Consultants who were active in the exploration and production sector sector in 2013, but not currently working due to the cutbacks in the industry, would take a day rate that is 39% lower, according to OPC Consultant Market Report 2016.
OPC's research asked those consultants not currently working (but keen to return to work) what day rate they would want from a new position.
The average day rate wanted now is US$790, compared to $1285 in 2013 - a 39% cut.
A few consultants claim that they wanted the same rate as they earned before the oil price crash. However, most have been flexible with their rates to reflect a lower demand for their services.
The report from OPC obtained data from nearly 500 exploration and production consultants in October 2016.
Only 27% of the survey base of consultants are actively working on projects in exploration and production – a stark demonstration of the severe reduction in the use of professional consultants since the start of 2014, says OPC.
The reduction in day rates means that using consultant skills is now a very attractive proposition for many oil and gas companies.
Riley Smith, Middle East manager at OPC, said this might benefit the likes of OPC which has a core engineering team supported by specialist consultants, which Smith says is particularly competitive model at present. "We are able to deliver projects at day rates that are approximately 35% lower than three years ago due to the current market conditions and flexibility of our consultants.”
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