There are 139,650 people employed in the Oil Drilling & Gas Extraction industry in the US as of 2021. Only in Texas oil and natural gas job growth grew by 15.4% this November compared to last November, with 2,400 upstream jobs added last month, data from the Current Employment Statistics report from the Bureau of Labor Statistics show. The highly qualified engineering professional, Adeoluwa Olotu, that works in the field, shares his insights on current and future growth in an interview.
Oil and natural gas are major industries in the energy market and play an influential role in the global economy as the world’s primary fuel source. Can you please provide us with a future analysis for the market?
The oil and gas industry has rebounded strongly throughout 2021, with oil prices reaching their highest levels in six years. While the industry’s recovery is better than expected, the job offers are also rising in the U.S market. There are 47,552 Oil Drilling & Gas Extraction businesses in the US and they’re seeking professional experts. We have a huge market growth in the U.S. Different sectors of the Oil and Gas industry, petrochemical sector for example has seen a huge boost with the discovery of more shale gas and high demand for plastics. These factors are contributors to the increasing demand for professionals in the fields. As a highly qualified engineering professional at Ecolab, having comprehensive skills in project management, process improvement, and data analysis, I do not see this trend reversing any time soon.
An Upstream, the business of oil and gas exploration and production; Midstream, transportation and storage; and. downstream, which includes refining and marketing. All these areas are hiring now in the U.S?
For the past six months, employment gains only in the Texas oil and natural gas industry have exceeded 2,000 jobs every month with the average monthly gain being 2,633, Texas Workforce Commission data show. With 185,800 upstream jobs in November, jobs in the industry were up by 24,800, or 15.4%, from last November. Since the low employment point in September 2020, growth months have outnumbered decline months 12 to 2, with the industry adding 28,300 Texas upstream jobs. As we move into 2022, many oil and gas (O&G) companies are looking to reinvent themselves by practicing capital discipline, focusing on financial health, committing to climate change, and transforming business models. The journey of transformation has just begun for the industry, and simply managing or riding oil price cycles aren’t options anymore.
As a professional in the field with a Bachelor of Science, Chemical Engineering, magna cum laude, what should the O&G strategists do in the next 12 to 18 months?
O&G strategists should: Streamline and optimize their resource portfolios; Embrace and develop smart goals for the energy transition; Attract, train, and retain employees in a tight labor market; Come to terms with additional environmental, social, and governance (ESG) requirements; Purpose-driven, tech-enabled, and human-powered organizations with smart interim goals and progressive communication and disclosure strategies can make it happen. Total wages paid by the Oil Drilling & Gas Extraction industry is expected to increase 16.1% in 2021, to $14.6bn. Qualified professionals are totally necessary to keep the industry growing.
Working as a technical Consultant for Water Treatment and Petrochemical Processing in the Oil & Gas field, do you think the market needs experts to keep growing?
Absolutely, water is an essential resource for continued production, and it is no secret that water is an exhaustible resource. In fact, the world is facing a water scarcity problem, therefore, with the increasing demand for energy and plastics, more water treatment professionals are needed to help optimize water usage and foster increased production. Additionally, as I mentioned earlier the petrochemical sector has seen a boost in recent years. Since 2019, 10 major downstream projects have been constructed in the USA alone. These new manufacturing facilities are projected to create over 45,000 construction jobs and over 1000 permanent jobs upon competition. Definitely, more engineering professionals are needed to support this growth.
During your time in the Oil & Gas Industry, working for Ecolab, how has your experience been?
I have been very privileged to work for a company that considers safety as truly the number one priority and also has sustainability at its core. In my time at Ecolab, I have been able to work at over 10 different refineries and petrochemical plants across North America, learning different processes and operations. At these different sites, I have had a ton of great experiences leading and contributing to various projects. One that ranks high was leading a cooling tower blowdown optimization project that led to a 16.4 million gallon/year water savings. Having an impact on the world’s sustainability has been a childhood goal of mine, and working at Ecolab in the downstream sector of the oil and gas industry has enabled me to fulfill those goals.
About Adeoluwa Olotu
About Adeoluwa Olotu: Driven Specialist: Technical Consulting, Petrochemical Processing, Chemical Engineering, Water Treatment, Oil & Gas, Tech – Dedicated engineering professional with comprehensive skills in project management, process improvement, data analysis, sales, and collaborating with cross-functional teams to achieve goals. Innovative thinker with strong water treatment and petrochemical processing acumen. Passion for developing and executing plans in complex, fast-paced, regulated organizations. Implements impactful tactics by analyzing details to understand key business drivers, emerging trends, and stakeholder needs. Highly organized, creative problem-solver who excels at completing complicated projects. Expertise in managing programs, contracts, and budgets and providing new ideas that grow revenue or reduce costs.