Is Oil & Gas Production A Good Career Path for Graduates? | 2022

Is-Oil-and-Gas-Production-a-Good-Career-Path
Image Source: Make Daily Profit

Is oil & gas production a good career path? Well, we’re not going to give you a glamorous yes. Neither will you get a heart-wrenching no from us! No, not just yet!

The reason is that, when it comes to a career choice in oil and gas production, there’s no one hat that fits all! So let’s just say, what is good for the goose might not be sauce for the gander. 

We’ll rather have you answer the following questions:

  • What does a good career path mean for me? 
  • And does oil and gas production fit into that meaning?

To help you answer those questions, you got to read this piece to the end. We’ve dealt with all the bits and pieces, including lumps of facts about the Oil & Gas career path. 

Let’s get started! 

RELATED: 15 Best-Paying Jobs in Natural Gas Distribution | 2022

What is Oil & Gas Production?

Oil and gas production is the process of manufacturing oil and natural gas from wells. And turning them into the final petroleum products that consumers can use.

Oil and gas production starts from site exploration. Then moves to actual extraction. And finally the distribution of the products to businesses and end-users.

 CHECK THIS OUT: 15 Best Paying Jobs in Marine Transportation | 2022

Examples Of Oil & Gas Production

The oil and gas industry is a billion-dollar sector in the world. It generates, an estimated $5 trillion in global revenue as of 2022 (Investopedia). 

The oil and gas industry is broken down into three segments: upstream, midstream, and downstream.

Upstream

Upstream businesses consist of companies in the exploration and production of oil and gas. They search earth crusts for reservoirs of raw materials.

And then drill to extract that material. These companies are often known as “E&P” for “exploration and production.

Midstream

Midstream businesses are those that are focused on transportation. They move the extracted raw materials to refineries where the oil and gas are processed. Midstream companies are into shipping, trucking, pipelines, and storing raw materials.

Downstream

Downstream is where the end products are produced. They consist of refineries and gas stations. The products from these companies include;  gasoline, jet fuel, heating oil, and asphalt.

SEE ALSO: 15 Best Paying Jobs in Major Chemicals | 2022 

Is Oil & Gas Production  A Good Career Path?

The answer is yes for many professionals. But different people may have different answers. This is because every industry has its cons and pros. 

Oil and gas do well in certain areas. Also, the industry is not left without downsides. However, there are many exciting jobs that offer a good career path.

But is Oil & Gas Production a good career part for graduates? Well, that is the question only you can truly answer after you’ve seen the facts below.

Take a quick look at what makes oil & gas production a good career path for many in the industry. 

Workplace Safety

Workplace safety has always been an issue of concern in oil & gas. As a result, many people opted out of the industry. But this trend is changing over time. Oil & gas companies are taking health and safety seriously. Various measures have been put in place in this regard.

Pay Scale

Oil and gas jobs can be lucrative. So, this industry could be your best bet if you’re looking for a high-paying job. Oil and gas production offers offshore opportunities that pay really good money.

Examples of jobs that pay graduates really well in oil and gas are;

Is Oil and Gas a good career path, well, these jobs above sure tick it good for you.

SEE ALSO: 15 Best Paying Jobs in Energy | 2022

Working Condition

Some people prefer working in cozy offices. Others love the jungle of fields. So where do you belong?

You need to answer this question. This will determine your state of working condition. However, with a degree, you’ll probably work in more comfortable positions.

But this depends on your role and location. An offshore position, for instance, might involve harsh conditions. Nevertheless, it’s a smaller percentage of jobs in this field are offshore.

So, whether oil and gas production is a good career path for you might depend on where you choose to be.

Industry’s Future

While making a career choice, it’s important to weigh the future of such a career. You don’t want to work in an industry with no future. 

There’s been a long-term concern about the future of the oil industry. This comes from the energy transition away from fossil fuels. Also, renewable energies like wind and solar are increasing rapidly. 

A quick look at the stats!

Nearly two-thirds of investors say that peak oil will occur by 2030. 

Forbes‘s rough estimate suggests a 32% drop in natural gas by 2035 and a 24% drop in crude oil production by 2040. 

That sounds like doom day’s approaching, right? But before you run off to cry out of dismay, let’s see what more stat is saying.

According to the US Bureau of Labor Statistics, employment in mining increased by 6,000 in May 2022.  And has grown by 80,000 since an employment trough in February 2021. 

Further, the BLS says recent strength in mining employment has coincided with increases in the count of active North American rotary rigs. And in the average weekly price of West Texas Intermediate crude oil.

In addition, the oil prices have increased in 2022 with the war going on in Ukraine. 

So is oil and gas production still a good career path? Well, you tell us!

We promised, and we kept our word. We’ve given you the facts, and the ball is now in your court. But if you’re not yet sure, read the benefits of oil and gas production below! 

You Might Want to Know: 15 Highest-Paid Firefighter Departments | 2022

Are There Other Benefits of Oil & Gas Production

There are various benefits of working in oil and gas production. This might help you decide if the oil & gas industry is a good career path. 

High Earnings 

Workers in the oil & gas sector typically earn higher than average. This comes from a range of factors such as the educational background required, skill shortages, the technical difficulty of roles, and more.

The starting salaries are good. And they become much more lucrative as you progress your career.

Some high-demand technical roles like chemical engineers, pipeline operators, and field engineers pay more.

In addition, many oil and gas firms offer substantial bonus schemes and lots of other financial incentives. This helps them retain the top talent.

Travel Opportunities

In addition to the financial benefits that oil and gas roles provide, you’ll also get to work in different locations around the globe.

So, oil and gas production could be a good career part for those who love jobs that require travel and pay well. 

You can work in your community, state, country, continent, or more.  

Variety of opportunities

Oil and gas production is highly diverse. So, there there are many available careers.  Each offers a unique challenge, though. 

You can work upstream. You can also work in the midstream. Or in the downstream. 

This variety helps you choose a career path reflective of your current skills and preferred work location.

For example, you might work offshore oil rig roles. These roles require workers to be outside most of the time.

On the other hand, there is also a range of jobs that are carried out in laboratories and offices. These jobs are also crucial to the progression of the industry.

But what happens when we go green? Yes, there is a growing interest in green energy. We all want to solve the problem of climate change. 

But in reality, there is still a substantial demand for supplies of oil and gas all around the world. As a result, many companies in different countries are always on the lookout for skilled workers. So, with the right qualification and skills, you can land one of these jobs.

CHECK OUT: 15 Best-Paying Jobs in Miscellaneous | 2022

What are the Job Prospects for Oil & Gas Production 

According to Rystad Energy research, employment in the U.S. oil and gas industry is set to rebound in the coming years and surpass pre-Covid levels.

Further,  Rystad noted that the total number of jobs in 2027 is expected to hit 1.09 million. The company highlighted this as a “marginal increase” from the 1.07 million in the sector pre-Covid in 2019.

In addition, U.S. oil and gas employment is set to expand by 12.5 percent this year, rising from around 863,000 to 971,000 total jobs by the end of 2022, according to Rystad.

READ ALSO: 15 Best-Paying Jobs in Consumer Durables | 2022

How Much Can You Make From Oil & Gas Production?

Various high-paying jobs in oil and gas production brought in over $80k per year. For example, the Director of Operations makes $92,542 per year. Also, Lease Purchase Operators make an average national salary of $101,625 per year.

7 Highly Paying Oil & Gas Production Jobs for Graduates

1. Lease-Purchase Operator

Lease operators ensure that the oil and gas transported to and from drilling sites, processing plants, and gas stations make the trip safely and without damage. 

They inspect delivery vehicles for cracks. Also, they ensure vehicles are rid of fault. This helps prevent the loss of products. The national average salary of Lead Operators is $101,625 per year.

2. Technical Director

Technical directors support and supervise drilling team leads. Also, they supervise consultants, project managers, and engineers by providing strategic direction and operational recommendations. 

You will need a bachelor’s degree in a relevant field for this role. The national average salary of a Technical Director is $100,323 per year.

You May Also Like: 15 Best-Paying Jobs in Basic Industries | 2022

3. Director of operations

A director of operations manages all essential functions of a company or business. His roles include budgeting, sales, marketing, negotiations, and purchasing. 

Also, they develop long-term operational strategies to meet company objectives. 

You’ll need a bachelor’s degree in business administration or a related field for this role. The national average salary of a Director of Operations is $92,542 per year.

4. Director of Safety

A Director of Safety implements and develops safety procedures through programs and standards. 

Such programs are outlined by the employer or state. You will need a bachelor’s degree in a related field to get this role. The national average salary of a director of safety is $84,694 per year.

5. Executive Account Manager

In the oil industry, an Executive Account Manager develops and buys target oil gas accounts and maintains oil companies’ client relationships. 

You would need a bachelor’s degree in business management, accounting, sales, or a related field.

The national average salary of an Executive Account manager is $77,099 per year. 

6. Drilling Engineer

A drilling engineer works under a drilling supervisor. He operates and executes drilling operations for natural gas and crude oil. 

He or she manages and executes the entire drilling process from initial design to testing and supervising drill operations.

The educational requirements for this profession include a bachelor’s degree in a related field and a state-issued certification. 

The national average salary of a Drilling Engineer is $75,770 per year. 

8.  Crude oil driver

We decided to include this because the pay is good. However, you don’t need to be a graduate to get this job. 

In fact, a high school diploma or GED will do. But this should be accompanied by previous experience as a commercial truck driver. 

A Crude Oil driver safely transports raw oil materials and finished goods to gas stations. He also supplies retailers and customers with semi-trucks and tractor/trailer vehicles.

The national average salary of a crude oil driver is $76,874 per year.

Key Considerations for an Oil & Gas Career Path

Prospects interested in a career in the oil and gas business should examine several criteria, including:


Safety
While the oil and gas sector has a bad reputation for workplace safety, several businesses have taken significant measures to reduce these hazards.

Over the last decade, the number of safety accidents in the oil and gas industry has reduced by 41%. Only 1.7 out of every 100 oil and gas workers were injured on the job in 2017.

Salary

According to the Bureau of Labor Statistics, the average annual wage for oil and gas workers is $102,190, which is much more than the national average salary of $58,260.

However, due to the wide range of work duties and responsibilities in this profession, yearly earnings range from $36,440 to $231,540.

Working Environment


Working conditions in the oil and gas business differ as well. Engineers, for example, may visit a project site on occasion, but usually spend the majority of their time in the office on a regular basis.

Those working in the field, on the other hand, often work long days and may be out on the oil well for weeks at a time.

Outlook for the Industry


While several nations are taking steps to reduce their reliance on oil and gas, demand for this kind of fuel is not projected to decline anytime soon. According to studies, the oil and gas industry will gain 1.9 million employees by 2035.

How to Start a Career in the Oil & Gas Industry

Job seekers who want to start a career in the industry of oil and gas should first receive proper training, experience, or education before applying for their preferred position.

This stage may include finishing a certification course or degree program, acquiring a CDL, or obtaining a trade school credential.

Also, aspiring oil and gas professionals should also showcase their relevant abilities on their résumé.

FAQs

What is the highest paying job in the oil and gas industry?

Project Manager $157,795. The top-paying job in the oil and gas industry is the Project Manager according to oilprice.com.

Is oil a good career?

There are various benefits of working in oil and gas production.

Is there demand for oil and gas?

There’s been a long-term concern about the future of the oil industry. This comes from the energy transition away from fossil fuels. Renewable energies like wind and solar are increasing rapidly. 

However, there is still a substantial demand for supplies of oil and gas all around the world. As a result, many companies in different countries are always on the lookout for skilled workers. So, with the right qualification and skills, you can land one of these jobs. 

What is the future of oil and gas industry?

In April 2021, global oil demand fell by 25%. Forbes’s rough estimate suggests a 32% drop in natural gas by 2035 and a 24% drop in crude oil production by 2040.

However, IEA says jet fuel continues to recover, world oil demand is set to rise by 3.6 mb/d from April to August 2022.

Conclusion

Oil and gas production offers some of the best high-paying jobs in the world. Some of its perks are workplace safety and a good pay scale.

Some investors have projected the peak of oil to occur by 2030. Also, a lot of doom projections about the industry have been around for a while now.

However, the demand for oil is still high around the world. And so is the demand for skilled workers in this field.

References

  • www.csusm.edu – Bureau of Labor Statistics, U.S. Department of Labor
  • www.forbes.com – As Electricity And Transport Turn ‘Green’ — Is There Any Future In Gasoline?

Recommendations

0 Shares:
Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like