Maxwell Drummond, a global retained executive search firm that caters specifically to the energy and natural resources sector, has completed its annual worldwide trends survey of energy company executives with results that reveal an industry focus on strengthening the workforce, preparing for economic recovery and developing unconventional resources.

“Our annual survey aims to tap the minds of leading energy executives from around the world, and in a sense, to find out what keeps them up at night,” said Jamie Ferguson, vice president, Maxwell Drummond. “This year is no exception and our findings reveal a few surprises, most notably that companies with revenues less than $500M believe economic recovery to be at least 12 months away, while companies with revenues between $5 and $10B believe recovery to be three to six months away.”

Overall, respondents agree the economic recovery has been slower than expected but are taking advantage of the recession by improving their workforce and bolstering intellectual capital especially in the areas of operations, reservoir engineering, subsea, and sustainable extraction techniques. While many energy industry executives believe full recovery to be at least six months away, addressing the “big crew change” remains top of mind with almost 90 percent of respondents indicating their companies are actively investing in employee skills training and new talent acquisition to offset an ageing and rapidly retiring workforce.

Findings also reveal that energy companies are looking to capitalize on future sources of energy through R&D technology and strategic M&A activities. With regard to unconventional resources, respondents view solving water and environmental issues, and developing improved fracturing techniques as having the greatest impact on future development in this space.

Other top line findings:

- Respondents believe functional gaps are most acute in the areas of operations, reservoir engineering and subsea, particularly in locations where energy is hardest to recover;

- Compared to 46 percent in 2009, more than 90 percent of respondents would now recommend careers in energy and support heightened academic advocacy of energy and oil & gas-related degree programs;

- More than 50 percent of respondents view Eastern Europe and China as the main focus areas for development of unconventional resources in the foreseeable future;

- Respondents believe government will play a role in technology development and future energy sourcing through changes in legislation and tax breaks for the development of cleaner technologies.