February 26, 2021
Given the change of course that has happened in the world, we wanted to provide expert opinions on what aspiring graduates can do to start off their careers in an uncertain economic climate. We wanted to know what skills will be more important, where the economy is doing relatively well, and if there will be any lasting effects on the job market.
Companies are looking for candidates that can handle the new responsibilities of the job market. Recent graduates actually have an advantage because they are comfortable using newer technologies and have been communicating virtually their whole lives. They can take what they've learned and apply it immediately.
We spoke to professors and experts from several universities and companies to get their opinions on where the job market for recent graduates is heading, as well as how young graduates entering the industry can be adequately prepared. Here are their thoughts.
Colorado School of Mines
Petroleum Engineering Department / Center for Hydrate Research
Daniel Croce: Data analysis, modeling and forecasting and remote support should gain more importance for the petroleum industry given the necessity of personnel gathering avoidance. The energy demand will increase as regular activities recover, so preparing for the upcoming months is of key importance. Activities such as flow assurance, supply and replenishment and asset valuation should occupy a key role as the activities around the world start to speed up.
Daniel Croce: In overall, learning fundamental coding and data analysis skills is of great importance to understand energy consumption behaviors that cannot be modeled but by using statistical resources. Larger data sets of different nature are more and more available every day, and it is of key importance to know what data to use and how to use it. The key for success will be to not fall in the trap of doing machine learning or following data analysis trends just because everybody is doing it. It will be key to understand if its needed and what to expect from it.
Another point to mention is that the industry has different needs according to the geographical location. In particular, the United States has seen a large boom from the development of shale formations that now require artificial lift technologies and reservoir stimulation techniques that increase the ROI of the large investments made in the past eight or so years. In that sense, understanding "the fundamentals" of these activities and their current limitations will be a great requirement to challenge the existing boundaries and methods and bring the success required for the next decades. Courses related to these activities will be of major importance in the short term for the O&G industry.
Daniel Croce: Salary scales have not changed according to the feedback we have. The size of the payrolls has been adapted for a more efficient use and impact on the PnL of the companies, from top to bottom.