Neuralog Gives Back, Helping Unemployed Geologists & GeoTechs

Posted on 28th Sep 2016 @ 3:38 PM

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Neuralog Gives Back, Helping Unemployed Geologists & Geotechs

With the 2014 - 2016 drop in oil prices from over $100/barrel to under $30, from 250,000 – 350,000 people were laid off worldwide and additional layoffs are expected by some before yearend 2016. According to Haynes and Boone LLP, some 90 North American producers (with $66.5 billion in debt) have declared bankruptcy. Some 83 energy service companies have also declared bankruptcy (with $13 billion in debt). 

Some businesses have emerged from bankruptcy and layoffs have peaked but the pace of rehiring has not been strong. As a consequence, some of the unemployed have gone to other industries, some to family businesses, some back to school and some are opening new oilfield businesses of their own.

"Neuralog wants to help the unemployed/underemployed. The industry has been loyal to Neuralog for more than 25 years and now we want to return that loyalty with help," said Ken Land, President and CTO.

This help is available in two ways. First, there is the Geologist Support Program. Neuralog is employing unemployed or underemployed geo-professionals to work part-time in hardware and software support. This provides income and allows them to continue searching for a job by networking, interviewing, etc.

Second, for newly independents only, Neuralog is offering a new Hardware/Software Package that covers the bases of their needs for about the cost of maintenance. "Neuralog did something similar in 2001 when oil fell below $30. Many geologists took advantage of that offer and many brought their Neuralog toolkit with them to their new employers when they were re-hired."

Please contact Neuralog for additional detail at 1-281-240-2525 or info@neuralog.com.

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