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Oil and Gas Industry - The Future
02/02/2011
For many years now, media reports have been surfacing about the decline and fall of the Oil and Gas industry. To paraphrase a well-known saying, reports of its death have been greatly exaggerated. The Oil and Gas industry is well aware that the nature of its business means that its total output is finite but that does not mean that it does not have a future.
New Fields
There are new fields opening up across the world every month. This represents opportunity, jobs and above all a future. It is fair to say that many of the easily accessible deposits have been, or are being, tapped. Hence new finds tends to be in less accessible regions of the world or under hard to navigate terrain. This pushes the cost of exploration up, but with so many peripheral industries relying on the Oil and Gas Industry for their raw materials it is a price worth paying.
New Technology
The new environments and terrains that are being explored, force companies to innovate their approach. The current technology may not work in places like the Russian Arctic hence new technology has to be developed that will. This does two things. Firstly, it places the Oil and Gas industry at the cutting edge of engineering technology either as a procurer or developer. Secondly, it creates more jobs, with the core engineering jobs usually attributed to the industry.
Technological advances in this industry can also benefit other non-related industries. Research and Development costs are therefore shared, or at the very least passed on in any licensing agreement. A technology shared, it would appear, is a cost halved.
New Jobs
With new fields opening and new technology being developed, it creates new jobs in a variety of professions. For an industry ‘allegedly’ close to its shelf life, there are still long-term career opportunities ready for the taking. Working and learning your trade in this environment will help ground employees in the ‘traditional’ energy sector. As and when the balance then tips, and different energy sources are found, these base skills and fundamental understanding of the Oil and Gas industry will be incredibly useful.
There is no doubt that the future for fossil fuels like Oil and Gas is finite but there IS a future none-the-less. Whether it be new fields of untapped fuel, developing and using new technologies or in the new jobs that will inevitably be created because of them both, it may be time to bank on Oil and Gas again!
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