Here are five things you must know about career in the energy sector:
- 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.
- 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.
- Experience and placement data at UPES shows that premium public sector and private sector organizations in this industry continue to hire fresh talent. But for higher efficiency and maximum returns, organizations are recruiting candidates with domain knowledge so that they are more productive from day one.
- Oil and gas organizations 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.
- The global nature of oil and gas industry points toward national and international opportunities for students. Thus offering them ample opportunities to work in a multi-cultural environment and adopt best practices.
Contributed by Utpal Ghosh, CEO and President of UPES