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Is Oil and Gas Production a Good Career Path?
Well, Who Doesn't Like High-Paying Jobs!
You may ask, “Is oil and gas production a good career path?”, “What are the highest-paying oil and gas jobs?” and “How many jobs in oil and gas production can I find?” because oil prices have recently skyrocketed, and supplies have decreased.
Oil and gas extraction is a multi-billion dollar industry in the United States and worldwide. Individuals who satisfy the necessary educational and professional requirements might find various employment options and benefits in the oil and gas industry.
Some of the questions we’ll answer here are “Is oil and gas extraction a decent career path?” and “how many jobs are available in the industry.”
Is Oil and Gas Production a Good Career Path?
The majority of experts will give you a positive response to this question. However, different persons are likely to have various interpretations of this question because every business sector has both positive and negative aspects.
In some regions, the oil and gas industry is very successful. In addition to that, the sector is not devoid of some potential drawbacks. Nevertheless, there are a lot of intriguing positions that give fantastic opportunities for professional advancement.
However, does oil and gas production provide people a decent opportunity for a future career? After reviewing the information that follows, the only person who can provide an honest response to that question is you.
Consider some of the factors contributing to oil and gas production as a desirable line of work by a significant portion of the industry’s workforce.
The oil and gas industry has long felt the need to ensure a safe working environment. As a result, many people decided to quit the industry. This pattern, however, decreases in frequency with time. As a result, oil and gas companies place a high value on the well-being of their workers. Regarding this matter, they’ve recently put various precautions into effect.
Employment opportunities in the oil and gas industry may be rather profitable. For example, suppose you are looking for a career that pays well. In that case, you should consider working in this sector since it offers many opportunities. For example, you may find offshore prospects in the production of oil and gas, which can provide very lucrative financial rewards.
The following are some examples of jobs in the oil and gas industry that pay well:
- Mining engineer
- Energy engineer
- Director of safety
- Marketing coordinator
- Petroleum engineer
Suppose you’re wondering whether or not a job in the oil and gas industry would be a good fit for you. In that case, the positions listed above definitely fit the bill.
Some individuals find working in a warm and inviting workspace more productive. Some people like being in the middle of the field’s jungle. So the question is, in what do you believe you belong?
You need to respond to this question. The answer to this question will establish your current level of operating condition. But on the other hand, if you have a degree, you will most likely be able to find employment in roles that are less physically demanding.
However, this is contingent upon the role you play and the place you are in. For instance, a job performed offshore may be subject to difficult circumstances. Despite this, only a tiny fraction of employment in this industry occurs overseas.
Therefore, the location in which you choose to work will likely determine whether or not the production of oil and gas is an appealing option for a job to pursue by you.
When deciding on a path for your professional life, it is essential to consider the possibilities ahead for that path. For example, you don’t want to make a living in a field that will be obsolete soon.
For a considerable time, there has been widespread anxiety over the trajectory of the petroleum business. Since scientists are phasing out fossil fuels as an energy source, this has occurred. As a result, the utilization of renewable energy sources like solar and wind has skyrocketed.
Let’s take a look at the numbers, shall we?
Investors predict that we will have reached peak oil production by 2030, which is over two-thirds of the total.
According to Forbes, the natural gas output would plummet by 32 percent by 2035, while crude oil production would drop by 24 percent by 2040.
It sounds like the end of all things, no? But before you go off to weep because you are so disappointed, let’s look at what another statistic says about the situation.
The Bureau of Labor Statistics in the United States reported that the number of people employed in the mining industry rose by 6,000 in May 2022. It had increased by 80,000 since reaching a low point in February 2021, when employment was at its lowest.
In addition, the Bureau of Labor Statistics (BLS) reports that the recent improvement in the mining industry’s employment has corresponded with the number of operating rotary rigs in North America. As well as the standard deviation of the weekly price of West Texas Intermediate crude oil.
In addition, as a result of the conflict that is now taking place in Ukraine, the price of oil has gone up in the year 2022.
If this is the case, would it make sense to pursue a career in the oil and gas industry? Definitely!
Do You Make Good Money in the Oil Field?
Yes, for sure!
Over $80,000 was earned annually by workers in various high-paying occupations related to oil and gas production. For instance, the annual salary for the Director of Operations is $92,542. Additionally, the yearly income of Lease Purchase Operators throughout the country is an average of $101,625 yearly.
What Are the Types of Jobs in the Oil and Gas Industry?
You may find Career opportunities in various settings within the oil and gas business. You are free to choose the alternative that best caters to your interests and fulfills your requirements. A few examples are as follows:
The evaluation, development, and production of oil and gas fields all demand the expertise of petroleum engineers, who are engaged in practically every step of these processes.
Engineers specializing in petroleum exploration examine subsurface formations to locate hydrocarbon deposits. In addition, reservoir engineers participate in the risk assessment process. As a petroleum engineer, you have several options available to you in terms of where your career can take you. Petroleum geologists specializing in petroleum engineering are most favored in this job profile.
The annual pay of a petroleum engineer is in the range of $96,374 on average.
In energy production, an energy engineer works with either environmental assets, such as resource extraction, or renewable forms of energy, such as bioenergy, freshwater, and wind energy.
Conducting energy assessments and site inspections are part of their employment responsibilities.
Annual compensation of $80,600 is about what is the norm for an energy engineer.
A geoscientist, sometimes known as a geophysicist, might be engaged to evaluate geophysical, chemical, and geologic data and build models to locate economically viable deposits of resources such as oil, gas, and mineral deposits, and freshwater. Geoscientists may also specialize in sedimentology.
According to some estimates, the annual income of a geoscientist is anywhere from $62,000 to $150,000 on average.
Evaluating natural circumstances, such as those associated with geological hazards, is essential to an engineering geologist’s work. They focus on elements that have the potential to disrupt the processes involved in engineering.
An engineering geologist can expect to make an annual income of around $48,487 on average.
Most of the time, you can find hydrographic surveyors working aboard survey ships and platforms to measure and record underwater surfaces and investigate the bottom’s morphology.
They also undertake studies that help promote study into marine topics such as ocean currents, climate change, and industrialization’s effects on the marine environment.
On average, a hydrographic surveyor brings in a salary of $49,397 yearly.
A mining engineer ensures that mines and other surface and subsurface activities are developed in the most effective way possible. In addition, they are active participants in the whole mining project at every level.
They do a feasibility study to determine whether or not a new site should be built there, supervise mining production operations, and participate in the process of finally closing and rehabilitating the site.
An annual compensation range of $54,218–$119,797 is generally considered appropriate for a mining engineer.
Monitoring drilling operations is what a mudlogger is responsible for. In addition, it is up to them to keep a record of the information about the state of the well while the company is extracting oil or gas.
According to some estimates, the annual wage range for mudloggers is between $21,929 and $68,426.
The market coordinator is the go-to person for all marketing and supply operations. They must have a good working relationship with the customer care department to keep the supply chain running smoothly. In addition, they are responsible for preparing reports about the distribution of items sold.
The annual pay of a marketing coordinator is in the range of $76,375 on average.
The commercial analyst is responsible for drafting up a business strategy for the project’s development and ensuring that all aspects of the development project adhere to the recently implemented rules. In addition, they organize meetings to develop agendas to market their goods in different parts of the globe.
Annual compensation of $59,081 is what is the norm for a commercial analyst.
Director Of Operations
A corporation or business’s director of operations is responsible for managing all of the firm’s or business’s essential responsibilities. His responsibilities include financial planning, customer service, sales, marketing, bargaining, and product acquisition.
In addition to this, they devise long-term operational plans with the end goal of meeting business goals.
To be considered for this position, you must have a bachelor’s degree in business administration or a discipline closely linked to it. The annual pay of $92,542 is the national median wage for the position of Director of Operations.
Director of Safety
An individual who holds the position of Director of Safety is responsible for developing and putting into practice safety protocols using various programs and standards.
The company or the state often establishes these initiatives. To qualify for this position, you will need a bachelor’s degree in an area closely linked to it. The annual compensation of a director of safety is estimated to be $84,694 on average throughout the country.
What Is the Highest Paying Job in the Oil Industry?
The position of Project Manager is the one that brings in the most money in the oil and gas business. The annual pay of $157,795 is considered the norm for a project manager in the oil and gas business.
What Are the Pros and Cons of Working in the Oil & Gas Industry?
You Get to Travel
If the idea of traveling for work seems like a dream come true to you, then working in this area could be a good fit since you will be required to travel quite a bit throughout your job. It doesn’t matter if you are not working on a marine offshore drilling rig or are a talented and experienced oil refinery worker. The company will often transfer you to one of the other refineries that your firm operates in one of the many locations worldwide.
The Money is Good
Money is the primary allure of this setting. Several variables will affect the exact sum, such as your qualifications, employer, time spent on land, expertise, etc.
Now that we’ve discussed the potential hazards let’s move on to the most significant disadvantage.
It Can Get Depressing
It’s easy to feel lonely and alone when you’re away from friends and family for extended periods, such as drilling for hours at sea or working in a foreign refinery for months at a time. It is common practice for oil firms to rotate their staff for this reason; yet, in the period between rotations, employees are not uncommon to have feelings of discouragement.
We refer to the depression prevalent among those who work in oil refineries as oxidative stress-induced depression, and there may be a physiological cause tied to this condition.
It Puts Your Health and Life at Risk
In the oil and gas business, accidents involving drilling and refining equipment, chemical inhalation, fires, explosions, and other risks are frequent. Most do not even make it into the news – unless they are significant enough to attract the media’s attention.
There are other drawbacks to working in an oil refinery or offshore drilling rig, but this is the most important one.
Suppose you or a loved one has just lost a loved one in an oil refinery explosion. In that case, we advise you not to sign anything or accept any money from the employer’s business until you have spoken with an experienced plant explosion lawyer.
You may find out what type of financial compensation you are entitled to via a straightforward consultation that is completely free of charge. You’ll learn how much the refinery is paying you, which will likely be more than you expect.
It may be worthwhile to take some risks if the potential payoff is substantial. However, we’ll consider it a fool’s errand if you are not fully aware of the potential hazards involved and have received enough preparation for coping with those risks. Obtain the appropriate training, and consult with more experienced coworkers and management on possible dangers you should be aware of. In addition, make it a point to avoid becoming complacent while working on the site.
Final Words: Is Oil and Gas Production a Good Career Path
The oil and gas sectors provide some of the most desirable and well-paid employment opportunities available anywhere around the globe. A livable wage and a friendly working environment are two of the many benefits of the oil and gas industries.
The year 2030 is the year that some investors believe will mark when the oil and gas sector will reach its peak. Additionally, there have been a lot of gloomy forecasts regarding the sector floating about for quite some time now.
Despite this, there is a significant increase in demand for oil all across the globe. As a result, there is a growing need for people with specialized skills in this industry.