Thursday, 20 November 2014

Petroleum Engineering- Highest Paying Engineering Job

Energy is a key component in our everyday lives. A secure energy future requires a balance between environmental impact and affordable supply. Petroleum engineers are able to address and solve important issues that will lead to energy security and thus are in high demand. 

The oil and gas business is big, and is becoming bigger, as oil prices soar, and demand for energy increases.  Fossil fuels will remain the primary sources of energy, accounting for 84% of the overall increase in demand. World energy demand will grow by 55% between 2005 and 2030.

Currently the major problem the industry is facing is the workforce. Consider these diverse facts related to oil and gas business.
  • Ageing workforce in the industry
The oil and gas industry workforce is old: a 'young' worker is about 43, and an 'old' worker is 55. Their average age is about 50 and their average retirement age is 60; therefore,  the industry faces a major skills crisis in the next 5 to 10 years, as more than half the experienced workforce will leave the industry.

  • Increasing global demand for skills
The skills problem is becoming larger day by day: The industry needs to replace the missing generation, and also introduce another generation to meet with increased demand for skills. The new  new oil and gas finds will require huge skilled workforce. The global oil and gas industry is already being held back by its failure to attract, recruit and retain highly-skilled staff.

Ongoing growth in worldwide energy consumption means demand for petroleum engineers is high. Oil companies and service providers are actively recruiting graduates in this area, which remains buoyant despite the economic climate. 

Petroleum Engineering 

 Since many petroleum companies conduct worldwide operations, petroleum engineers have the opportunity for assignments all over the world. Petroleum engineers solves the variety of technological, political, and economic problems encountered in their work-life. These exciting challenges combine to offer a petroleum engineer a most rewarding career.

As per the graph above, Petroleum Engineering is very challenging and rewarding career. Think twice before choosing a career. 

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