The lack of industry expertise in the oil industry could threaten the sector as a whole, it has been claimed.

Ronald Chan, the founder and chief executive of private investment agency Chartwell Capital, made his comments to the Standard newspaper based in Hong Kong.

Mr Chan told the publication the average worker for a major oil company is between 48 and 50 years.

He explained that this means retirement is not a distant prospect for the average employee, meaning that the entire sector could be threatened.

The chief executive cited the oil bust in the 1980s and early 1990s as a reason for a lack of interest in the sector and that people were looking to other careers such as banking.

Mr Chan added that many positions in the oil industry need filling, such as petroleum engineers and construction labourers.

Chartwell Capital provides specialised advisory services to banks corporations and institutional investment clients.


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