The one time of the year that we take a breather at MDT International is during the festive season, but no matter how nice it is to switch off and spend some quality time with family and friends, the beginning of January signals a return to work. After a couple of challenging years for the Oil & Gas industry and MDT alike, we return this year with a wee spring in our step.
The second half of 2017 saw our activity levels increase – we welcomed more participants to our open/public courses and together with an increase in in-house client work we delivered courses in the following locations: Algeria, England, France, Kazakhstan, Kenya, Malaysia, Oman, Philippines, Romania, Scotland, South Africa and UAE.
Our activity levels can be quite seasonal and we typically find Q1 relatively slow, however, pleased to say that we are delivering our first course of 2018 commencing on 7th January and we have a number of confirmed courses proceeding during January & February.
Here’s our take on where the industry has landed after a hugely turbulent time.
We’ll look back on the period between 2011 – Q3 2014 as an exceptional time for oil price; no one complains when they are making record profits but +$100/Bbl oil was simply unsustainable. I remember that about 15 years ago, Operators would have been delighted with $25/Bbl oil but somehow by 2014 $40/Bbl had become a crisis! Having adjusted the cost base and implemented more efficient processes, 2017 has seen most O&G companies achieve attractive profit margins, and all achieved at an average oil price of approx. $54/Bbl.
Thankfully, from an MDT perspective, 2017 also signalled a realisation that the vastly reduced headcount need to be motivated more than ever and that investing in the learning and development of people remains one of the most value added choices that a company can make. Just as +$100/Bbl oil price was not sustainable, zero training budgets were equally unrealistic.
So we look forward to a busy year ahead but as is natural at this time of year we also reflect on times gone by …. and ask that ever recurring question … just where has the time gone? To emphasise the point here’s a mini mash up of an MDT in-house course taken almost 10 years ago. I remember the course and the participants as if it was only yesterday. Feliz Ano Novo Meu Amigos!