The Certainty Of The Oil And Gas Industry

To be sure of the industry you are getting into for a long lasting career, there are some factors that bring about the certainty of this industry.

The Oil and Gas Industry is all about the exploration and production of various oil and gas based hydrocarbons such as natural gas, crude oil and others. This exploration and production of hydrocarbons is being carried out in nearly every nation of the earth including Cameroon. The exploration and production process require skilled workers with various skill titles or positions and their training has an international training standard which is certified.

This industry is one of the industries with highest paying jobs in America and the world, and this comes as no surprise. To become an engineer in the oil and gas industry requires you to procure a degree from a reputable school or college, procure diverse qualifications and belong to a global recognized professional body. This will increase your chances of getting employed with an attractive pay package. The oil and gas industry is an industry with international standards and certifications where engineers in the industry require to study at the same standard worldwide. A bachelor’s degree is the most basic requirement for the oil and gas industry skilled work, but obtaining a masters degree, and having a stronger quantitative skill set, on-field work, internships, natural skills, passion and curiosity give you an inevitable chance to become an oil and gas engineer in service. 

The Future of Oil and Gas Engineers:

Studies by the Center for Strategic and International Studies Washington DC USA, shows that the world’s energy consumption will increase by nearly 50% between 2016 and 2040 and Renewable, and nuclear energy aren’t going to be enough. The Bureau of Labor Statistics USA, reveals that the crash in oil prices in 2014 led to a dramatic drop in young people entering the industry but aged people who were to retired still went for retirement and are still retiring, hence creating vacancies almost equal to the retired positions. The number of older employees will be retiring during the period that the few youths who desire oil and gas careers will be undergoing training, and as drilling operations get increasingly complex, the demand for skilled and competent workers is also going up exponentially.

The Future of the Oil & Gas Industry:

The certainty of the oil and gas industry is the certainty of job opportunities in the industry for skilled workers or Engineers till over 2040 as of 2016 research. In addition to the Retirement of the aged, the crash down in 2014, the increasing complex drilling operations, the following facts guaranteed the huge shortage in skilled workers in the oil and gas industry.

1. Petroleum Engineers cannot be left out of any part of exploration and production.
2. The world energy consumption increases at a 48% increase in 2040.
3. The industrial sector continues to account for the largest share of energy, consuming over half of global delivered energy in 2040.
4. Fossil fuels continue to supply more than 3/4 of world total energy use in 2040.
5. Among the fossil fuels, natural gas grows the fastest. By 2040, natural gas surpasses coal as the world’s second largest energy source.
6. Economic growth in key economies and the retirement of older employees during that period.
7. The Implementation and strength of climate change policies.
8. Technology improvement rates (both supply and demand) as drilling operations get increasingly complex, the demand for skilled workers also goes up exponentially.
9. The demand for petroleum engineers in support activities for mining shall also be strong.
10. The Unrest in oil producing countries
11. The OPEC production.
12. LNG holds a vital role in the future of the energy industry and the global news reflects that:

• The SLNG export capacity is tipped to go global on supplies by the end of 2019, making it the third largest LNG exporter in the world.
• Russia is set to allocate funds in 2021-2022 for an LNG terminal. 
• LNG is taking off in Egypt, and Cameroon will be planting the second floating LNG plant offshore Etindi by 2023.

SNH has reconfigured and broaden its customer base and  the geography of Cameroonian LNG market to new destinations such as Thailand, Pakistan, Kuwait, South Korea, and Turkey notably while the existing Asian markets (China, India, and Taiwan) continues to expand.