Is Oil & Gas Production a Good Career Path? Facts and Truth in 2023

Yes, Oil and gas production is a good career path. The good news is that the production of oil and gas is an expanding sector of the economy. With the world’s population likely to expand further, demand for these oil and gas products will rise. This implies that people with the right skills will have lots of chances.

In this article, we’ll consider the oil and gas industry as an excellent career path today despite the energy transition movement toward renewable sources. 

So, we have provided insights into why pursuing a career in this industry could be an excellent decision for your future.

What is Oil and Gas Production?

Oil and gas production involves the extraction of oil and natural gas and processing of these and turning them into the final petroleum products that consumers can use. It’s a large industry with several available jobs.

Oil and gas production is typically viewed as a hazardous and filthy job. Nonetheless, it is a very complex procedure that demands a wide range of skills. There are several employment opportunities in oil and gas production, ranging from engineers to geologists.

Why Work in Oil and Gas Industry

Oil and gas production is a challenging but rewarding career path. It offers a unique opportunity to work in an industry that is essential to the global economy. Furthermore, the oil and gas industry provides stable and high-paying jobs, as well as opportunities for career growth.

However, working in oil and gas production can be physically demanding and challenging, but it is also exciting and rewarding. In truth, production workers have the opportunity to work with cutting-edge technology and equipment, in a dynamic and require ever-changing environment.

Benefits of Working in Oil and Gas Industry

The oil and gas production industry holds alot of benefits despite it is one of the highest-paying career path. in as much as it is beneficial , it also comes with some drawbacks which you should look out for.

Pros:

• High Paying Jobs: Oil and gas companies are often very lucrative. They have a large income, which frequently transfers to their staff. This field is definitely worth exploring if you’re seeking for a high-paying job. The fact that few individuals are interested in working in these positions is another factor contributing to their high pay. The supply outnumbers the demand. This is because the task is frequently demanding, hazardous, and nasty.
• Create opportunities: This industry provides numerous job opportunities that will never seize. This is because the oil and gas industry is an expanding one that will always demand for labor.
• Travels: If you are fund of tours and trips, well this industry might just be what you need. The oil and gas sector typically involves change of locations due to the generation process.

Cons:

• Risk: Despite there are risk in every industry, oil and gas hold the most record of them. This is why you must undergo safety training to be part of the team.

Prospect of the Oil & Gas Industry

Refusing to use oil resources will have serious effects. It has been determined that the world’s maximum conventional oil output will be 4.5-4.8 billion tons per year in 2020-2030.

The Persian Gulf, Western and Eastern Siberia, the Caspian Sea, and the African and South American Atlantic shelves will be major regions of conventional oil production during this era.

The current level of oil output may be sustained with large-scale participation in the development of non-traditional sources (bitumen and shale oil).

According to the raw material basis, Venezuela, Canada, Russia, and the United States should be the leaders in unconventional oil production.

Is Oil & Gas Production a Good Career Path?

Yes, oil and gas production is a lucrative career path. The industry also offers opportunities for career growth. With experience, production workers can advance into management positions or become technical experts in their field.

There are also opportunities to move into other aspects of the oil and gas industry, such as marketing, finance, or operations.

Is Oil and Gas a Good Career in Canada?

Yes, oil and gas is an excellent career choice in Canada. As a matter of fact, oil and gas production is a global industry. According to Talent in 2023, recorded the average annual salary for the Canadian oil and gas industry to be $58,500, or $30 per hour. The starting salary for entry-level jobs is $47,444, while the average yearly salary for experienced professionals is $97,500.

Oil is a strong and flexible source of Canadian energy that will continue to be a part of the global energy mix for decades.

Furthermore, the residual oil reserves in Canada, which are mostly in the provinces of Alberta, Saskatchewan, and the waters off of Newfoundland and Labrador, are estimated to be six billion barrels. These reserves are not in the oil sands region.

What Education Do You Need for Oil and Gas Jobs

Here is the list of subjects you need to get into the line of oil and gas industry. Most of the subjects can be totally STEM-related.

• Engineering
• Mathematics
• Management & Business
• Information Technology
• Sciences (Biology, Chemistry, Physics, etc.)

What Job Qualifications Do You Need to Work in the Oil and Gas Industry?

A high school diploma or its equivalent and the age of 18 are the minimum criteria for field workers, whereas professional positions call for a bachelor’s degree or its equivalent.

Employees need to have completed an internship or at least one year of relevant work experience to be considered for professional employment.

How Much Can You Make in the Oil and Gas Industry

Income in the oil and gas sector varies depending on the type of labor, the environment, and the organization. There are two categories of employment, general labor, and highly skilled professionals, as we’ve already discussed.

Depending on their duties and expertise, those who perform physical labor might earn ranging from $22,492 and $65,500 annually.

Additionally, highly qualified individuals might earn ranging from $78,883 and more than $120,000 annually.

The 3 Different Sectors of the Oil and Gas Industry You Should Know

There are three types of oil and gas companies, which are:

• Upstream
• Midstream
• Downstream

10 Highest Paying Jobs in Oil & Gas Production

The oil and gas industry is one of the most lucrative industries in the world. Here are the 10 highest-paying jobs in oil and gas production:

#1. Petroleum Engineer

• Median Salary: $124,158 per year (Indeed)

Petroleum engineers are responsible for the extraction of oil and gas from underground reservoirs. They develop and implement plans to maximize production while minimizing costs.

#2. Geoscientist

• Median Salary: $110,629 per year (Zippia)

Geoscientists study the physical characteristics of the Earth, including its atmosphere, hydrosphere, and lithosphere. They use this knowledge to find new reserves of oil and gas.

#3. Drilling Engineer

• Median Salary: $94,960 per year (Glassdoor)

Drilling engineers oversee the drilling of wells to extract oil and gas. They develop drilling plans, supervise crews, and ensure that wells are drilled safely and efficiently.

#4. Production Engineer 

• Median Salary: $70,232 per year (Glassdoor)

Production engineers develop plans to optimize oil and gas production from wells. They also monitor production operations and troubleshoot problems when they occur.

#5. Reservoir Engineer

• Median Salary: $125,303 per year (Payscale)

Reservoir engineers analyze underground reservoirs of oil and gas to determine their potential for production. They also develop plans for maximizing recovery from these reservoirs.

#6. Completion Engineer

• Median Salary: $74,003 per year (Glassdoor)

Completion engineers design and oversee the completion of wells drilled for extracting oil and gas resources from subsurface reservoirs.

Entry-Level Jobs In Oil And Gas Production

#7. Floor Hand

• Median Salary: $48,893 per year (ZipRecruiter)

A floor hand often performs periodic checks and maintenance under the direction of a driller. They finish tasks as assigned. This is a physically tough profession that will frequently get you dirty and is possibly dangerous.

#8. Oil Truck Driver

• Median Salary: $74,253 per year (ZipRecruiter)

A commercial driver’s license is necessary, along with the capacity to manage paperwork and do simple vehicle maintenance. Not everyone can work as a truck driver because they often put in long, working hours.

#9. Roustabout

• Median Salary: $55,296 per year (Salary)

In an oil field, roustabout carries out a variety of tasks, the majority of which are unskilled labor. They are expected to do maintenance, load and unload supplies, as well as other varied tasks.

#10. Safety Officer

• Median Salary: $58,187 per year (Glassdoor)

The safety officer is responsible for ensuring that safety protocols and regulations are followed. In most cases, a college degree in a relevant discipline is necessary.

The oil and gas industry places a high priority on safety, so having someone on hand to ensure rules are followed is vital.

Is Oil & Gas Production a Good Career Path? (FAQs)

Is it difficult to get a job in the oil and gas industry?

If you have the necessary skills and a degree in a STEM field (science, technology, engineering, and mathematics), you may enter the oil and gas industry with ease.

Is there hope for the oil and gas industry?

Yes, it is expected that oil prices would continue at around $60 per barrel until 2024. Almost two-thirds of investors believe oil will reach its peak by 2030.

How Much Can You Make in the Oil and Gas Industry

Depending on their duties and experience, those who perform physical labor might earn ranging from $22,492 and $65,500 annually while highly qualified individuals might earn ranging from $78,883 and more than $120,000 annually.

Bottom Line

The oil and gas industry provides stable, well-paying jobs. Production workers typically earn good wages and benefits, including health insurance and retirement plans. In addition, many companies offer tuition reimbursement programs, which can help offset the cost of furthering your education.

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