Energy is a highly sought-after commodity that powers our vehicles to get from place to place and our homes for heat and electricity. If you love the science of providing energy locally and worldwide, you may consider a career in oil and gas production.
Is oil and gas production a good career path? We will find out by discussing how lucrative the industry is, the future outlook, its benefits, and the possible jobs you can work in the oil and gas production industry.
How Lucrative Is The Gas And Oil Production Industry?
Accountable.US reported in March 2022 that the oil and gas industry profited $237 billion total in 2021. According to the Energy Infrastructure Organization, there are 2.6 million people employed in the oil and gas production industry. The industry supports another 9.8 million jobs nationwide. Overall, the gas and oil production industry makes up 5.6% of overall nationwide employment.
Upstream jobs total 1,150,500 which is 44% of the industry. This category involves identifying where oil and gas can be extracted from the Earth and creating wells for proper extraction.
Midstream jobs total 274,800 which is 11% of the industry. Storing and transporting gas and constructing pipelines are a part of the midstream category.
Downstream jobs total 1,165,400 which is 45% of the industry. These jobs enhance oil delivery while properly marketing and distributing natural gas products and services.
Future Outlook For Oil And Gas Production
This industry is lucrative because people always need oil and gas to power their vehicles, heat their homes, and help create electricity for their homes and businesses. The United States Energy and Information Administration states that petroleum is the biggest energy source needed for everyday life for these reasons.
The future outlook of the gas and oil production industry is profitable. Another 1.3 million jobs will be added to the economy between now and 2030.
Jobs In The Oil and Gas Production Industry
Since oil and gas are such demanded commodities, there are many jobs available to help you be successful in the industry. Some jobs that you can hold in this industry include:
- Energy Engineer
- Engineering Geologist
- Marketing Coordinator
- Petroleum Engineer
Working as an energy engineer is a versatile pursuit. You can manage an energy facility, conduct plant engineering, enhance ways to stay energy efficient, and find alternative energy forms. You need skills as a mathematician, physicist, and chemist combined with knowledge of environmental engineering to get the job done.
They can make an average of $75,445 annually according to Salary.com. However, some energy engineers can net as much as $86,974.
Senior Engineering Geologist
As a Senior Engineering Geologist, you are the link between the company and the client to make their experience A plus. Planning and managing drilling campaigns so that they are successful is a key function in this job. You will also supervise the other geologists on the team to recognize any biological hazards while unearthing gas and oil from the extraction site.
Salary.com states that the average annual income for a Senior Engineering Geologist is $79,288. However, people in this position can make a maximum of $90,598.
A geoscientist studies the Earth’s composition to be sure that the correct oil and gas are extracted from the Earth to power vehicles, heat homes, and provide electricity. They will study how the Earth’s composition and its electrical and magnetic properties for different applications in providing different energy sources.
As of 2019, the average hourly wage is $52.09 per hour and $108,350 annually across different industries. For the oil and gas extraction industry, the mean wage is higher at $79.53 per hour and $165,430 annually.
If you are not technical by any means, you can enter the industry by being a Marketing Coordinator. No matter what corporate gas and oil company in which you affiliate, you can help attract clients to purchase products and services. You will analyze their consumer purchasing behaviors and overall needs to enhance marketing campaigns.
Pay scale states that the average annual salary for a Marketing Coordinator in the oil and gas industry is $79,000. The average hourly salary for this position is $21.63.
A Petroleum Engineer directs a team of people that help to get oil and gas from inside of the Earth into gas barrels to power vehicles and homes. This position is expected to grow by 8% between 2020 to 2030 with about 2,100 new jobs annually.
The Bureau of Labor Statistics states that Petroleum Engineers make about $63.00 per hour and almost $131,000 annually as of 2021. You need at least a Bachelor’s Degree to start in this position. There are currently 28,500 jobs available for this position.
Benefits Of Working In Oil and Gas Production
As you browse jobs to work in the industry, you may be wondering about the benefits of working in it. Is oil and gas production a good career path?
Yes! Benefits include:
- Continue to learn about the changing industry.
- Enhanced training programs to perform your job better.
- Can advance from your current position in the industry.
- Travel-based job to perform gas and oil jobs at different plants throughout the nation and/or world.
- Can achieve a work-life balance thanks to the varying schedules you can take.
- Great health benefits when you are in a full-time position.
Skills Needed for the Oil and Gas Industry
The skills you would need for the oil and gas industry include:
- Ability to adapt to the changing innovations in oil and gas commodities.
- Can lead a team whether you are in an entry-level or management position.
- Critical thinking skills to solve issues at the oil plant.
- Manage time accordingly for oil extraction and other projects.
- Able to properly manage a project from start to finish.
Is oil and gas production a good career path? Yes, it can be. Gas and oil are commodities needed to power homes, give electricity to homes and businesses, and put gas in cars and buses for transportation. In other words, gas isn’t going anywhere anytime soon and there will always be a need for oil and gas industry workers.