Many people are asking themselves if it is worth pursuing a degree in petroleum engineering considering that the industry is experiencing a very bad downturn right now because of the collapse in oil prices.
I got my petroleum engineering degree 8 years ago and I want to share my opinion on whether it is still a good idea to get a petroleum engineering degree or not.
After getting a petroleum engineering degree, I worked for a few service companies mainly in coiled tubing and hydraulic fracturing.
Most people I worked with had either a mechanical engineering degree or a diploma.
Related: What Classes Do Petroleum Engineers Take?
Study Mechanical or Chemical Engineering
If I was going to school again, I would personally take a mechanical or chemical engineering degree instead.
You can basically get any oil and gas engineering job with a mechanical or chemical degree so petroleum engineering doesn’t really give you that much advantage unless you want to be a reservoir engineer.
But even then you can just graduate with a minor in petroleum engineering or take a few reservoir engineering classes at the university.
If you take a look at the current job postings, you will notice that most engineering jobs in the oil and gas industry just require an engineering degree and only a few specifically want someone with a petroleum engineering degree.
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When to Study Petroleum Engineering?
Don’t get me wrong you can still get a great job as a petroleum engineer but there is quite a bit of competition.
The problem is that fewer engineers are currently required because of the low oil prices and all the optimization currently happening in the oil and gas industry.
Since the last oil price collapse that started in 2014, it is becoming more challenging to find a job in the oil and gas industry.
However, it doesn’t mean that oil prices will stay low forever.
If you really want to become a petroleum engineer and think you can keep your GPA above the 3.7 required by many oil producers, I would go ahead.
If however your grades are not high enough and you just want to work as a petroleum engineer because of the money like a lot of other students, it might be better to get mechanical or chemical engineering degree instead to increase your options after graduation.
Unless you already know someone who works for the E&P company and can give you a job after graduation.
Because of the lower oil prices, the salaries in the oilpatch were pretty stagnant for the past several years and in some cases even decreased.
So if your only objective is making a lot of money take a look at other engineering degrees.
If you find the right company, you can make a lot of money with biomedical or computer science degrees as well.
A petroleum engineering degree by itself is very specialized and it makes it challenging for many people to find a job outside of the oil and gas industry.
While with chemical or mechanical degrees, you will have more opportunities because you don’t really have to stick to the oil and gas when there is a bust in the industry.
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Research Oil and Gas Industry While Still Studying
Usually, the first 2 years in the university are the same for all the engineers.
In your second year, start doing research on how the oil and gas industry is doing and what jobs are available.
Even better try to get a summer job in an oil and gas company to see if it is something that you want to pursue as a career.
Oil and gas is a cyclical industry and right now it is experiencing a downturn, however, it doesn’t mean that we will not see another boom in the next couple of years.
Get an Internship or Summer Job
I highly recommend getting an internship or summer job if you want to increase your chances of getting hired right after graduation.
Many oil and gas companies still hire graduates directly from university because it is cheaper and they can train fresh grads their own way.
If you can’t get a summer job or internship, try applying for jobs on a rig, coil unit, or even wireline as an operator.
These are not glamourous jobs and can be physically demanding but they will give you some experience in the oil and gas industry and the pay is usually pretty good.
Digitalization in the Oil and Gas Industry
There is a big trend towards digitalization in the oil and gas industry to increase efficiencies, introduce more automation, and reduce costs of everyday operations.
That’s why it is not a bad idea to take some programming classes in addition to your engineering degree.
There are many tech companies entering the oilpatch and they will need someone who understands how the oil and gas industry works and at the same time also knows how to program.
Related: Quick Intro to Data Science in Oil and Gas
How About the Environment and Renewable Energy?
There is a lot of work currently being done by many oil producers to decrease the amount of environmental damage.
Fuels like gas are very clean in comparison to coal that a lot of countries still use to produce electricity.
If you capture CO2 created when burning methane and use it for something or inject it back into the formation, you’re virtually left with zero carbon emission into the atmosphere.
The oil industry is not going anywhere.
Yes, there are renewables but oil and gas are required not only for the production of fuels but also to create a variety of other products that we use on daily basis.
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