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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Headline crude prices for the week beginning 5 November 2018 – Brent: US$72/b; WTI: US$62/b
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It is a well-known fact that the oil and gas industry has a lot to offer in terms of opportunities - paycheck, lifestyle, and work-life balance. However, like everything else in life, it has a flip side as well. If you are planning to make a career in oil and gas industry, it is important to know the cons as well. Here is a list of risks associated with working in oil and gas industry that you must know to make an informed decision.
Highly competitive: survival of the fittest
Oil and gas industry is highly competitive and dynamic in nature. The job requires high level of expertise and productivity. With digitization and automation of the industry, the work functions are changing rapidly. The employees who cannot cope up and upskill with changing time and need will be automatically pushed out of the system. The foremost challenge in oil and gas industry is to stay relevant and keep upskilling.
Long work hours
Some job functions in oil industry like offshore rig workers have to work in 12-hours shift, seven days a week and for seven to 28 days in one stretch. Sometimes, overtime is also expected due to emergency or to manage the project deadlines. However, the oil companies do give equal amount of resting period to the rig workers to compensate for the long working hours. Even then, the continuous long hours is strenuous for the workforce.
The accident-prone work environment
Although rigorous safety trainings are provided to the workforce along with numerous safety measures and laws in place; accidents do occur. Sometimes, these accidents can be life-threatening. Here is quick overview of the possible accidents that you might encounter:
Risk of confined space and fall- The line workers in oil and gas industry sometimes work in confined spaces like mud pits, reserve pits, storage tanks, sand storage, and other excavated areas, where they are exposed to potential risk of ignition of inflammable vapors, exposure to harmful chemicals, and asphyxiation. Additionally, these kinds of workplaces involve risk of falls, slips and trips too which can cause severe injuries and can even turn fatal. Though the companies are extremely careful and take all safety precautions, but the risk cannot be ruled out.
Additionally, frequent exposure to chemicals used in refineries and drilling operations can impact long-term health. To offset these dangers, oil and gas companies provide comprehensive training to employees to ensure safety protocols and site-specific features.
Working in remote location
The oil and gas professionals have to work on remote location for exploration, offshore duties, pumping stations, gas plants and more. The workers in remote location often feel isolated and they are on their own to cope up with numerous work-related accidents and health hazards.
Working in oil and gas industry is extremely rewarding in terms of career growth, travelling opportunities and compensation. However, the above points must also be considered before stepping into this industry. It is important to mention here that majority of oil and gas companies are aware of the risks associated and thus have sound safety measures in place to avoid any contingency. Moreover, the government and regulatory bodies also impose strict regulations for safety and security of the workforce. Therefore, in many cases, the risk associated is considerably reduced. So, before you accept any offer from any oil and gas companies, you must carefully verify the safety measures and policies of the company. Once, you are assured, your career in oil and gas will be highly rewarding.
If you are looking for relevant opportunities, check out NrgEdge.com to kickstart your career in oil and gas industry.
Due to shortage or limited availability of oil and gas, companies today are evaluating how they can harness alternative energy sources. The alternate fuel market is targeting hydro and thermal power plants, however solar and wind are catching up fast as preferred energy sources. There are still reservations about nuclear energy considering the risk of nuclear waste or manufacturing of nuclear weapons. However, strategies are shaping up to minimize the risk and maximize the profitability potential. Until then, sources such as solar and wind are being focused upon more and new sources like biofuels are explored extensively.
How will the shift towards alternate energy impact traditional oil and gas market?
There have been huge investments in the different alternate energy avenues by most of the big oil majors. These heavy investments on various alternate technologies by big oil majors and other oil companies around the world indicates a positive outlook towards the scope of clean fuel energy. However, the feasibility of its application is still questionable. Whether or not it will be able to meet the energy needs of the world while upholding its profitability is a question that is bothering the world.
Let us understand what the shift means for the companies in the energy sector.
Rate of employment
Among all renewable energy sources that have been studied, bio energy has been most influential. The fuel is created and transported within a confined space. The work is extremely labor-intensive and hence scope of employment increases. Hydropower and wind power will generate job opportunities during construction and project development phase. However, once the unit is commissioned only few operational staff will be required to perform the operational work.
Traditional energy is more expensive than renewable energy. If renewable energy can be produced on large scale, it can eliminate the gas shortage. Even other forms of renewable energy are much cheaper in comparison to traditional oil and gas sector. The cost benefits will be transferred to the consumers and they’ll be able save considerable amount on utility bills.
Improved Brand Image
It makes good business sense to make a move from traditional energy resources to renewable ones. The environmentalists have been arguing about the negative impacts of using and overusing the non-renewable source of energy. The shift towards alternate energy will boost the brand image of the traditional oil and gas company.
Higher market penetration and Mass access to energy
Due to dependence on fossil fuels which are non-renewable sources and expensive, a significant number of people in the world have no access to power. A chunk of people in Asian and Sub-Saharan Africa area are still using traditional biomass for cooking. However, if the alternate energy can completely replace the traditional oil and gas then it will have a deeper penetration into the market and majority of people will have access to it.
Ethical Investment Avenue
Renewable sector is considered as an attractive and ethical investment avenue for the ones who wish to invest outside traditional channels and are futuristic in outlook. The rising investment on alternate energy is impacting the job creation and community cohesion, which is again a positive move.
How the alternate energy is transitioning the oil and gas?
Big oil companies and other oil companies are making practical, well-researched, and steady approach towards renewable energy spanning from solar panels to genetically engineered algae. However, there are still many companies which are in research/experimentation phase and do have a concrete plan in place.
The pathway to clean fuel technology that operates with efficiency and profitability is getting paved. More than 100 countries in developing as well as developed nations have set a clean fuel target and are working towards it. The European Union has set a goal to meet its 20% energy requirements via renewable sources by 2020.
The world has acknowledged climate change and are working together to shift from carbon-intensive to carbon-neutral environment which might pave the way for generations to come.