Bloomberg News

Oil Executives Paid More to Help Post-Arab Spring Governments

September 02, 2012

North African nations emerging from civil unrest are offering foreign oil executives 50 percent wage increases to help them revive their energy industries, a London recruiting firm reported.

Demand from Egypt and Libya is pushing up the wages of oil and gas executives, according to Interim Partners.

“Post-Arab Spring countries want to retain control over their energy resources rather than engage too many large foreign contractors,” Jonathan Mooney, a consultant at Interim Partners, said in a report today. “Using interims is an astute way to rapidly ramp up production to pre-conflict” while providing training to local staff, he said.

The average daily rate for interim project engineering directors has jumped to 1,500 pounds ($2,373) from 1,000 pounds a year ago, the recruitment firm said.

Companies operating in Africa, the Americas and Australasia face the biggest challenge in hiring local staff because of a skilled labor shortage, according to a separate report released last week by OilCareers Ltd. and Air Energi Ltd. Their survey covered more than 170,000 oil and gas respondents in more than 50 countries.

To contact the reporter on this story: Eduard Gismatullin in London at egismatullin@bloomberg.net

To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net


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