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Career Development
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Given my experience in the recruitment and oil and gas industries, people often ask me about career progression. Often, the assumption is that jumping from company to company is the most rewarding and lucrative path. My response has been that this is not usually the case: There are certainly times where a change will progress you further and faster, but too much movement can become a liability on your résumé that will take years to correct.

According to the Global Salary Guide 2015 by Hays Oil and Gas, 25.6% of the 45,000 survey respondents indicated they had worked for their current company for 3–5 years, and 16.3% for 6 years or more. As a rule of thumb, employers like to see signs of commitment and deep skill development, which typically means staying in a job for 5 years or more.

There is no clear-cut path that will guarantee a more successful career or one that pays more. Your worth is really determined by what value you bring to the role.

Contract Worker: Enjoy the Flexibility

Traditionally, contractors command a higher rate per unit hour or project as the employer does not have to pay the same overhead as a full-time worker, and benefits from having greater workforce flexibility. Choosing specific contracts can help you develop your expertise, creating demand for your skill set based on your specialty area. For example, niche expertise can help you demand competitive pay rates, particularly in areas where there are skills shortages. However, before committing to this path, there are a few things to consider to ensure your career progresses in a manner and at a rate that is going to help you achieve your career goals.

If your objective is to become a subject matter expert, then taking many contracts may be the right path for you. Contracts can provide you with the flexibility to choose exactly what you want to work on, including the location and duration. The trick is to ensure you are choosing contracts based not solely on salary, but that you are creating an asset which you can monetize in the future.

“For a younger person, I think contracting is going to expose you to a much broader range of experiences and potentially make you more valuable to future employers,” says Robert Frow, asset project manager, currently on assignment at a global exploration and production company. Frow has more than 40 years’ experience working in the industry and has spent most of his career on contract project assignments. Frow started with a full-time role as a piping designer and has steadily grown a successful career in project management. Whether it is working on a particular project with a new technology or for a target organization, Frow recommends having a plan of knowing what skills and experiences you need to add value to your résumé and to continue to keep your expertise in demand. Depending on your goals, and if the opportunities are available, aim to select contracts that can help you develop your skills alongside changing market needs, employers’ demands, and industry trends and developments.

Of course, this is often easier said than done due to changes in the industry’s skill requirements as well as economic cycles. The one rule that always applies is to leave each assignment with a positive recommendation, as this industry is small and your reputation for delivering on your promises is your key asset. 

Tenure: Be Rewarded for Loyalty

Another option is working full time for a company over a long period. Tenure can carry a certain amount of prestige and potentially open up opportunities for career advancement and financial gain.

Julian (Jay) B. Haskell, president and chief executive officer of Absolute Completion Technologies, has more than 30 years of domestic and international experience. Haskell has built his industry career with more than 25 years’ experience at Schlumberger, where he held numerous management and technical positions. This provided him with a solid base of business management skills that he still uses while contributing to the successful and continued growth of Absolute.

Haskell believes that “working for the large companies frst is the best training environment, and is key to obtaining a solid foundation in the industry.” Although the career path is usually well established, a variety of career options can be found that will assist you in developing a wide range of experiences.

Large companies often provide the opportunity to work on international assignments. This provides exposure to a variety of cultures and logistical challenges. The experience can be valuable in personal development and provide insight in becoming a leader. Haskell recommends evaluating your standing and advancement after 5 years, and if you find yourself not progressing at the pace you had intended to, then contemplate making a change.

Working for a small to mid-size company, Haskell believes, will provide better exposure to more areas of the organization, which diversifies your skills and expertise. He strongly feels that it is very important to work in cross disciplines in order to understand the big picture. However, should you choose to focus on a specific discipline, this could lead you to becoming a subject matter expert.

Increasing tenure can also lead to increasing benefits. Vacation days, share options, and retirement benefits can be tied to how long you have worked with the business, as can bonuses and perks. Training and professional development are often available only to full-time workers.

It is important to note that the grass is not always greener on the other side. A 2012 survey by Future Workplace (PDF) found that it has been more common for Generation Y workers (also known as millennials) to leave a company after a shorter period of time. However, it is important to make sure that you are leaving for the right reasons. Ask yourself whether you have exhausted all the avenues with your current employer. Have a candid conversation with your boss about what your options are based on your career goals and what you have to do to get to where you want to be. Switching jobs can be risky as you could weaken your résumé if you switch too often. The next role might not be the right ft or could make you vulnerable during industry downturns.

The expectation should not be that the perfect role will fall into your lap, as sometimes you have to prove yourself before attaining the job you want. If regular change and variety is important to you, look for opportunities that offer workplace flexibility, project-based work, or organizations that have sites nationally or globally. If you have itchy feet, these types of companies may have more opportunities for you to explore.

Job Hopping: Find Your Niche

There is a growing belief, especially among younger generations, that having experience working for multiple employers is beneficial. Generation Y, in particular, has a reputation of job hopping—joining a company on a permanent basis, only to leave within 1-2 years (according to the Future Workplace survey). The idea is that this can help expedite your salary increments and increase your knowledge base. While this may be true, this may also generate a negative stigma of not being loyal or committed to any one company.

Landing a new job at a different company can mean an instant salary boost, but it is not guaranteed, particularly when you take the additional risk into account. For example, a job with added responsibility or more demanding work usually comes with a higher salary, but lateral moves rarely provide a significant increase except in times of great demand. If looking to make a move, make sure to target positions in a company with the right cultural ft, which will develop your skills, provide a new challenge, and offer an opportunity for learning, as this is more likely to advance your career in the long term.

The benefits of working for multiple organizations are the different perspectives and holistic view you can develop of the industry. This is also a great way to explore different discipline areas before narrowing in on what you want to do long term. Spending time with a variety of teams can also give you an insight into different company cultures and which is best suited to your working style and preferences.

Whichever path you choose, great salary increases are not often automatically handed out. You will have to prove your worth by bringing the right skills, and attitude, to the table. The most important thing you can do to advance your career is to deliver on your promises and make sure that each employer regrets to see you leave. 

John Faraguna is president of Hays Americas, and global managing director of Hays Oil and Gas. Previously, he has served as president of Xansa North America at Steria UK Corporate. Faraguna joined Xansa in November 2002 from Halliburton, where he served as the president of Grand Basin. He has also held several US-based executive positions with Top Tier Software, Baker Hughes, Arthur Andersen Consulting, and Western Atlas. Faraguna holds a BS in geology and geophysics from Yale University, an MS in geology from the University of Houston, and an MBA from Stanford University.

The Way Ahead is generated by SPE young professional members. TWA editors for this article are Harshad Dixit, Alex Hali, Rodrigo Terrazas, and Avi Aggarwal. For more, visit TWA.

The original article can be found here

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September, 21 2019
Your Weekly Update: 16 - 20 September 2019

Market Watch  

Headline crude prices for the week beginning 16 September 2019 – Brent: US$69/b; WTI: US$63/b

  • Global crude oil prices surged at the start of the week as news that a successful drone strike on the Abqaiq processing plant and the Khurais oil field in Saudi Arabia took out over half of the Kingdom’s crude production capacity
  • Brent prices jumped above US$70/b at one point on fears on global supply disruption, but abated as President Donald Trump authorises the release of US strategic petroleum reserves to cover the market
  • Initial fears that the Saudi Arabian crude output would be crippled for months proved to be extreme, with Saudi Aramco announcing that some 70% of capacity at Abqaiq had been restored within days
  • But more worryingly is that this incident escalates the risk of a full-blown military confrontation with Iran; the US was quick to accuse Iran of the attack, citing data on the attack, which was denied by Iran
  • Yemen’s Iran-backed Houthi rebels claimed responsibility for the attack, although initial results of a Saudi investigation pointed to the weapons originating from Iran
  • For now, crude oil prices have retreated as the risk of widespread supply disruption abated, but tensions are still high in the region
  • This comes after President Trump signals that he was considering easing sanctions in an apparent thaw in the US-Iran relationship; this opportunity now appears to have evaporated
  • Saudi Arabia’s new oil energy minister, Prince Abdulaziz bin Salman, made a positive impression at the recent OPEC+ meeting, with errant members of the group signalling that they were now ready to adhere to the supply deal
  • In Venezuela, the oil crisis continues as ongoing US sanctions now mean that the country cannot find enough vessels to transport its crude, as shippers fear losing insurance coverage if they transport Venezuelan oil
  • Iran has released the UK-flagged Stena Impero vessel that it had impounded, a lone bright spot in a region now clouded by geopolitical tensions
  • Against this backdrop, the US active rig count recorded yet another fall, losing five oil and seven gas rigs for a net drop of 12 to a new total of 886 rigs
  • With the shock of the Saudi drone attacks abating, crude oil prices are retreating back to their previous range – US$60-63 for Brent and US$56-59/b for WTI – as the impact of global supply was minimised; another attack, however, might cause a more permanent shift in prices


Headlines of the week

Upstream

  • Equinor has received consent from the Norwegian Petroleum Directorate to continue operations at the Tordis and Vigdis fields through 2036 and 2040, respectively, extending the life of the North Sea fields by 34 years
  • BP has announced that it will deploy continuous measurement of methane emissions for all future oil and gas projects in a bid to reduce emissions
  • CNOPC and Niger have agreed to collaborate on a 1,892km pipeline to carry oil from Niger’s Agadem rift basin to port facilities in Benin
  • The South African government is tabling a new law that will allow the state to take a free stake of up to 10% in all new oil and gas ventures, hoping to capitalise on a surge in upstream interest after Total’s Brulpadda discovery

Midstream/Downstream

  • As the IMO deadline for low-sulfur marine fuels approaches, refiners have begun stockpiling supplies of very low-sulfur fuel oil to ensure adequate supply; this includes Japan’s Cosmo Oil that aims to begin supplying VLSFO to the domestic marine market by October 2019
  • IndianOil’s Gujarat refinery stated it ready to produce 12,900 b/d of VLSFO by October while its Haldia refinery will start producing 5,500 b/d of VLSFO by December; this should be adequate to cover the India’s marine fuel demand
  • India is considering selling a stake in BPCL, the country’s second largest refiner, to an international firm to boost competition in downstream fuel retailing that has historically been dominated by state firms
  • Valero Energy and Darling Ingredients are launching the first renewable gasoil plant in Texas, focusing on producing renewable diesel and naphtha
  • In the UK, Essar Oil’s Stanlow refinery aims to increase its diet of US crude from a current 35% to 40%, leveraging on cheaper American oil
  • The after-effects of Russia’s contaminated crude through the Druzhba pipeline continues as Total issues a tender to sell 1.3 million barrels of tainted Ural crude through Rotterdam after failing to process it

Natural Gas/LNG

  • Poland has won a ruling from the EU courts to reduce Russian control over the key EU Opal pipeline that carries Russian gas from the Nord Stream link to Germany, preventing Gazprom from using most of Opal capacity in a bit to increase energy security for Eastern European countries
  • Vitol and Mozambique’s state player ENH have set up a new joint venture in Singapore to capitalise on trading opportunities for LNG, LPG, and condensate
  • Australia’s Liquefied Natural Gas Ltd and Delta Offshore Energy will supply gas from the Magnolia fields to an LNG-to-power project in Bac Lieu, Vietnam
  • Eni’s Baltim South West gas field offshore Egypt has started up production, only 3 years after discovery, producing an initial 100 mscf/d of gas
  • US gas player Sempra is looking to take FID on its Energia Costa Azul LNG project in Mexico’s Baja California region by the end of 2019
  • Egypt has announced that it expects to receive first natural gas from Israel by end-2019 through the East Mediterranean Gas pipeline, with initial supplies of 200 mscf/d that will rise to 500 mscf/d by 2020
  • The Independence floating LNG terminal in Lithuania – built to reduce the Baltic region’s dependence on Russian gas – is set to receive its first-ever cargo from Siberia, likely from Novatek’s LNG projects in Yamal
September, 20 2019
Financial Review: Second-Quarter 2019
Key findings
  • Brent crude oil daily average prices were 9% lower in second-quarter 2019 than in second-quarter 2018 and averaged $68 per barrel
  • The 117 companies in this study increased their combined liquids production 4.6% in second-quarter 2019 from second-quarter 2018, and their natural gas production increased 5.0% during the same period
  • Nearly half of the companies were free cash flow positive—that is, they generated more cash from operations than their capital expenditures
  • Dividends plus share repurchases were nearly one-third of cash from operations, slightly lower than the six-year high set in first-quarter 2019

Distributions to shareholders via dividends and share repurchases amounted to nearly 33% of cash from operations


See entire second-quarter review

September, 20 2019