Argentina oil gas jobs

Argentina resists the oil crisis putting 150,000 jobs at risk in the world

The Argentina usually lives in the opposite world. At least imagine the world economic and financial establishment. Another example is the fall of oil prices and its impact on employment. While oil prices around 50% collapsed within a year and such a situation is taking thousands of jobs in the country's history it does not seem the same. But, how much margin for companies?

That is the question that worries the market but, above all, companies, workers of course, trade unions.

The multinational Weatherford International, which is based in Switzerland and presence in Argentina, is the latest company linked to oil sector is one of the world's largest providers of mechanical solutions, technology and services for the drilling and production sectors announcing oil job cuts. This year laid off 8,000 workers. The vast majority, said the company, are directed in the Western Hemisphere. The newspaper The Wall Street Journal, says that with the oil job cuts the company expects to save u $ s 350 million dollars annually.

Other examples are also providers of oilfield services Baker Hughes and Halliburton announced layoffs of around 1,000 workers (oil jobs), while also multinational Schlumberger, the same company where worked Miguel Galuccio before landing in YPF, studies cut 9,000 oil jobs. Mexico's Pemex also took up the matter and laid off 3,000 workers. In all, only in January 2015, the oil industry fell from 21,000 workers, and the projections are not encouraging: a study by the Federal Reserve Bank of Dallas estimates that this year alone the state of Texas will lay off 130,000 workers.

The situation is no exception to any company in the sector. The layoffs are also Chevron, Shell, Exxon, Total and Petronas, just to name the oil companies for their brand have more public recognition.

Against this backdrop, analysts are not convinced that the immune Argentina out of the current crisis in the sector. And do not refer to import energy is now cheaper or to Vaca Muerta will come less investment than expected a year ago.

The eyes are on the oil companies operating in Argentina and the service providers. Cerro Dragon and Techint are two examples. Last week, a group of oil workers blocked for four hours entry into the deposit located in Chubut against dismissal of Halliburton, which could be reinstated in the coming days. Cerro Dragon is the site where major operations concentrated Pan American Energy (PAE). In the market they say in the company's Bulgheroni brothers no layoffs because the site did not lower production.

In Tenaris, the flagship of holding Techint, the fall in oil prices hits him full production. The situation impacts your business, "which shows a general decline in orders for tubes".

The company officially announced that Tenaris plants in the United States and Canada almost 1,000 employees disassociated themselves because of lack of orders and the poor outlook of the US market. TenarisConroe plant (Texas / welded pipes) "suspended its operations from April 23 (230 people) pending the crisis, and Italy, they would be taking similar measures, affecting 400 workers."

In Argentina, Tenaris at its plant in Campana (seamless) that exports 70% of its production to global oil companies are working at 50% of its production capacity. "For this reason and given the fall in orders of pipes, some steps are being taken in advance of vacation, renegotiating contracts with suppliers, cut overtime and replacement of outsourced services with its own personnel," said the company. The unions agree that no layoffs.

Yesterday, oil fell back: he scored the lowest price of the last six years and was in u $ s 43.96 WTI, while Brent closed at u $ s 54.43. The crisis does not forgive, companies lay off staff, but in Argentina, for now, just for now, history seems to be another.