Is Oilfield Services/Equipment A Good Career Path?

Is Oilfield Services/Equipment A Good Career Path
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Is Oilfield Services/Equipment a good career path? Certainly, a career in oilfield services and equipment can lead to a high-paying job.

For some folks, boring days are comparable to death. The oilfield might be for you if you strongly dislike the thought of working at a computer all day or of being an exalted paper pusher.

Also have it in mind that, the Oilfield work is broad and requires a wide variety of skill sets for the job, from assisting with the setup of oilfield wellheads to moving fracking or drilling equipment to the desired area.

Keep reading as Makedailyprofit takes you down this great career path.

So, read and get intrigued by this lucrative profession!

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What is Oilfield Services/Equipment?

Oilfield services is a term for businesses that offer the equipment and knowledge necessary to carry out oil extraction. 

Oilfield service companies employ staff to operate the machines, keep an eye on them for damage, fix anything that malfunctions, and generally keep things going well.

Examples of Oilfield Services/Equipment?

Oilfield equipment is necessary for various drilling techniques as well as for excavation needs while looking for oil or gas. In a workplace, a collection of oilfield equipment could include:

  • Pump Containments
  • Drilling or Workover Rig Components
  • Solids and Well Control Equipment
  • Various types of Pumps
  • Premix Tanks
  • Oilfield Trucks and Machinery
  • Manifolds
  • Catch Tanks and Other types of containments
  • Flair Boxes and Flair Lines
  • Drive Overs
  • Hose/Bit Houses
  • Mud Vacuums
  • Pipe Racks
  • Oilfield Lighting such as Light Towers or C-MOR’s Patented CROWN LIGHT™ System

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Is Oilfield Services/Equipment A Good Career Path?

The Oilfield services/equipment is an excellent career path. The industry of oilfield services and equipment is expanding, as is the rate of job growth within it.

There is always a need for staff to replace individuals leaving the business because of the nature of the work.

If you’re worried about finding work in the industry, you shouldn’t be; there are enough positions available for everyone willing to work hard and earn a respectable living.

In reality, the typical pay for employees in this sector is from $15 to $40 per hour.

However, this depends on the jurisdiction, since some pay greater rates than others owing to a variety of reasons.

Nevertheless, the typical pay range for an industrial employee is $15 to $25 for laborers and about $35 for technicians and managers.

You will also benefit from additional benefits like pensions and group insurance.

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What are the Benefits of the Oilfield Services/Equipment Career Path?

We have discovered some key benefits to this incredible career path:

Opportunity to Develop

One can pick from a wide range of employment options in the oil industry, from salesman to supervisor to equipment operator.

Oilfield Services frequently observes that some people begin in one industry and eventually switch to another in order to challenge themselves and expand their career options.

There are always new talents to pick up that will last a lifetime. If you have an interest in working in the oilfield, Oilfield Services accepts applications on their websites at all times.

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High Pay

Let’s face it, a lot of individuals enter the oil sector because of the money.

Even while they might earn over $100,000 a year, many people who don’t enjoy the job quickly depart. Overtime compensation is frequently earned when working long hours, and it may add up fast.

Moreover, the majority of your costs while working are covered by your day rate, repaid expenses, and per stipend, leaving you with extra money in the bank.

Additionally, when you include standard employment benefits like health insurance and a 401k, your income is rather excellent.

Possibility of Travel

Since the oil and gas sector is genuinely international, it gives you the chance to explore the world while earning a living.

You may do all of these things and more, like working on a drilling rig in the Gulf of Mexico or experiencing Alaska’s 24 hours of daylight.

As a result, regular travel is necessary for the majority of oilfield positions due to the global availability of oil.

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The Schedule

The majority of oilfield service firms have quite generous vacation policies, despite the fact that you may work long hours and weeks at a time.

Some people work three weeks on and three weeks off, or any other combination you can think of. Others work two weeks on and one week off. This is frequently more vacation time than those who work a typical five-day work week with two weekends off.

You’re receiving half the year off if you work for an offshore oil business, which is a bonus that is uncommon in most other sectors of the global economy.

Oilfield employees may not spend every night at home, but when they do, they have plenty of days to spend with their families.

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How Can I Get a Job in The Oilfield Services/Equipment Industry?

Whether you’re seeking full-time or part-time employment, there are several ways to obtain work as an entry-level employee within the Oilfield Services/Equipment career path.

Firstly, signing up for the employment board of the oilfield services firm should be the initial step. Many businesses immediately publish their open positions under “careers” or “employment” on their websites.

Check out Indeed, Workaholics, Monster, and other online employment portals that provide daily job listings for oilfield services to get job opportunities for all different kinds of service providers.

Last but not least, word-of-mouth is a fantastic method to get a job in the oilfield services business, so encourage everyone you know to keep a look out for openings and share your CV with friends and family who work in this profession.

Additionally, think about going to job fairs at nearby schools or institutions that have programs in oilfield services.

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How can I Advance in the Oilfield Services/Equipment Career Path?

If you still desire to know whether Oilfield Services/Equipment is a good career path? The answer to this question is always yes. Therefore, as a “rig runner,” you will be in charge of helping out on the drill floor and aiding other tradespeople and experts with various duties that need to be finished. This is the first promotion you may seek for.

You can apply to be a “rig hand” or “roughneck,” which is your first supervisory position when you become a rig runner and earn more practical experience.

An entry-level laborer’s next step up the professional ladder is to become a drill floor shift supervisor or “drilling mud engineer,” the highest entry-level position for someone with no formal post-secondary education or experience.

But, there are certain important actions you may take to successfully enhance your career in the oilfield services industry:

  • Acquire knowledge and skills by assisting a more experienced employee in a lower-level role.
  • Maintain your concentration and desire by studying everything you can about the industry.
  • Get your résumé up to date and ready to go at all times, so that when a job opportunity arises, you’re ready.

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Prospect For Oilfield Services/Equipment

According to a recent market research analysis released by Vantage Market Research, the worldwide post-COVID-19 market size of the Oilfield Services Market is predicted to expand at a CAGR of 5.90 percent from USD 258.60 Million in 2021 to USD 364.76 Million by 2028.

NOTE:

  • The Oilfield Services market is expected to increase at a CAGR of around 5.90 percent throughout the projected period, according to our main respondents’ study.
  • According to primary research, the Oilfield Services market is anticipated to be valued at around USD 258.60 million in 2021 and USD 364.76 million by 2028.
  • By geography, Asia-Pacific is expected to lead the global Oilfield Services market.

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How Much Can You Make in This Field?

According to ZipRecruiter, the average yearly salary for an Oil Field Equipment Operator in the United States is $51,212 as of June 25, 2022. But for the purposes of a basic pay calculation, that comes out to about $24.62 per hour. This equates to $985 per week or $4,268 per month.

Furthermore, annual earnings can range from $94,000 to $22,500, with the majority of Oil Field Equipment Operators earning between $36,500 (25th percentile) and $60,000 (75th percentile), with top earners (90th percentile) earning $85,000 yearly in the United States.

7 High Paying Jobs in Oilfield Services/Equipment Career Path

#1. Lease-Purchase Operator

National average salary: $113,426 per year (Indeed)

Lease operators make certain that oil and gas transported to and from drilling sites, processing plants, and gas stations arrive safely and undamaged.

They also evaluate delivery trucks for cracks, corrosion, separations, loose fittings, or any other issue that might result in the damage or loss of merchandise.

A high school diploma, GED, or bachelor’s degree in a comparable discipline, as well as additional training in mechanical systems, are typical educational prerequisites for this job.

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#2.  Director of Operations

National average salary: $85,910 per year (Indeed)

A director of operations oversees all of a company’s or business’s important responsibilities, such as budgeting, sales, marketing, negotiating, and buying.

They also design long-term operational plans to achieve the company’s goals.

Furthermore, a bachelor’s degree in business administration or a similar discipline is typically required for a director of operations.

#3.  Director of Safety

Safety directors execute and create safety practices based on programs and standards established by their business or state.

They are responsible for lowering the risk of harm or accident and supervising activities to guarantee compliance with occupational safety requirements.

As a result, bachelor’s degrees in a relevant discipline are frequently required for safety directors.

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#4. Drilling Engineer

Drilling engineers plan and carry out natural gas and crude oil drilling operations.

They also oversee and manage the whole drilling process, from original design through testing and supervision of drill operations.

Furthermore, this profession’s general education requirements include a bachelor’s degree in a relevant discipline and a state-issued certification.

#5.  Chemical Engineer

National average salary: $81,068 per year (Indeed)

Chemical engineers perform a variety of tests and assessments to guarantee that corporations employ the appropriate chemicals to convert crude oil and petroleum into useful material.

They often team with other field engineers and scientists to guarantee the safe storage and transformation of raw materials into gasoline and fuel.

As a result, a bachelor’s degree in chemical engineering or a related discipline is often required for chemical engineers.

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#6. Executive Account Manager

National average salary: $76,580 per year ( Indeed)

Account management activities are planned, organized, and directed by executive account managers. Executive account managers in the oil sector build and purchase target oil gas accounts, as well as maintain oil firms’ customer relationships.

Furthermore, executive account managers often hold a bachelor’s degree in business administration, accounting, sales, or a similar discipline.

#7. Vessel Manager

National average salary: $71,645 per year (Indeed)

These professionals supervise and assure the safety of offshore drilling activities aboard oil and petroleum boats.

They also educate crew members, manage drilling expeditions, and collaborate closely with safety inspectors and drilling engineers to ensure that offshore drilling expeditions are carried out safely.

A bachelor’s degree in nautical science or a similar discipline, as well as fleet management training courses, are other common educational requirements for vessel managers.

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What Are the Top 5 Oil And Gas Equipment And Service Providers in the U.S?

We ranked the top ten oil and gas equipment and services firms based on the most recent available revenue figures. We mainly examined Fortune 500 organizations for our list. The ten largest oil and gas equipment and services firms are as follows:

1: Baker Hughes ($23 billion)

This company, located in Houston, was founded in 1987 and specializes in oilfield goods, services, and digital solutions. Turbomachinery & Process Solutions (TPS), Oilfield Services (OFS), Oilfield Equipment (OFE), and Digital Solutions are the business segments of Baker Hughes Co (NASDAQ: BKR).

Also, the share is risen about 27 percent year to date and more than 20 percent in the previous year. Baker Hughes employs around 68,000 employees.

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2: Halliburton ($22 billion)

This corporation, founded in 1919 and located in Houston, provides services and products to enterprises involved in oil and natural gas exploration, development, and production.

The business segments of Halliburton Company (NYSE: HAL) are as follows: Completion and Production and Drilling and Evaluation. 

The stock is up more than 42 percent year to date and more than 41 percent in the previous year. More than 50,000 individuals work at Halliburton.

3: NOV ($8 billion)

This company, founded in 1862 and located in Houston, provides equipment and technology to the upstream oil and gas sector.

Completion and Production Solutions, Rig Technologies, and Wellbore Technologies are the business segments of Nov Inc (NYSE: NOV).

The share rose about 25% year to date and more than 8% in the previous year. NOV has almost 34,000 employees.

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4: MRC Global ($3.6 billion)

This Houston-based firm, founded in 2006, distributes pipes, fittings, valves, and other related goods and services. 

MRC Global Inc (NYSE: MRC) services the energy, industrial, and gas utility end-markets and operates in three geographic segments: the United States, Canada, and International.

The share is up about 44 percent year to date and more than 10 percent in the previous year. MRC Global has about 3,000 employees.

5: Sprague Resources ($3.5 billion)

This company, located in Portsmouth, New Hampshire, was founded in 1870 and specializes in the procurement, storage, distribution, and sale of refined goods and natural gas.

Materials Handling, Refined Products, Natural Gas, and Other Operations are the business segments of Sprague Resources LP (NYSE: SRLP).

The stock is up more than 26 percent year to date but down more than 22 percent in the previous year. Sprague Resources has almost 700 employees.

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Frequently Asked Questions

What equipment is used in offshore drilling?

The device requires a massive and constant power source. As a result, power supplies are a critical component of the oil and gas sector. Hoisting systems, cranes, turntables, pumps, and huge engines are examples of heavy instruments.

What is a hoisting system?

A hoisting system is a mechanical mechanism that operates in a vertical shaft. It is the most critical and costly piece of equipment in an underground ore handling line.

What is an oil servicing company?

Oil service companies are critical to the oil and gas industry’s upstream sector because they provide services such as constructing rigs, designing pipes and pipelines, and carrying out technical, mechanical, engineering, and construction work ranging from mechanical, electrical, carpentry, and supplies.

What are the three sectors of the oil and gas industry?

upstream, the business of oil and gas exploration and production.
Midstream, transportation, and storage.
Downstream, which includes refining and marketing.

Conclusion

Certainly, in this field, on-site work is done most of the time. You’ll sometimes reside on-site, apart from your loved ones. The shifts could last a lot of time—usually between 10 and 14 hours (7 AM to 7 PM).

Therefore, if you work as a shop-based tradesperson, your average week would be 48 hours long (7 AM to 8 PM, five days a week), with the weekends off. This is a very lucrative career path.

Reference

  • fortune.com– Fortune 500
  • indeed.com– 14 of the Highest-Paying Oilfield Jobs
  • ziprecruiter– Oil Field Equipment Operator Salary
  • globenewswire.com– Current Trends In Oilfield Services Market Size Estimated To Reach USD 364.76 Million by 2028: Says Vantage Market Research
  • nos-llc.com– THE PROS OF WORKING IN THE OILFIELD

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