In 50 years, global energy consumption will go up by 50%. Until we find sustainable fuel, one of the major challenges of the oil industry is to find new oil. To find oil, we need to have machines like super computers and hitech imaging systems, not to mention, competent people. There is a paucity of talent both at the upstream (oil and gas exploration) and downstream (refining) levels.
According to a recent PricewaterhouseCoopers study, the energy industry will need 6,180 trained geoscientists for exploration operations alone in the next five years. The shortfall will be about 2,844 geoscientists. Add to this, the overall gap between availability and requirement of 36,000 trained manpower by 2019. There is an acute shortage of professionals like geoscience experts, drillers and project managers.
The opening up of the Indian petroleum sector to private players, dismantling of price controls and the spiralling fuel costs combined with increasing consumption of petroleum products have brought this industry in the forefront. As a petroleum engineer, you will use the latest analytical techniques to understand oil well and reservoir behaviour on rock parameters, geology and fluid properties, and apply the findings to make reservoir and production forecasts.
In addition, your reservoir simulation models will incorporate quality control and fundamental RE data for history matching and production forecasting. You will also make hydrocarbon development proposals for new wells and facilities.
Global fuel refining capacity is struggling to keep pace with the rise in demand for ever-cleaner fuels worldwide. For example, no new refinery has been built in the US since 1976 in the face of tighter green laws, though over 200 million light vehicles on its roads consume 11% of the world’s oil output. That spells opportunity for India to become one of the world’s leading refiners.
Accordingly, Reliance is scaling up its capacity at Jamnagar, Essar Oil is setting up a refinery at Vadinar, and Indian Oil, ONGC and HPCL are looking at building plants in Paradip, Mangalore and Vizag respectively.