Hello I am a sophomore in Petroleum engineering (I just started my first major class). So basically I am worried about the future of the petroleum industry. Generally, this in consideration of the potential effects of hydraulic fracking, nuclear fusion, and the saturation of oil in the market.
What effects will hydraulic fracking have on the future of petroleum engineering? After I have obtained my degree, I will have been trained in fracking. However, I am unsure if this is good for the general profession or bad in regards to job growth/salary.
I am Not too concerned about nuclear fusion since I just read it is "Forever 20 years away". I also am not worried about solar or wind since it still is only 1% (combined) of the energy used. Will we always need oil though? I know that in reality we need oil right now and in the foreseeable future, but in principle (the non-logical part of me) I would kind of dislike being apart of a field which might end up antiquated (I doubt this though). Any knowledge of this?
I've heard other countries like Russia and china are not up to date with the modern practices of oil extraction. When they catch up (which they are doing quickly), will this saturate the market?
Should I double major in mechanical engineering to have a back up? I can do it in 5 years.
AND 5. My advisor keeps telling me: “Well you see, the population is growing so quickly! We will need even more and more oil”. Well I didn’t say this to him, but why shouldn’t this theory apply now when he or anyone else cannot find a job in petroleum? There is no reason to suspect there will be a sudden “leap” in the population in the future. Shouldn’t the population and petroleum engineering job outlook always grow proportional to each other? Why not now? Why expect a difference in the future? It’s not like half the world has just taken a magic pill which will cause every mother in the next 50 years to have twins instead of a single child.
Please relay your thoughts on the matter. Thank You.
Not a lot of investment right now in extraction. The only thing we can say with certainty is that the situation will be different in 2 years. Your advisor is right. The emerging middle class in China and India has sharply increased the number of cars and demand for oil. Right now with oil at $45/barrel there is very little development in new sites with marginal costs at $60 or higher but this will change in time
My thought is…what the heck is URGENT? Do you have to make ip your mind in the next 15 minutes? Ask a question if you want, but don’t waste your URGENT card on something that clearly isn’t.
If you worry about your degree becoming obsolete before you get it because of the fast pace of change in the world and developing technologies, then every college student out there with a STEM major could possibly join you if they also wanted to worry about it – all degrees in nearly every science/engineering/technology major are at risk of becoming obsolete quickly. The solution is to never stop learning. Even after you get your degree, you will need to stay on top of new developments and keep learning. That’s the way the world is nowadays.
Consider that what you are learning about petroleum engineering is a foundation to build on, and you will continue building on it throughout your career.
Are there special things you could learn at some point about unique issues in drilling for oil and gas in places such as the Arctic? That’s just an example. I don’t see petroleum engineering becoming obsolete anytime soon – but becoming informed on the latest developments and challenges will help you stay relevant, and help you come up with engineering solutions along the way.
My friend’s daughter has a ChemE degree (No Petroleum Engineering at that school) and working for Shell among other Pet Engineer. She said there may be a around of layoff with the current oil production situation. It probably is not a good time going into this field right now.