Learning about recruitment trends
The upstream oil and gas industry is still struggling to get back on its feet, (with a few exceptions such as the US lower 48). There are so many good people still looking for work around the world. If it's been a while, it might be that you've let some of the good job hunting practices slide a little.
It makes sense to follow the latest in industry trends and advice from other manpower companies, both in the energy industry and beyond. Sometimes these articles have interesting points that are worth sharing. Other times there will be things that we disagree with. Either way, we all need to keep our fingers on the pulse…
Resume VS social media
Kelly Services provide statistics on how hiring managers research candidates. Interestingly, their surveys showed that only 9% look at social media when reviewing candidates. Only 2% prefer a personal website and 1% have a preference for LinkedIn over the traditional resume.
Fortunately, our advice is vindicated, because the article makes it clear that there is a strong consensus among the scientific community about the benefits of using social media.
Here is a quote from the article:
"The majority of scientific professionals surveyed by Kelly® (70 percent) say social media is their primary method of networking, and 37% use their social media networks when making career or employment decisions. Add to this the fact that employee or industry referrals are top ways hiring managers find talent, and it's clear that social media is a vitally important tool for establishing and building relationships with your peers and industry leaders."
The title of the article was ‘Résumé Versus Social Media: What do Hiring Managers Really Check?' I commented that that might not have been the best title to use. Versus means there is an implied conflict when resumes and social media work together to help you increase your chances of getting that new role.
Your resume/CV is definitely the most important tool in your job hunting efforts. We see a fairly high percentage submitted to us with out of date or unnecessary information. It can take a few hours and some back and forth emails to get the accurate information ready to pass on to a hiring company.
Once your CV is rectified, then what? This task might take a few hours. In addition to that, you need to work through all of the other necessary steps to put yourself in a good position. One of these steps involves your social media presence.
So in the battle to get a job perhaps your sword (resume) is the most important. You will want a shield, helmet and armour and some good walking boots if possible too. In fact, you want to be fully prepared and equipped.
In practical terms, here are a list of things that you can do to maximise your chances, you can…
1) Create or update your social media presence and personal blog
2) Start to visit all the places online that cover job vacancies and job searches
4) Continue your education, both formal and informal
5) Be prepared to put the hours in, just as if you were working on a challenging contract
8) Start exercising
9) Quit alcohol
10) Read self-help/philosophy books
11) Cut personal expenses etc…
12) NETWORK, NETWORK, NETWORK
Alright, you don't need to give up alcohol or exercise too hard. This is just a short (incomplete) list to give you some suggestions or ideas moving forward.
Then, when the next perfect job vacancy comes up it will be met by you at your very best. A finely tuned and optimised candidate with no apparent chinks in your armour whatsoever.
Something interesting to share?
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The Permian is in desperate need of pipelines. That much is true. There is so much shale liquids sloshing underneath the Permian formation in Texas and New Mexico, that even though it has already upended global crude market and turned the USA into the world’s largest crude producer, there is still so much of it trapped inland, unable to make the 800km journey to the Gulf Coast that would take them to the big wider world.
The stakes are high. Even though the US is poised to reach some 12 mmb/d of crude oil production next year – more than half of that coming from shale oil formations – it could be producing a lot more. This has already caused the Brent-WTI spread to widen to a constant US$10/b since mid-2018 – when the Permian’s pipeline bottlenecks first became critical – from an average of US$4/b prior to that. It is even more dramatic in the Permian itself, where crude is selling at a US$10-16/b discount to Houston WTI, with trends pointing to the spread going as wide as US$20/b soon. Estimates suggest that a record 3,722 wells were drilled in the Permian this year but never opened because the oil could not be brought to market. This is part of the reason why the US active rig count hasn’t increased as much as would have been expected when crude prices were trending towards US$80/b – there’s no point in drilling if you can’t sell.
Assistance is on the way. Between now and 2020, estimates suggest that some 2.6 mmb/d of pipeline capacity across several projects will come onstream, with an additional 1 mmb/d in the planning stages. Add this to the existing 3.1 mmb/d of takeaway capacity (and 300,000 b/d of local refining) and Permian shale oil output currently dammed away by a wall of fixed capacity could double in size when freed to make it to market.
And more pipelines keep getting announced. In the last two weeks, Jupiter Energy Group announced a 90-day open season seeking binding commitments for a planned 1 mmb/d, 1050km long Jupiter Pipeline – which could connect the Permian to all three of Texas’ deepwater ports, Houston, Corpus Christi and Brownsville. Plains All American is launching its 500,000 b/d Sunrise Pipeline, connecting the Permian to Cushing, Oklahoma. Wolf Midstream has also launched an open season, seeking interest for its 120,000 b/d Red Wolf Crude Connector branch, connecting to its existing terminal and infrastructure in Colorado City.
Current estimates suggest that Permian output numbered around 3.5 mmb/d in October. At maximum capacity, that’s still about 100,000 b/d of shale oil trapped inland. As planned pipelines come online over the next two years, that trickle could turn into a flood. Consider this. Even at the current maxing out of Permian infrastructure, the US is already on the cusp on 12 mmb/d crude production. By 2021, it could go as high as 15 mmb/d – crude prices, permitting, of course.
As recently reported in the WSJ; “For years, the companies behind the U.S. oil-and-gas boom, including Noble Energy Inc. and Whiting Petroleum Corp. have promised shareholders they have thousands of prospective wells they can drill profitably even at $40 a barrel. Some have even said they can generate returns on investment of 30%. But most shale drillers haven’t made much, if any, money at those prices. From 2012 to 2017, the 30 biggest shale producers lost more than $50 billion. Last year, when oil prices averaged about $50 a barrel, the group as a whole was barely in the black, with profits of about $1.7 billion, or roughly 1.3% of revenue, according to FactSet.”
The immense growth experienced in the Permian has consequences for the entire oil supply chain, from refining balances – shale oil is more suitable for lighter ends like gasoline, but the world is heading for a gasoline glut and is more interested in cracking gasoil for the IMO’s strict marine fuels sulphur levels coming up in 2020 – to geopolitics, by diminishing OPEC’s power and particularly Saudi Arabia’s role as a swing producer. For now, the walls keeping a Permian flood in are still standing. In two years, they won’t, with new pipeline infrastructure in place. And so the oil world has two years to prepare for the coming tsunami, but only if crude prices stay on course.
Recent Announced Permian Pipeline Projects
Headline crude prices for the week beginning 3 December 2018 – Brent: US$61/b; WTI: US$52/b
Headlines of the week
The engine oil market has grown up around 10 to 12% in the last three years because of various reasons, mostly because of the rise of automobiles.
According to the Bangladesh Road Transport Authority (BRTA), the number of registered petrol and diesel-powered vehicles is 3,663,189 units.
The number of automotive vehicles has increased by 2.5 times in the last eight years.
The demand for engine oils will rise keeping pace with the increasing automotive vehicles, with an expected 3% yearly growths.
Mostly, for this reason, the annual lubricant consumption raised over 14% growth for the last four years. Now its current demand is around 160 million tonnes.
The overall lubricants demand has increased also for the growth of the power sector, which has created a special market for industrial lubricants oil.
The lubricants oil market size for industries has doubled in the last five years due to the establishment of a number of power plants across the country.
The demand for industrial oil will continue to rise at least for the next 15 years, as the quick rental power plants need a huge quantity of lube oil to run.
The industries account for 30% of the total lubricant consumption; however, it is expected to take over 35% of the overall demand in the next 10 years.
Mobil is the market leader with 27% market share; however, market insiders say that around 70% market shares belong to various brands altogether, which is still undefined.
It is already flooded with many global and local brands.