Approximately 283,000 jobs are supported by oil and gas companies in the UK alone, according to the Oil and Gas UK Workforce Report released in 2018, suggesting just how important this industry is on a global scale. It is important to keep in mind that the oil and gas industries are diverse in the way that they work, which makes it possible for individuals with the appropriate educational standards and professional skills to take advantage of these opportunities.
Although there are rumors that crude oil shortages might occur in the near future, and there are concerns raised about environmental issues, this industry is still going strong, with greater attention now being paid to carbon management and the planet’s health as a whole.
Every individual prioritizes the aspects of a job differently; some of us put more emphasis on happiness than money, whilst others put more emphasis on the location or the possibility of traveling. The opportunities for employment within this highly specialized field come with plenty of reasons that should draw your attention to this career path rather than another.
Why should you choose the oil and gas industry?
There is no doubt that the energy sector contributes significantly to the world economy. According to the International Energy Agency, the sector contributed 2.2% of the total for the year 2016 to the economy.
There are a number of enticing advantages of working in the oil and gas industry, or the wider energy sector if you are considering a career in this industry.
There are several factors that contribute to the higher salaries in this sector, including the educational background required. There is no doubt that other incentives, such as lucrative financial bonuses, will also play a role in making remote working locations more attractive to potential employees and making this more feasible. There is a lot of variation in individual salaries depending on experience levels and role-specific skills, but they rarely start at less than £25,200. An individual in a position of leadership, or who has higher abilities can command a significantly higher salary.
As you proceed along this path, you will have a chance to participate regularly in trainings that will allow you to maintain the skills necessary to operate cutting-edge equipment as you progress along this path. It will be very important for your career trajectory to ensure you keep your skills up-to-date in order to advance.
Taking advantage of these resources can result in travel possibilities, due to global demand for these resources. A career in this field will provide you with real geographical versatility – especially if you work off-shore as a result of the growing demand for qualified professionals.
During the course of their careers, it is not uncommon for oil and gas professionals to continuously learn new skills and technologies. The technology and practices in this sector are constantly evolving, and advancements in technology are becoming more and more common, so you can expect to improve your professional skills while you work in this field.
This industry has the potential to develop very specific skills, such as petroleum economics, oil and gas exploration management, refinery management, and material management in relation to operations and maintenance. In addition to broadening your analysis skills, communication skills and management capabilities, you will also become a better leader.
What are the career options with an MBA in oil and gas?
Master of Business Administration programmes are specially designed to strengthen mid to senior level managerial skills. There are a number of career options for which an oil and gas focused MBA will be either necessary or highly desired, such as:
Engineering Geologists, who undertake technical and scientific analysis of rocks, groundwater, soil, and other factors to decide what impacts construction developments might have on sites.
Mining Engineers, meanwhile, ensure that methods used for developing mines, and other operations both above and below ground are safe and efficient. In addition to managerial skill, this position requires the technical aptitude to understand the impact of mining on the surrounding environment.
Hydrographic Surveyors collect scientific data and map the underwater topography of oceans and inland water bodies. They also conduct studies that facilitate marine research into ocean currents and the impact of climate change and industrialisation on the marine environment.
Petroleum Engineer – and equivalent positions – revolve around the production of the resource. They are responsible for analysing reservoirs to determine whether it can be profitably exploited by the company. Additionally, their responsibilities include drawing out a cost-effective drilling and extraction plan to pump out the relevant resource.
How to start your career in the oil and gas industry
It is important to note that working in the energy industry can be highly rewarding both professionally and personally. Due to its continuous development, this industry has been growing at a rapid pace, and therefore you should keep an eye on the current trends as they emerge in order to stay on top of it.
In view of the sheer scale and the variety of disciplines that are available as a result of the sheer size of the industry. Make sure to research the job market thoroughly in order to gain a better understanding of what types of positions are currently available, which ones are of interest to you the most, and what skills and qualifications you need in order to succeed.
In many cases, companies organize networking events to connect students and graduates with professionals in the field, and in turn, facilitate the development of meaningful connections and the establishment of useful contacts in the field to help the students progress in their career.
In order to build your career, if you believe that oil and gas companies can offer you a position from which to start, then you should take a look at the Global MBA (Oil, Gas, and Energy Management), and give your career a fruitful jump start.
Are Oil and Gas Jobs In Demand
There is a high demand for oil and gas jobs within the mining sector, and this sector is expected to grow faster than the average due to the boom in oil and gas production between 2016 and 2026, according to the Bureau of Labor Statistics. Due to the fact that this is an industry where specialized experience is essential, there is currently a shortage of experienced workers in the field. Geoscientists, drilling engineers, foremen and supervisors, subsea engineers, marine specialists, pipeline engineers, and marine specialists are generally the most in demand jobs in the oil and gas industry, and they are generally not entry level. The demand for people who are skilled in software and programming is also high, and it’s possible that all of these positions will be accompanied by certification requirements as well.
STRONG OPTIMISM IN THE NEAR TERM
On the heels of high commodity prices, despite the global energy crisis, stocks of energy companies are surging. Year to date, they have gained 50% through late October 2021 on the back of high commodity prices. Investors have stated in our survey that they expect prices to remain strong for the foreseeable future. There is a 70% probability that oil prices will remain above $60 per barrel by the end of 2024, according to survey respondents. According to last year’s survey, the majority of investors projected that the oil price would range between $40 and $60 per barrel, which is significantly higher than what was reported in this year’s survey.
Investors are considered to be just as optimistic about natural gas, as 85% of them are convinced that natural gas will prove to be an important bridge fuel between traditional hydrocarbons and renewable energy sources in terms of decarbonizing the world by way of a plan to increase oil production, and 70% of them intend on pursuing growth in natural gas through oil and gas companies. Clearly, these results indicate that management teams are becoming more clear about the value of natural gas as part of their capital allocation strategies over the long term, indicating a strong preference for continued investments.
Total shareholder return (TSR) is a measure of the total return for shareholders that are affected by the outlook for commodity prices. There is a good chance that TSR will continue to recover over the next two years, according to about 60% of investors. In the opinion of the majority of respondents (68%) O&G companies must maintain strong capital discipline in order to meet the expectations of their investors. A large percentage of investors believe that they need to focus on profitability over the next three to five years as well.
Additionally, one of the most critical aspects of these firms’ performance is that they need to maintain or increase their dividend payouts to investors, both through dividends and buybacks. Regardless of the price level of oil and gas, maintaining dividends and growing the top line remain the cornerstones of Big Oil’s value proposition for shareholders, irrespective of whether oil prices are high or low. Over 80% of investors interviewed in our study said they thought that it was “somewhat” or “extremely important” for companies to maintain or grow their payouts to investors.
