The year 2018 has witnessed major oil discoveries around the world. Approximately 80 billion barrels of oil has been discovered off Bahrain western coast. Egypt has announced hydrocarbon discovery capable of producing 2,300 crude oil barrels every day. Similarly, oil and gas deposits have been discovered in the east coast of India and offshore Guyana. Hydrocarbon deposits continue to be mined in different corners of the world. With new discoveries come new requirements for professionals in the evolving oil and gas and energy sector.
The industry despite being a huge provider of jobs to professionals around the world continues to face skill shortage, critically in operations. Core technical job profiles like reservoir engineers, drilling engineers, and safety specialists are not going to disappear, but with increasing automation and a greater thrust on smart systems in the sector, there is a growing demand for software engineers.
Automation is not the only reason to drive the huge opportunity for talented software engineers in the industry. Some of the other factors are:
Gigantic scale of the industry:
Explorations, production, transportation, employee management, safety, and quality have to be monitored and maintained in peak condition without any break. Coupled with challenges such as volatility of underground land depths and high seas, the industry is turning towards computer technology to provide practical and cost-effective solutions. With the adoption of computer systems into all processes, there is a rising need for talented and dedicated software engineers and professionals who can run operations with efficiency and creativity and keep on top of the challenges in the industry.
With each passing year, competition becomes more intense as new companies join the oil and gas and energy sector. At stake are investments worth billions of dollars. Computer technology brings efficiency and accountability to operations. Latest technologies like cloud, robotics, haptic feedback, Scada, simulation, and data management are being speedily integrated to increase productivity and maintain an edge over the competition.
Software experts analyse oil and gas reserves, the performance of the drilling and pumping operations, alignment between machines, status reports about ebbs and flows. All data is processed and analysed to ensure that operations are carried out in a consistently cost-efficient manner. Qualified and dedicated software experts are given the responsibility to run existing operations and also provide leading-edge innovation to further increase the efficiency and capabilities of the industry.
Need for safety:
The safety of personnel and equipment is non-compromising for the industry. Volatile factors like temperature, pressure, the health of machinery, and leakages are monitored by various sensors, safety devices, warning systems and rescue systems that are run and maintained through a network of computers. The ability to monitor and interpret data and keep on top of the information can help to reduce the potential danger.
Need for upskilling:
For a successful career in the oil and gas and energy industry, apart from the core skill, soft skills such as communication and leadership are also essential. People from diverse backgrounds usually make up the working teams in this industry and cultural differences can arise in a multi-national, multi-ethnic workforce. Employees who exhibit soft skills of leadership and communication to handle the demand of leading such teams are greatly valued by employers. Needless to say, engineers who are ready to explore new ways to improve upon their communication and leadership skills climb the ladder faster and are much sought in the industry.
With the combined efforts of industry veterans, leaders and management experts, NrgEdge has developed a leadership course to help professionals acquire top-notch capabilities in management and leadership in the energy sector:
Leadership and Management Skills E-Learning Suite for Upcoming Managers https://www.nrgedge.net/course/leadership-and-management-skills-e-learning-suite-for-upcoming-managers
Finding the right job for your software skills:
To find the right job, you need the right platform to showcase your skills to a large pool of oil and gas and energy employers. NrgEdge is a platform for professionals in the energy industry and provides you with the latest developments and job and networking opportunities in oil and gas and energy industry. It is a job search portal, training and certification platform and a common meeting ground for energy professionals. Sign up and find suitable jobs that meet your requirements and qualifications. Interact with experienced industry professionals to further your skills and career in the industry.
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This winter, natural gas prices have been at their lowest levels in decades. On Monday, February 10, the near-month natural gas futures price at the New York Mercantile Exchange (NYMEX) closed at $1.77 per million British thermal units (MMBtu). This price was the lowest February closing price for the near-month contract since at least 2001, in real terms, and the lowest near-month futures price in any month since March 8, 2016, according to Bloomberg, L.P. and FRED data.
In addition, according to Natural Gas Intelligence data, the daily spot price at the Henry Hub national benchmark was $1.81/MMBtu on February 10, 2020, the lowest price in real terms since March 9, 2016. Henry Hub spot prices have ranged between $1.81/MMBtu and $2.84/MMBtu this winter heating season (since November 1, 2019), generally because relatively warm winter weather has reduced demand for natural gas for heating. Natural gas production growth has outpaced demand growth, reducing the need to withdraw natural gas from underground storage.
Dry natural gas production in January 2020 averaged about 95.0 billion cubic feet per day (Bcf/d), according to IHS Markit data. IHS Markit also estimates that in January 2020 the United States saw the third-highest monthly U.S. natural gas production on record, down slightly from the previous two months.
IHS Markit estimates that U.S. natural gas consumption by residential, commercial, industrial, and electric power sectors averaged 96 Bcf/d for January, which was about 4.4 Bcf/d less than the average for January 2019, largely because of decreases in residential and commercial consumption as a result of warmer temperatures.
However, IHS Markit estimates that overall consumption of natural gas (including feed gas to liquefied natural gas (LNG) export facilities, pipeline fuel losses, and net exports by pipeline to Mexico) averaged about 117.5 Bcf/d in January 2020, an increase of about 0.2 Bcf/d from last year. This overall increase is largely a result of an almost doubling of LNG feed gas to about 8.5 Bcf/d.
Because supply growth has outpaced demand growth, less natural gas has been withdrawn from storage withdrawals this winter. Despite starting the 2019–20 heating season with the third-lowest level of natural gas inventory since 2009, by January 17, 2020, working natural gas inventories reached relatively high levels for mid-winter. The U.S. Energy Information Administration’s (EIA) data on natural gas inventories for the Lower 48 states as of February 7, 2020, reflect a 215 Bcf surplus to the five-year average. In EIA’s latest short-term forecast, more natural gas remains in storage levels than the previous five-year average through the remainder of the winter.
According to the National Oceanic and Atmospheric Administration (NOAA), January 2020 was the fifth-warmest in its 126-year climate record. Heating degree days (HDDs), a temperature-based metric for heating demand, have been relatively low this winter, which is consistent with a warmer winter. During some weeks in late December and early January, the United States saw 25% to 30% fewer HDDs than the 30-year average. This winter, through February 8, residential natural gas customers in the United States have seen 11% fewer HDDs than the 30-year average.
Source: U.S. Energy Information Administration, based on National Oceanic and Atmospheric Administration Climate Prediction Center data
Headline crude prices for the week beginning 10 February 2020 – Brent: US$53/b; WTI: US$49/b
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