Dear Oil Industry folks,
“The true measure of success is how many times you can bounce back from failure.”
― Stephen Richards
We all are going through tough times. Every day the oil price is plunging towards a new bottom. The companies are going bankrupt and have stopped their operations. There are no projects to work on. This has affected most of the people in the industry and their family members. We all have responsibilities either in the form of our dependents or in the form of some monetary burden. It is a painful situation and is stressing out all of us. Not only oil professionals who are working in the industry but also students who are yet to graduate are affected. Few days back I met a group of students, and realized clearly this is not the best time to graduate as a Petroleum Engineer. However, this isn’t the first time that oil industry is facing recession. In my career of around 9 years I have seen this for the second time. Every day I hear the news of someone in my circle being fired. It is so frustrating, but we all have to face this.
So I thought of sharing a few things with the professionals and the graduates that they can do till the oil price comes up:
For Professionals with experience: Those professionals who have been working in the industry for more than 5 years (including me), we have enough money to survive for a year and a half. It’s the best time for us to pursue our hobby and do those things that we have always wanted to do but never were able to do. We can travel, pursue masters/PhD, read or write books, join an NGO, teach, join a start-up, be an entrepreneur, be an investor. There are so many things we can do and be happy about it. I love traveling so my plan is to travel for 6-8 months. I plan to go to the north east states of the country. I may also visit Leh-Ladakh. I plan to travel the way I always wanted to. After the 6 months I may join a radio station as a radio-jockey or join some start-up or NGO.
“Be thankful for what you have; you’ll end up having more. If you concentrate on what you don’t have, you will never, ever have enough”
― Oprah Winfrey
For professionals with 1-2 years of work experience: This is the time when you guys can think of higher studies, take GRE/GMAT/CAT or may be join any start up in the industry you like. You can also think of joining some government organizations. You can also think of UPSC or GATE.
For students at the university: I know this isn’t a great time to graduate, but it’s certainly not the time to be disheartened. It’s the time to face the problem and be resilient. This reminds me of an old age quote, “Where there is a will, there is a way”. This is the time to build your network, make your contacts and then at the right time use them for your benefit. This is the time to join any volunteering organization. It may not pay well but will help you to become a better human being. It will also help to hone your leadership skills. Interested folks can join army, air or naval forces. You have all the time in the world to prepare for competitive exams. This is a time for you to experiment and unleash your potential as an individual.
“Get going. Move forward. Aim High. Plan a takeoff. Don’t just sit on the runway and hope someone will come along and push the airplane. It simply won’t happen. Change your attitude and gain some altitude. Believe me, you’ll love it up here.”
― Donald J. Trump
I know these things are better said than done. If you lose job or are unable to find one, it’s not your problem. This is not the time to lose your confidence or lose yourself. This is the time to face this situation with confidence and resilience. Oil prices are plummeting; it’s certainly not our fault. As a reservoir engineer, I have done a few history matches and I am not bad at it. So, the history match suggests the oil price won’t stay low forever, and the forecast say it will rise, it definitely will.
Still A Proud Petroleum Engineer.