Lack of Staff and Equipment Hit Oil Output

Efforts to boost global oil and gas production are being held back by shortages of equipment and staff and by soaring costs.

The energy services sector, which provides everything from drills to submersible pumps, lacks the resources to meet the needs of oil and gas groups, forcing up price inflation in some parts of the sector to 100 per cent.

Industry executives say the squeeze has become so acute that energy companies are being forced to scale back their production plans or put exploration projects on hold.
MSN Money