Energy companies in Qatar have imposed an ‘unofficial freeze’ on hiring in the non-production departments causing concern among employees, The Peninsula newspaper reported.
An industry source told the paper that some companies have started a ‘de-mobilisation’ of employees, while other “big energy companies are currently busy preparing a restructuring of their staff pattern”.
“There is a fear in the air of a possible retrenchment and job cuts. I do not know whether it is real or the fears would prove wrong in the coming months,” a middle-level executive at a leading energy company said.
The news comes after oil prices dipped by over 60% last week and a number of big projects were shelved.
Shell and Qatar Petroleum on Wednesday scrapped the proposed $6.4bn Al Karaana petrochemical project.
Meanwhile, BP, Schlumberger and Shell were first to announce job cuts beginning of January as the oil price fell below $50 a barrel.
A recent report by PwC predicted that due to a number of firms and contractors reducing their staff as a result of falling oil prices more people will be on the market.
This, some experts argue, might be an opportunity for the industry to tackle its talent shortages and hire more qualified people.
However, PwC suggested that the number of people with the right skills needed in the GCC will still not be enough.
