This is an exciting time for energy professionals, especially for all those who are looking for a job change within the oil and gas industry!
The current year is already witnessing a steady rise in the oil prices and the number of LNG projects thus painting a positive picture for the future.
Additionally, industry experts say, that the trend of employing temporary and contractual staff on an ongoing basis will continue to grow by 24%, which up by 1% than the previous year.
Looking at the studies and profiles in demand, it is evident that there is immense scope in the industry and if one is looking for a job change, this could be an ideal time.
Opportunities, however, may come with a caveat and hence it is important to understand the pros and cons associated with switching jobs to make an informed decision.
Getting started: Gain clarity
Before you hand over your resignation letter, it is important to determine if a career change is a good move. Start by answering a few questions:
Dos for job hopping in the oil and gas sector
Regardless of your current job, your academic proficiency and your work history the oil and gas industry offers numerous opportunities. However, it is important to pick the one that will propel you to success.
DO – Know your options
The lifecycle of an oil and gas project moves from the conceptualization stage to the decommissioning phase. There are different levels in between and each of them requires a different skillset.
This industry is open to talented professionals, which means that if you are willing to learn you can easily climb the career ladder and even explore lateral movements to newer functions.
For instance, if you do not like working on offshore rigs, but are a technology enthusiast, you can switch to digital lead roles by completing a relevant certification.
DO – Intensive research
Since you are planning to move to another company, research becomes crucial for your personal as well as professional growth.
Start with researching the disciplines that are in high demand, the best companies to work for, covering your interest domain, company policies, work visa requirements and other government regulations.
While Houston, Abu Dhabi, and Perth are hotspots for exploration and production activities, new opportunities are emerging in countries like Malaysia, Mexico, and Mozambique.
Furthermore, speak to industry experts, and learn about the benefits and loopholes. The more you know, the better decision you will make.
DO – Compare the benefits
Learn about the benefits that you avail in your current job vis-à-vis the gains you will enjoy in your next job.
Begin by comparing the obvious: your compensation. As per the 2018-19 Hays Salary guide, 57% of oil and gas professionals will get a minimum of 3% rise in their next review while 21% of employers won’t increase your salary at all.
Learn where you belong and what are your chances of growth in your current organization. Once you have the number, compare it with the compensation that you are expecting in your new job.
Make sure you include the cost of living and the work-life balance in your decision-making. Apart from direct monetary benefits also compare additional benefits like working hours, job flexibility, growth prospects, insurance benefits, and other bonuses and allowances.
Don’ts for job hopping in oil and gas sector
It is important to know what might go wrong and how it can be avoided to keep the decision-making simple and easy.
DON’T – Be intimidated
The competition in the oil and gas industry is fierce. The industry requires highly skilled and experienced professionals and it is recommended that one keeps upgrading one’s skills as the demand shifts.
This dynamism in the industry often intimidates the professionals. Therefore, the idea here is to understand your potential, market value, and the expected competency. If you fit the bill, then you must consider switching.
However, if you identify a knowledge or skill gap, then it is advisable to gain the required expertise and then plan the job change. This ensures that you do not settle for less.
DON’T- Risk your safety
Safety parameters and guidelines are crucial in the oil and gas sector. Learn about the safety policies, employee benefits and the insurance policy of the company you are planning to join.
Gather references if possible from existing or former employees on how they treat their workforce to avoid work-related injuries, accidents, and diseases.
DON’T – Compromise on your stability
One should have the right reason to switch. Often employees quit due to boredom and monotony at work and then later regret their decision.
Therefore, if you are planning to quit for growth opportunities or better exposure, it is crucial to analyze rationally if you will achieve what you are aiming for in your new job.
Additionally, if you are not sure about the new work environment or the growth potential, then it will be wise to drop the plan until you have clarity and extensive knowledge.
But do keep looking for more suitable options. Switch only when you are sure. Compromising stability may cost you your career.
The best part about the energy sector is that if you are willing to do hard work, there isn't any dearth of opportunities. It offers a lucrative salary, travelling, stability and growth opportunity. Just weigh the pros and cons of your career decision and you are good to go!
Something interesting to share?
Join NrgEdge and create your own NrgBuzz today
The global oilfield scale inhibitor market was valued at USD 509.4 Million in 2014 and is expected to witness a CAGR of 5.40% between 2015 and 2020. Factors driving the market of oilfield scale inhibitor include increasing demand from the oil and gas industry, wide availability of scale inhibitors, rising demand for biodegradable and environment-compatible scale inhibitors, and so on.
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=268225660
The oilfield scale inhibitor market is experiencing strong growth and is mainly driven by regions, such as RoW, North America, Asia-Pacific, and Europe. Considerable amount of investments are made by different market players to serve the end-user applications of scale inhibitors. The global market is segmented into major geographic regions, such as North America, Europe, Asia-Pacific, and Rest of the World (RoW). The market has also been segmented on the basis of type. On the basis of type of scale inhibitors, the market is sub-divided into phosphonates, carboxylate/acrylate, sulfonates, and others.
Carboxylate/acrylic are the most common type of oilfield scale inhibitor
Among the various types of scale inhibitors, the carboxylate/acrylate type holds the largest share in the oilfield scale inhibitor market. This large share is attributed to the increasing usage of this type of scale inhibitors compared to the other types. Carboxylate/acrylate meets the legislation requirement, abiding environmental norms due to the absence of phosphorus. Carboxylate/acrylate scale inhibitors are used in artificial cooling water systems, heat exchangers, and boilers.
RoW, which includes the Middle-East, Africa, and South America, is the most dominant region in the global oilfield scale inhibitor market
The RoW oilfield scale inhibitor market accounted for the largest share of the global oilfield scale inhibitor market, in terms of value, in 2014. This dominance is expected to continue till 2020 due to increased oil and gas activities in this region. The Middle-East, Africa, and South America have abundant proven oil and gas reserves, which will enable the rapid growth of the oilfield scale inhibitor market in these regions. Among the regions in RoW, Africa’s oilfield scale inhibitor market has the highest prospect for growth. Africa has a huge amount of proven oil reserves and is one of the leading oil producing region in the World. But political unrest coupled with lack of proper infrastructures may negatively affect oil and gas activities in this region.
Major players in this market are The Dow Chemical Company (U.S.), BASF SE (Germany), AkzoNobel Oilfield (The Netherlands), Kemira OYJ (Finland), Solvay S.A. (Belgium), Halliburton Company (U.S.), Schlumberger Limited (U.S.), Baker Hughes Incorporated (U.S.), Clariant AG (Switzerland), E. I. du Pont de Nemours and Company (U.S.), Evonik Industries AG (Germany), GE Power & Water Process Technologies (U.S.), Ashland Inc. (U.S.), and Innospec Inc. (U.S.).
Speak to Analyst @ https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=268225660
Scope of the Report:
Get 10% FREE Customization on this Study @ https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=268225660
Headline crude prices for the week beginning 9 December 2019 – Brent: US$64/b; WTI: US$59/b
Headlines of the week
In the U.S. Energy Information Administration’s (EIA) International Energy Outlook 2019 (IEO2019), India has the fastest-growing rate of energy consumption globally through 2050. By 2050, EIA projects in the IEO2019 Reference case that India will consume more energy than the United States by the mid-2040s, and its consumption will remain second only to China through 2050. EIA explored three alternative outcomes for India’s energy consumption in an Issue in Focus article released today and a corresponding webinar held at 9:00 a.m. Eastern Standard Time.
Long-term energy consumption projections in India are uncertain because of its rapid rate of change magnified by the size of its economy. The Issue in Focus article explores two aspects of uncertainty regarding India’s future energy consumption: economic composition by sector and industrial sector energy intensity. When these assumptions vary, it significantly increases estimates of future energy consumption.
In the IEO2019 Reference case, EIA projects the economy of India to surpass the economies of the European countries that are part of the Organization for Economic Cooperation and Development (OECD) and the United States by the late 2030s to become the second-largest economy in the world, behind only China. In EIA’s analysis, gross domestic product values for countries and regions are expressed in purchasing power parity terms.
The IEO2019 Reference case shows India’s gross domestic product (GDP) growing from $9 trillion in 2018 to $49 trillion in 2050, an average growth rate of more than 5% per year, which is higher than the global average annual growth rate of 3% in the IEO2019 Reference case.
Source: U.S. Energy Information Administration, International Energy Outlook 2019
India’s economic growth will continue to drive India’s growing energy consumption. In the IEO2019 Reference case, India’s total energy consumption increases from 35 quadrillion British thermal units (Btu) in 2018 to 120 quadrillion Btu in 2050, growing from a 6% share of the world total to 13%. However, annually, the level of GDP in India has a lower energy consumption than some other countries and regions.
Source: U.S. Energy Information Administration, International Energy Outlook 2019
In the Issue in Focus, three alternative cases explore different assumptions that affect India’s projected energy consumption:
EIA’s analysis shows that the country's industrial activity has a greater effect on India’s energy consumption than technological improvements. In the IEO2019 Composition and Combination cases, where the assumption is that economic growth is more concentrated in manufacturing, energy use in India grows at a greater rate because those industries have higher energy intensities.
In the IEO2019 Combination case, India’s industrial energy consumption grows to 38 quadrillion Btu more in 2050 than in the Reference case. This difference is equal to a more than 4% increase in 2050 global energy use.