A rewarding career doesn’t just happen. You need to be committed to it and manage it carefully. Whether you have just started working or you have reached managerial level, keeping your career on track is crucial. Career management demands careful attention and constant evaluation. It is an ongoing process that will keep you in charge of your growth and direction.
Employment is no longer a given; instead you need to monitor your career to be certain you are offering the employer the best candidate available - yourself. This means staying in touch with changes in the workplace and knowing what is necessary to keep your skills in demand. This will enable you to achieve the right balance between work and learning throughout your working life.
Firstly, evaluate your long-term career goal. This goal is the ultimate destination you hold for your career. To define this goal, ask yourself a few questions such as, “What would I like to be doing?” “How would I like my list of accomplishments and achievements to read?” or “To what end do I continue developing my professional skills?”Self-assessment
Conduct a self-assessment of your knowledge, skills, abilities, accomplishments and experiences to understand where you currently are in your career. Identifying both your strengths and your weaknesses will provide assurance that you are pursuing the right career path and by defining your main skill set you can begin the evaluation process.
It is worth considering your skills in terms of specific categories. These could be: technical knowledge; industry knowledge; regional awareness - geographical locations previously worked in; commercial skills - transferable skills, financial, accounting, budgeting and languages; and managerial skills such as business development, project and manpower management. This type of assessment should result in a clear profile of what you have to offer.
Establishing goals on your career path will provide you with direction and a way to measure your success, guiding your progress. Benchmarks in your plan are short term, achievable sub-goals: plan these with a realistic timescale in mind. It is important to be realistic when you set goals, taking into account the things that are most important to you and that may factor into decisions you may be faced with during your career. Your goals should also address subjects like professional achievement, earning potential, lifestyle desires and personal issues involving family, education and leisure time.Target setting
Once you have defined your first benchmark, start planning the steps you need to take to get to it and at each benchmark, conduct another personal audit. You might also find it helpful to create an annual plan each year between now and your long-term goal, which will assist you in understanding how far you have come and what more you need to accomplish. Update your CV at every benchmark, as it is the document that best represents you as a professional and should be your personal marketing tool.
Understand which actions have the most importance to your long-term career goal and start executing these first. The more important the action to your long-term career goal the more importance you should attach to it. Assess your progress and refine your career plan at each stage. Be flexible - if you need to make adjustments to your sub-goals based upon new information then re-evaluate your plan.
In order to successfully maintain lifelong learning you must address areas such as: self-awareness - knowledge of your strengths, skills, values and interests; self-promotion - identifying needs in the workplace and matching your own knowledge, strengths and skills to them; networking - being able to develop and effectively make use of a network of contacts; negotiation - the ability to discuss, compromise and form an agreement to make decisions and solve problems; political awareness - understanding the way organisations function and how people’s power structures within organisations operate.
Keep on top of what’s happening in the industry you are interested in, anticipate the trends and factor them into your career planning. For example, you might want to start cultivating expertise in technical fields that you think will become crucial in the next few years.
Remember that any meteoric changes take preparation and hard work. It is not enough to be ambitious. You must be committed to lifelong learning and focused on your own personal and professional development. The lessons and skills you learn on the path to accomplishing your goal can be as rewarding as finally reaching it.
*This article was first published on 1st June 2014 by Paul Robinson, Business Development Manager in Oil & Gas
and is reprinted here with full permission.
**About the Writer:
Experienced Recruiter/Manager with over 20 years in Recruitment including 12 years in the Malaysia Oil & Gas Industry.
Paul is a member of a number of committees supporting both Malaysian, British and Australian companies. These include, MOGSC Subsurface and Drilling Committee, MOGSC Decommissioning Committee, MOGSC CTWG committee, Austrade Oil & Gas Committee Malaysia, EIC Energy Committee - Asia and most recently British Malaysian Chamber of Commerce Energy Committee.
Something interesting to share?
Join NrgEdge and create your own NrgBuzz today
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.