Petroleum Engineering. August 28, 2005 English 406 Project 1 Word Count: 841

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1 Petroleum Engineering August 28, 2005 English 406 Project 1 Word Count: 841

2 In today's society there is a growing demand for the use of petroleum worldwide. While the demand for petroleum continues to grow, current production rates must be increased, which will require more petroleum engineers in the workforce. Throughout this paper we will explore the various certifications available to petroleum engineers, examine the activities and projects they are involved in, and also glance at what the future job market has in store for petroleum engineers. A petroleum engineer has many responsibilities and requires certain certifications for employment. According to the Occupational Information Network, petroleum engineers develop methods to improve the production of oil and gas wells and also create the need for a new or modified tool design 1. The skills and knowledge needed for this job are no easy feat, however are necessary. A petroleum engineer must have basic knowledge of mathematics, English, physics, computers, management, chemistry, economics, production and processing, and engineering and technology, which is represented with a Bachelor of Science Degree certificate. Bob Chase, Chair of the Petroleum Engineering Program at Marietta College, suggest that most companies hiring petroleum engineers only require the BS Degree 2. However, he goes on to say that in some cases documents signed to be turned into the state must require the signature of a certified registered engineer. Also, if a petroleum engineer would want to start his/her own independent practice, then he/she would have to be a certified registered engineer within that state. Petroleum Engineers explore the world for oil and gas reservoirs and there activities are sub-divided into two main groups, drilling/completion and production/ development. The drilling/completion side of the job begins, according to the U.S.

3 Department of Labor, once these reservoirs are discovered 3. Petroleum engineers work together with geologists and other engineers to determine the best methods of developing the reservoir field. Detailed research is involved in determining which formation or formations store the petroleum and what rock composition is present. As soon as the target formation is decided, the appropriate drilling methods are determined and the petroleum engineer is responsible for the monitoring of these drilling and completion operations. Also, petroleum engineers design new equipment and procedures to economically produce as much of the petroleum reserves as possible. In new fields, where there are no benchmarks, petroleum engineers imitate the performance of wells using computer simulators to determine which model proves to be most profitable 3. Petroleum engineers determine the most economic and efficient production/ development method that will increase recovery while lowering the costs. Wells that are drilled and are flowing only produce so long by themselves. Once production has dropped to a certain level, depending on the company, secondary enhanced recovery methods are designed and implemented on the well to optimize production. Secondary recovery methods include hydraulically fracturing the formation, installing artificial lift systems, and the injection of water, steam, gas, or chemicals into offset wells of the producing well in a strategic pattern 3. Because much of society relies on petroleum it is important to look at the future job market of petroleum engineers. In 2002, petroleum engineers held about 14,000 jobs in oil and natural gas production, professional, scientific, technical services, and refining 3. According to Dr. Chase and the Department of Labor most petroleum engineers find work in areas where petroleum is discovered. These areas include Texas,

4 Louisiana, Oklahoma, Alaska, Gulf Coast, Appalachian Basin, California, and the Rockies area. Petroleum engineers work for major oil companies, smaller independent companies, and service companies. Most of theses companies in the past have had a pyramid organization structure (where one person was the boss and had supervisors below him/her and workers below them). However, Dr. Chase suggests that there is no set organizational model anymore and that most companies are trying to flatten out their management to eliminate middle management. This transformation allows young engineers to move into management positions sooner and presents engineers in the oil industry excellent employment opportunities. The job outlook for petroleum engineers heading in the future seems to be quite favorable. The industry should see a "boom" for at least the next ten years due to 50 percent of the workforce retiring, and whether the "boom" continues after that will depend on whether this country can shift its economy to an alternative energy source 2. Oil and gas reservoirs are drilled all around the world and some of the better opportunities may lie in other countries. According to a 2003 salary survey by the National Association of Colleges and Employers, bachelor's degree candidates in petroleum engineering received starting offers averaging $55,987 year, and the average annual salary for a petroleum engineer in 2002 was $83,370, where the middle 50 percent earned between $63,390 and $105,920 year 3. The field of petroleum engineering is a technical but also an exciting profession to be apart of. Due to the large number of oil-field employees' retiring in the near future, the industry appears to be very promising for petroleum engineers. While our society

5 worldwide continues to operate on petroleum, than there will always be a demand for petroleum engineers in the workforce.

6 Works Cited 1. O*Net Online. 29 August Occupational Information Network < Onetcenter.org/link/summary/ >. 2. U.S. Department of Labor. 29 August Bureau of Labor Statistics < gov/oco.ocos037.htm>. 3. Chase, Bob. Interview with Bob Chase. Marietta College Department Chair. Marietta. 28 August 2005.

Thursday, March 6, 2014 Houston, TX. 8:30 9:40 a.m. AN ECONOMIST S-EYE VIEW OF THE ENERGY INDUSTRY: HYDROCARBON HAT TRICK

Thursday, March 6, 2014 Houston, TX. 8:30 9:40 a.m. AN ECONOMIST S-EYE VIEW OF THE ENERGY INDUSTRY: HYDROCARBON HAT TRICK Thursday, March 6, 214 Houston, TX 8:3 9:4 a.m. AN ECONOMIST S-EYE VIEW OF THE ENERGY INDUSTRY: HYDROCARBON HAT TRICK Presented by Jesse Thompson Business Economist Federal Reserve Bank of Dallas, Houston