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!
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When it was first announced in 2012, there was scepticism about whether or not Petronas’ RAPID refinery in Johor was destined for reality or cancellation. It came at a time when the refining industry saw multiple ambitious, sometimes unpractical, projects announced. At that point, Petronas – though one of the most respected state oil firms – was still seen as more of an upstream player internationally. Its downstream forays were largely confined to its home base Malaysia and specialty chemicals, as well as a surprising venture into South African through Engen. Its refineries, too, were relatively small. So the announcement that Petronas was planning essentially, its own Jamnagar, promoted some pessimism. Could it succeed?
It has. The RAPID refinery – part of a larger plan to turn the Pengerang district in southern Johor into an oil refining and storage hub capitalising on linkages with Singapore – received its first cargo of crude oil for testing in September 2018. Mechanical completion was achieved on November 29 and all critical units have begun commissioning ahead of the expected firing up of RAPID’s 300 kb/d CDU later this month. A second cargo of 2 million barrels of Saudi crude arrived at RAPID last week. It seems like it’s all systems go for RAPID. But it wasn’t always so clear cut. Financing difficulties – and the 2015 crude oil price crash – put the US$27 billion project on shaky ground for a while, and it was only when Saudi Aramco swooped in to purchase a US$7 billion stake in the project that it started coalescing. Petronas had been courting Aramco since the start of the project, mainly as a crude provider, but having the Saudi giant on board was the final step towards FID. It guaranteed a stable supply of crude for Petronas; and for Aramco, RAPID gave it a foothold in a major global refining hub area as part of its strategy to expand downstream.
But RAPID will be entering into a market quite different than when it was first announced. In 2012, demand for fuel products was concentrated on light distillates; in 2019, that focus has changed. Impending new International Maritime Organisation (IMO) regulations are requiring shippers to switch from burning cheap (and dirty) fuel oil to using cleaner middle distillate gasoils. This plays well into complex refineries like RAPID, specialising in cracking heavy and medium Arabian crude into valuable products. But the issue is that Asia and the rest of the world is currently swamped with gasoline. A whole host of new Asian refineries – the latest being the 200 kb/d Nghi Son in Vietnam – have contributed to growing volumes of gasoline with no home in Asia. Gasoline refining margins in Singapore have taken a hit, falling into negative territory for the first time in seven years. Adding RAPID to the equation places more pressure on gasoline margins, even though margins for middle distillates are still very healthy. And with three other large Asian refinery projects scheduled to come online in 2019 – one in Brunei and two in China – that glut will only grow.
The safety valve for RAPID (and indeed the other refineries due this year) is that they have been planned with deep petrochemicals integration, using naphtha produced from the refinery portion. RAPID itself is planned to have capacity of 3 million tpa of ethylene, propylene and other olefins – still a lucrative market that justifies the mega-investment. But it will be at least two years before RAPID’s petrochemicals portion will be ready to start up, and when it does, it’ll face the same set of challenging circumstances as refineries like Hengli’s 400 kb/d Dalian Changxing plant also bring online their petchem operations. But that is a problem for the future and for now, RAPID is first out of the gate into reality. It won’t be entering in a bonanza fuels market as predicted in 2012, but there is still space in the market for RAPID – and a few other like in – at least for now.
RAPID Refinery Factsheet:
Tyre market in Bangladesh is forecasted to grow at over 9% until 2020 on the back of growth in automobile sales, advancements in public infrastructure, and development-seeking government policies.
The government has emphasized on the road infrastructure of the country, which has been instrumental in driving vehicle sales in the country.
The tyre market reached Tk 4,750 crore last year, up from about Tk 4,000 crore in 2017, according to market insiders.
The commercial vehicle tyre segment dominates this industry with around 80% of the market share. At least 1.5 lakh pieces of tyres in the segment were sold in 2018.
In the commercial vehicle tyre segment, the MRF's market share is 30%. Apollo controls 5% of the segment, Birla 10%, CEAT 3%, and Hankook 1%. The rest 51% is controlled by non-branded Chinese tyres.
However, Bangladesh mostly lacks in tyre manufacturing setups, which leads to tyre imports from other countries as the only feasible option to meet the demand. The company largely imports tyre from China, India, Indonesia, Thailand and Japan.
Automobile and tyre sales in Bangladesh are expected to grow with the rising in purchasing power of people as well as growing investments and joint ventures of foreign market players. The country might become the exporting destination for global tyre manufacturers.
Several global tyre giants have also expressed interest in making significant investments by setting up their manufacturing units in the country.
This reflects an opportunity for local companies to set up an indigenous manufacturing base in Bangladesh and also enables foreign players to set up their localized production facilities to capture a significant market.
It can be said that, the rise in automobile sales, improvement in public infrastructure, and growth in purchasing power to drive the tyre market over the next five years.
Headline crude prices for the week beginning 14 January 2019 – Brent: US$61/b; WTI: US$51/b
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