Five things to know about energy sector career
As it is a known fact that the oil and gas is the crucial and most important sector in India as it has a direct bearing on the economy due to the significant foreign exchange involved and the reliance of many industries on this segment. Experts associated with the energy sector segment say that the demand for oil is likely to rise to 458 million tonnes and gas production to scale 90 billion cubic meters by 2040.
The demand for energy will be phenomenal by 2040 as the Indian economy is projected to grow more than five times its current size. As the oil and gas sector is getting ready for this exponential growth and the subsequent surge in demand and operations, to achieve this enormous task, the industry needs skilled and trained professionals across the spectrum. The scope for employment in the energy sector is very high in the coming years. However, being a prospective employee, you must be aware of five important things about this sector.
- Identifying Industry
You should be able to locate the oil and gas industry in a nutshell. Broadly, this industry can be split into two sectors: upstream and downstream. The upstream sector involves the exploration and production of oil and gas, whereas the downstream area pertains to the petroleum refining, transportation, storage, wholesale marketing, retail sales and value-added products.
The upstream sector functionality can also be in the form of drilling under the sea, or over the land and it might as well be across tough terrains such as deserts and jungles. Thanks to the innovative technologies emerging like never before, these days the engineers have the wherewithal to drill almost seven kilometres vertically downwards. Besides exploration and production, you can also specialise in geo-sciences to research about what happens below the earth’s surface.
In the downstream segment, typically you have roles like transporting crude oil to refineries to convert the same into finished goods such as petrol, diesel, kerosene, liquefied petroleum gas aviation fuel and lubricants, besides the marketing of these products to the end-users.
- Talent retention
Given the present economic scenario, the oil and gas industry has the daunting task of achieving more productivity with limited resources. Naturally, the segment has the onus of not only hiring the right skilled workforce but also to retain them by providing a competitive advantage that will eventually pay off. In short, energy firms must strike an excellent balance between cost-cutting and retention of their human resources, besides continuously scouting for the best talent.
- Hiring the right talent
Studies prove that the premium public sector and private sector firms in this industry continue to retain fresh talent. After hiring, spending a lot on grooming them will again be an expensive proposition. Therefore, it is ideal for the sector to hire human resources with thorough domain knowledge so that they are productive from the first day of joining.
Besides being reputed for being excellent paymasters, the oil and gas sector is also known as one of the best segments to work. There are many oil and gas firms, which are there on the list of great place to work. Burgeoning technological advancements in the field of energy exploration and production have wide vistas of career opportunity that are attracting thousands of candidates year on year.
- Global Opportunities
As the oil and gas sector is comprehensive, especially, countries in the Middle East always look for the best talents to cater to their rising needs. Also, of late, India is looking at strategic energy assets abroad, if you join any of these public sector oil and gas enterprises, you have tremendous opportunity to work in overseas sites and work in a multi-cultural environment and get to learn the best practices to enhance your career growth.
Image Source: Karsten Würth