Chairman of the United International Group Mian Shahid on Sunday said Pakistan can benefit from receding international oil prices by using it as an opportunity to ensure rapid development. Arab countries can sustain low oil prices for some time but western countries where salaries are high cannot make profitable production unless oil price is at $80 dollar per barrel, he said.
In a statement issued here today, he said that low prices of fossil fuel has damaged shale oil and gas projects and LNG initiatives. Consequently, many projects have been delayed or closed while the running projects have seen massive downsizing pushing many to other promising fields.
Mian Shahid said that students in many countries have lost interest in petroleum engineering, pipeline engineering, geology and other related fields.
The oil and gas companies would find it difficult to find technical staff once oil prices are stabilised therefore the government and private sector can raise a crop of petroleum engineers and skilled workers. These engineers would be in great demand soon which will reduce problem of unemployment and help country get increased remittances.
The world has stabilised after crisis of 2008 but many companies that fired important people are still facing the consequences of their decision, he said.