1- The oil and gas industry is a fast-changing industryThe change in the oil industry is not only driven by rapid changes in technology, new types of resources and the new challenges associated with it, but it is also driven by unexpected events and changes in geopolitics which could turn the oil industry up-side-down just like what happened back in 2014. To survive in such an ever-changing industry, you need to be flexible and agile. You need to be able to accept changes, stay clam and confident, adapt, plan and respond fast to these changes.2- Adaptability is key to survival and success in your careerAdaptability is an important quality that employers in fast-changing industries such as the oil industry seek to have in their employees. Take a look at the jobs' requirements of many oil and gas companies, you will find that adaptability is one of their top requirements. Schlumberger is one example. For other companies, even if it is not written there in their website, they expect you to have it.One of the job requirement as shown in Schlumberger's websiteThe nature of work in the oil industry requires you to be adaptable. You will work in different projects, with different teams and different challenges every time. Adding to these challenges, projects that you will be working on will have tight deadlines which makes it even more important to be able to adapt fast. To become successful in your career and to meet exceptions, you need to be open to new ideas, flexible to work in challenging issues, and you need to be able to cope when things don't go as planned.
1- Embrace changeHow to embrace the change? Don't waste your time worrying about things that you can't change. Instead, spend that time thinking about the the things you can change and how you want to change them. It is hard to let go of worries, but ask yourself one question. What is the point of getting stressed over thing you can't change? Does your worry change anything? If it does not, then stop it.2- Plan to change the things you can and do it fastOnce you let go of your worries and stress over things you can't change, then start planning to change the things you can change. Be realistic, and stop worrying about uncertainty. It is only fear in our minds, it does not exist. Plan your change and do it fast.
3- Marketing and branding yourselfThe recent changes in the oil industry has resulted in many oil and gas companies cutting their spending to weather the effects of low oil prices. One way to achieve that is by reducing the number of their workforce through layoffs and slowing down recruitment activities. That means, there is a high demand for jobs, but the supply is too low and this in turn created a downturn in recruitment activities and the consequence is a high competition for less jobs. In such an environment, the question is always about how to stand out of the crowd and secure the job you want or keep the one you have and avoid being laid off.There are many things you can do to stand out of the crowd such as writing irresistible CV and cover-letter, educating yourself and staying up-to-date with the industry events, developments and new technologies, connecting with people in the industry, building relationships, having professional memberships and volunteering in activities and events to gain experience. All these things will add value to you and help you stand out, but what is the point of doing all these things if you can't show them to your potential employers. It is like having a great product and the worst marketing strategy, you end up selling nothing.What is the point of doing all these things if you don't use them to sell yourself, market your skills and competencies and create a brand for yourself. By marketing and branding here, I don't mean doing that on CV, because no matter how good is your CV, you only send it to few companies and due to the high number of applications as a result of the high rate of unemployment, the chances of your CV getting noticed is too low. What I am talking about here is the online marketing and branding.For me, online marketing and branding is the best type of branding, because you only have to work hard on it for one time and it will continue to promote you even when you are sleeping. It will even promote you to companies you never knew and others whom you never thought of sending your application over to them. That is the power of online marketing and branding.
1- The first stepsThe first steps are the initial steps that you should go through in order to develop a strong personal brand. These steps involve defining youroverall aspirations, conducting research, defining your brand attributes, assessing your current state and creating your branding plan.These are the initial steps that you should go through to get you started. Here is agreat article by Lisa Quast on Forbes which will walk you through these steps in more details.2- Select a platformOnce you are done with the first steps, it is time to find the platform where you will be doing all the branding. To brand yourself, you need a platform, and since you are in the oil industry, you need a platform that is fully dedicated for oil and gas professionals. One of the choices you have is NrgEdge. It is a new oil and gas professional platform, dedicated to oil and gas professionals, and it has many features to help you brand yourself. Other platforms such as LinkedIn, Twitter, and other social media platforms are also a good place to start. In the coming days, I will share an article explaining how to brand yourself in social media based on my personal experience, stay tuned.3- Continue to ImproveMarketing and branding is not a one time job. Things change and improve, and you too. You will cultivate new skills and gain new experiences. When that happens, you need to update your online profiles. Allocate a time every month to check your online profiles for improvement and updates. As you grow and improve, you will find things to improve.
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The UK has just designated the Persian Gulf as a level 3 risk for its ships – the highest level possible threat for British vessel traffic – as the confrontation between Iran with the US and its allies escalated. The strategically-important bit of water - and in particular the narrow Strait of Hormuz – is boiling over, and it seems as if full-blown military confrontation is inevitable.
The risk assessment comes as the British warship HMS Montrose had to escort the BP oil tanker British Heritage out of the Persian Gulf into the Indian Ocean from being blocked by Iranian vessels. The risk is particularly acute as Iran is spoiling for a fight after the Royal Marines seized the Iranian crude supertanker Grace-1 in Gibraltar on suspicions that it was violating sanctions by sending crude to war-torn Syria. Tensions over the Gibraltar seizure kept the British Heritage tanker in ‘safe’ Saudi Arabian waters for almost a week after making a U-turn from the Basrah oil terminal in Iraq on fears of Iranian reprisals, until the HMW Montrose came to its rescue. Iran’s Revolutionary Guard Corps have warned of further ‘reciprocation’ even as it denied the British Heritage incident ever occurred.
This is just the latest in a series of events around Iran that is rattling the oil world. Since the waivers on exports of Iranian crude by the USA expired in early May, there were four sabotage attacks on oil tankers in the region and two additional attacks in June, all near the major bunkering hub of Fujairah. Increased US military presence resulted in Iran downing an American drone, which almost led to a full-blown conflict were it not for a last-minute U-turn by President Donald Trump. Reports suggest that Iran’s Revolutionary Guard Corps have moved military equipment to its southern coast surrounding the narrow Strait of Hormuz, which is 39km at its narrowest. Up to a third of all seaborne petroleum trade passes through this chokepoint and while Iran would most likely overrun by US-led forces eventually if war breaks out, it could cause a major amount of damage in a little amount of time.
The risk has already driven up oil prices. While a risk premium has already been applied to current oil prices, some analysts are suggesting that further major spikes in crude oil prices could be incoming if Iran manages to close the Strait of Hormuz for an extended period of time. While international crude oil stocks will buffer any short-term impediment, if the Strait is closed for more than two weeks, crude oil prices could jump above US$100/b. If the Strait is closed for an extended period of time – and if the world has run down on its spare crude capacity – then prices could jump as high as US$325/b, according to a study conducted by the King Abdullah Petroleum Studies and Research Centre in Riyadh. This hasn’t happened yet, but the impact is already being felt beyond crude prices: insurance premiums for ships sailing to and fro the Persian Gulf rose tenfold in June, while the insurance-advice group Joint War Committee has designated the waters as a ‘Listed Area’, the highest risk classification on the scale. VLCC rates for trips in the Persian Gulf have also slipped, with traders cagey about sending ships into the potential conflict zone.
This will continue, as there is no end-game in sight for the Iranian issue. With the USA vague on what its eventual goals are and Iran in an aggressive mood at perceived injustice, the situation could explode in war or stay on steady heat for a longer while. Either way, this will have a major impact on the global crude markets. The boiling point has not been reached yet, but the waters of the Strait of Hormuz are certainly simmering.
The Strait of Hormuz:
Headline crude prices for the week beginning 8 July 2019 – Brent: US$64/b; WTI: US$57/b
Headlines of the week
Utility-scale battery storage units (units of one megawatt (MW) or greater power capacity) are a newer electric power resource, and their use has been growing in recent years. Operating utility-scale battery storage power capacity has more than quadrupled from the end of 2014 (214 MW) through March 2019 (899 MW). Assuming currently planned additions are completed and no current operating capacity is retired, utility-scale battery storage power capacity could exceed 2,500 MW by 2023.
EIA's Annual Electric Generator Report (Form EIA-860) collects data on the status of existing utility-scale battery storage units in the United States, along with proposed utility-scale battery storage projects scheduled for initial commercial operation within the next five years. The monthly version of this survey, the Preliminary Monthly Electric Generator Inventory (Form EIA-860M), collects the updated status of any projects scheduled to come online within the next 12 months.
Growth in utility-scale battery installations is the result of supportive state-level energy storage policies and the Federal Energy Regulatory Commission’s Order 841 that directs power system operators to allow utility-scale battery systems to engage in their wholesale energy, capacity, and ancillary services markets. In addition, pairing utility-scale battery storage with intermittent renewable resources, such as wind and solar, has become increasingly competitive compared with traditional generation options.
The two largest operating utility-scale battery storage sites in the United States as of March 2019 provide 40 MW of power capacity each: the Golden Valley Electric Association’s battery energy storage system in Alaska and the Vista Energy storage system in California. In the United States, 16 operating battery storage sites have an installed power capacity of 20 MW or greater. Of the 899 MW of installed operating battery storage reported by states as of March 2019, California, Illinois, and Texas account for a little less than half of that storage capacity.
In the first quarter of 2019, 60 MW of utility-scale battery storage power capacity came online, and an additional 108 MW of installed capacity will likely become operational by the end of the year. Of these planned 2019 installations, the largest is the Top Gun Energy Storage facility in California with 30 MW of installed capacity.
As of March 2019, the total utility-scale battery storage power capacity planned to come online through 2023 is 1,623 MW. If these planned facilities come online as scheduled, total U.S. utility-scale battery storage power capacity would nearly triple by the end of 2023. Additional capacity beyond what has already been reported may also be added as future operational dates approach.
Of all planned battery storage projects reported on Form EIA-860M, the largest two sites account for 725 MW and are planned to start commercial operation in 2021. The largest of these planned sites is the Manatee Solar Energy Center in Parrish, Florida. With a capacity of 409 MW, this project will be the largest solar-powered battery system in the world and will store energy from a nearby Florida Power and Light solar plant in Manatee County.
The second-largest planned utility-scale battery storage facility is the Helix Ravenswood facility located in Queens, New York. The site is planned to be developed in three stages and will have a total capacity of 316 MW.