It is a strange fact that as oil prices soar the number of jobs within the oil industry, especially in ‘upstream’ exploration and production, actually increases. As oil becomes more expensive more and more is needed to reduce the price. The Oil and Gas Industry is huge because the use of these natural resources is present in every aspect of modern life. Not only are these resources used as fuel but are ever present in the manufacture of everyday materials such as plastic, itself omnipresent in today’s world.
Within the Oil and Gas industry exploration is one of the fastest growing areas. As oil runs out, new reserves have to be found. Also newer methods of obtaining the oil need to be researched and developed. As the more accessible oil fields are used up new oil fields are found that are simply unobtainable through existing drilling methods. The exploration sector of the Oil and Gas Industry covers jobs such as geologists, drilling engineers, reservoir engineers and production engineers.
Commonly if there are cut backs in the ‘upstream’ jobs then there are cuts across the whole of the sector; similarly the adverse is also true. With an increase in jobs in the ‘upstream’ sector more jobs become available in the ‘midstream’ and ‘downstream’ sectors. Midstream jobs are concerned with the transportation and refining whereas downstream jobs are wholesalers and retailers. Of course there is a period of delay whilst upstream jobs increase in order to find new reserves, or easier ways of drilling existing reserves, but once more oil is made available for production and sale then the demand for midstream and downstream jobs grows proportionately.
Simply put, as oil prices soar, more oil is needed to bring the cost down and as jobs increase more oil is needed to work with. New oil reserves are found on a regular basis. Last year, for example, Brazil found a huge new oil reserve off of its coast. The new reserve, believed to contain between 5 and 8 billion barrels of attainable oil, is set to make Brazil one of the world’s largest oil producing nations. What’s more it is set to guarantee job growth in the sector into the near future.
So, even within the current economic climate of a global crunch, there is one market sector that is set to expand regardless. Whereas in other sectors, such as construction, jobs are being cut Oil and Gas Jobs are on the rise at all levels in upstream, midstream and downstream areas. In order to combat the affect that increased oil prices will have on every other aspect of life and in every other job market an increase in jobs in this sector becomes crucial.
Oil and gas price increases affect us all; not only does heating our homes become more expensive but so does the price of a loaf of bread as transportation costs grow due to fuel price increases and so on. Therefore the exploration and discovery of new reserves becomes a major priority; good news if you are looking for one of the rewarding jobs in this sector. |
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