The oil and gas sector is amongst the core industries in India and enormously impacts other important sections of the economy due to its interplay with foreign exchange and dependency of various other industries. As per industry estimates, India’s oil demand is expected to grow to 458 Million Tonnes (MT) and gas production is expected to touch 90 Billion Cubic Metres (BCM) by 2040.
Demand for energy will more than double by 2040 as economy will grow to more than five times its current size. As the sector gears up for this massive surge in demand and operations, it cannot achieve this daunting task without an army of trained professionals across all levels.
Things you must know about career in energy sector:
1. Industry can be categorised in two sectors: The industry can be broadly categorized in two sectors: upstream which includes exploration and production, and downstream which includes petroleum refining, transportation, storage, wholesale marketing, retail sales and value-added products.
- Upstream: In the upstream sector, drilling can take place under the sea, over the land, and across difficult terrain like deserts and jungles. New technologies allow engineers to drill as much as five to seven kilometres vertically downwards. In addition to exploration and production, one can specialise in geo-sciences to study about what happens below the earth’s surface.
- Downstream: On the other hand, the downstream sector involves transporting crude oil to refineries to create finished goods like petrol, diesel, kerosene, liquefied petroleum gas (LPG), aviation fuel, lubricants etc and eventually marketing the final product to consumers.
2. Given the current economic environment the oil and gas industry is considering how to achieve more with less without closing the talent pipeline. Identifying and hiring skilled people, and focusing on retention, provide a competitive advantage that will pay off. Energy companies must strike a fine balance between cost-cutting and retaining or recruiting the best talent.
3. Experience and placement data at UPES shows that premium public sector and private sector organisations in this industry continue to hire fresh talent. But for higher efficiency and maximum returns, organisations are recruiting candidates with domain knowledge so that they are more productive from day one.
4. Oil and gas organisations do not just pay well but are also one of the best places to work. Many of them appear on the ‘Great Place to Work’ list. Technological advancements in energy exploration and production have also made this sector attractive for the millennials.
5. The global nature of oil and gas industry points toward national and international opportunities for students. As India eyes strategic energy assets overseas, there are ample opportunities to work in a multi-cultural environment and adopt best practices.