johnson Says UK Has to Keep North Sea Oil and Gas Flowing
- Oil Inventories Down to Dangerously Low Point
- USA Fuelmakers Shifting Into Higher Gear
- ExxonMobil Selling Shale Assets for $750MM
- Shots Fired During Tanker Loading
- NPD Grants Slew of Drilling Permits
- World's Oil Growth Engine Is About to Slow
- Saudi Arabia Says It Has Done All It Can for the Oil Market
- BlackRock Told Texas It Will Still Invest In Oil And Gas
- Ruble Hits 5-Year High as Gas Buyers Bend to Putin Demand
- FID For $13.2B Louisiana LNG Project
- Russian Oil Producers Start Using Tankers the World Did Not Want
- ADNOC Announces 650MM Barrel Oil Find
- Finland Loses Main Gas Supply
- This Is Where the Oil Price Would Be Without the War
- Ban on Excessive Gasoline Prices Heading for Vote
- Oil and Gas Discovery Confirmed at Hamlet
- Oil Inventories Down to Dangerously Low Point
- Top Headlines: Be Prepared to Pay More at the Pump from June
- USA Fuelmakers Shifting Into Higher Gear
- Gas Prices Could Rocket in the Near Term