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Big Oil Putting Folks Back on the Payroll

September 09, 2011 – Comments (2) | RELATED TICKERS: SLB , HAL , BP

With the massive amounts of shale drilling, and the growing interest in industry of the oil sands, there has been great opportunity for the creation of new jobs. America’s economic slump has hit the oil industry hard, especially due to the Gulf oil spill and  the reduced offshore drilling. Luckily the shale and oil sands boom has somewhat counteracted this. Paul Ausick explains how some of the big oil companies are putting people back to work.

 "…In the Alberta oil sands as many as 75,000 new workers will be needed in the next few years according to the province’s energy minister.  And Canada would like to import workers from the US to fill some of those jobs…

..And the demand is just as strong elsewhere around the globe. In Scotland, BP plc (NYSE: BP) plans to hire about 1,000 new workers to develop a 45-million barrel North Sea field. Drillers in the United Arab Emirates also plan to add more than 1,000 new workers.

But the largest demand is likely coming from Brazil, where billions of barrels have been discovered offshore and the state-controlled oil company, Petroleo Brasileiros (NYSE: PBR), or Petrobras, and other companies could add up to 2.5 million new workers by 2020.  The Brazilians plan to use the development of their offshore fields to create an oil field services industry for the country that could then develop fields in other locations around the globe."