The Dallas Morning News has suggested in one of its article by Elizabeth Souder that “This is a great time to look for a job in the oil industry.” Her report is largely based the oil prices and an aging industry workforce – something we have been following & acting upon for some time. With the rise in oil prices over the last two years (and notwithstanding the recent gyrations the past few weeks), there is increased enrollment in petroleum engineering and geology programs worldwide.
However, it is advisable not to base one’s career decision based on the commodity market. Before you decide to join the petroleum industry, here are a few things to consider.
Basic Aptitude
Strengths in science and mathematics are the backbone of petroleum engineering and geology careers. You will be doing a fair bit of analysis & modeling in your future roles. If you don’t have the the aptitude in the basic physical sciences you may want to consider other options.
Global Mobility
This industry is one of the most global in nature. Hydrocarbons are found in more than 80 countries, but its likely that in the next two decades extractable oil may be developed in more inhospitable climes. You can look forward to a fair bit of travelling in the Exploration & Production aspect of this sector, particularly if you join a oil services organization. This may strike a chord with you if you’re adventurous in nature, If frequent traveling is not your cup of tea you may want to evaluate other aspects of this sector; particularly in refining or marketing of hydrocarbons.
Cyclicality
The 90s saw a decline in prices which depressed the number and types of jobs in the sector. The past few years on the other hand has been characterized by a steep price rise as well as volatility. During boom times it does seem that the tipping point is far away, however know that Oil & Gas, much like other commodities, is a fairly cyclical industry. A future slowdown in the industry will effect the job market too. However the skills that you will pick up in this industry, including the managing complex engineering projects, data intensive modeling or opening new markets for hydrocarbons will stand you in good stead in other industries.
In summary, the industry is growing and is exciting. However you may want to take a longer term view as you plan on venturing into this field.
Tuesday, October 21, 2008
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Another issue worth considering is that while we speak of Oil & Gas, its fundamentally the energy industry we are referring to and this industry is in a great transition from being primarily hydrocarbon based to a renewables base. And much of this transition will be enabled by technology and innovation. So its a great time for younger people to join the industry because they can be a part of this transition - a transtion which will chnange the way of life as we know it. The industry offers mobility, good compensation, working in exotic locations etc. in the short term and in the longer term it offers the chance to be part of a change which will affect all humanity.
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