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.