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    Is it worth starting BEng in Petroleum Engineering in 2016/2017 (start) given the current price of crude oil (50$/barrel)? Especially, knowing that almost all oil companies are having huge losses and will cancel their projects I fear that this situation will translate in no employment opportunities for new petroleum engineering graduates or even worse dismissal of current employees.
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    I'd have thought that was a good reason to start. A few years ago people were saying it was pointless because there will be no oil left, now it looks like the oil will last longer. The main reason oil prices are low is that the Saudis are playing a long game trying to bankrupt the fracking oilers and refusing to reduce their supply of oil. Prices will have risen again in a couple of years.
    It's sad how short term thinking dominates the oil business.
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    (Original post by schindlers list)
    Is it worth starting BEng in Petroleum Engineering in 2016/2017 (start) given the current price of crude oil (50$/barrel)? Especially, knowing that almost all oil companies are having huge losses and will cancel their projects I fear that this situation will translate in no employment opportunities for new petroleum engineering graduates or even worse dismissal of current employees.
    You're making a bet that governments aren't going to stick to their obligations to constrain global temperature rises by 2 degrees above the pre-Industrial climate. Given that requirement, practically all of the existing reserves would become stranded resources and prospecting out new reserves would be even more pointless as it would be illegal to extract them. It's fairly obvious that governments aren't going to stick to these limits but the pressure is continuously mounting on governments to push away from petroleum. I wouldn't go as far as saying that there will be no employment opportunities as the situation probably won't get dire for the petroleum industry for a decade or so at least, but I do think it's a big gamble. I wouldn't want to join an industry whose future should technically, by international law, be illegal.
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    It's mentioned often but petroleum engineers aren't the only type employed by big oil compamanies - if you're worried about the risk of overspecialising at undergraduate you could do mech or elec for example and if the oil companies are contracting when you graduate you could work in something else.
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    (Original post by Chlorophile)
    You're making a bet that governments aren't going to stick to their obligations to constrain global temperature rises by 2 degrees above the pre-Industrial climate. Given that requirement, practically all of the existing reserves would become stranded resources and prospecting out new reserves would be even more pointless as it would be illegal to extract them. It's fairly obvious that governments aren't going to stick to these limits but the pressure is continuously mounting on governments to push away from petroleum. I wouldn't go as far as saying that there will be no employment opportunities as the situation probably won't get dire for the petroleum industry for a decade or so at least, but I do think it's a big gamble. I wouldn't want to join an industry whose future should technically, by international law, be illegal.
    What has happened to current PEs in terms of pay and employability ?
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    (Original post by schindlers list)
    What has happened to current PEs in terms of pay and employability ?
    I'm by no means an expert on the petroleum scene, I have literally zero interest in going into that area. I don't really have a lot more to say than what I've said above, sorry!
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    (Original post by taysidefrog)
    I'd have thought that was a good reason to start. A few years ago people were saying it was pointless because there will be no oil left, now it looks like the oil will last longer. The main reason oil prices are low is that the Saudis are playing a long game trying to bankrupt the fracking oilers and refusing to reduce their supply of oil. Prices will have risen again in a couple of years.
    It's sad how short term thinking dominates the oil business.
    Oil is low because supply has risen dramatically over the past 6 years mainly due to the increase in the production of oil from the US, which has now become the largest producer of oil.Yes, oil prices would fall if Saudi Arabia were to reduce production as that would reduce supply but that would mean Saudi losing further market share at a time when the US is gaining market share.
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    (Original post by History98)
    Oil is low because supply has risen dramatically over the past 6 years mainly due to the increase in the production of oil from the US, which has now become the largest producer of oil.Yes, oil prices would fall if Saudi Arabia were to reduce production as that would reduce supply but that would mean Saudi losing further market share at a time when the US is gaining market share.
    Could you answer my question pls
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    (Original post by schindlers list)
    Is it worth starting BEng in Petroleum Engineering in 2016/2017 (start) given the current price of crude oil (50$/barrel)? Especially, knowing that almost all oil companies are having huge losses and will cancel their projects I fear that this situation will translate in no employment opportunities for new petroleum engineering graduates or even worse dismissal of current employees.
    It's worth it if you're genuinely interested in it, I would say, and are prepared for competition for jobs upon graduation.

    By the time you graduate, no-one really knows what the oil price will be. Those who started their degrees in 2009 when prices were low like today would have graduated when prices where $100+/bbl and employment prospects were excellent.

    I'm in oil myself and haven't seen much evidence of companies halting hiring of graduates. Well not yet anyway. Given that oil companies have to make decisions which try to consider what will happen years in advance, they don't simply shut up shop if the oil price dips for a bit. For that to happen, there'd have to have to be a prolonged drop in the price; although it is looking like that is what might happen.
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    (Original post by Smack)
    It's worth it if you're genuinely interested in it, I would say, and are prepared for competition for jobs upon graduation.

    By the time you graduate, no-one really knows what the oil price will be. Those who started their degrees in 2009 when prices were low like today would have graduated when prices where $100+/bbl and employment prospects were excellent.

    I'm in oil myself and haven't seen much evidence of companies halting hiring of graduates. Well not yet anyway. Given that oil companies have to make decisions which try to consider what will happen years in advance, they don't simply shut up shop if the oil price dips for a bit. For that to happen, there'd have to have to be a prolonged drop in the price; although it is looking like that is what might happen.
    How long do you think this crisis will last ?
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    (Original post by schindlers list)
    How long do you think this crisis will last ?
    I don't know. But it's probably not a good idea to do a degree aimed at one specific industry regardless of strength of that industry anyway.
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    (Original post by Smack)
    I don't know. But it's probably not a good idea to do a degree aimed at one specific industry regardless of strength of that industry anyway.
    I don't agree
    What about the thousands of students currently doing this degree?
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    (Original post by schindlers list)
    I don't agree
    What about the thousands of students currently doing this degree?
    What about them?
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    (Original post by Smack)
    What about them?

    (Original post by Chlorophile)
    I'm by no means an expert on the petroleum scene, I have literally zero interest in going into that area. I don't really have a lot more to say than what I've said above, sorry!
    Im sure you can go into stock broking with a PE degree? Or at least something non oil related ?
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    (Original post by schindlers list)
    Im sure you can go into stock broking with a PE degree? Or at least something non oil related ?
    Sure, but why not study a slightly broader a more transferable subject like straight Geology then?
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    I can only see the oil prices bouncing back in the medium-term.
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    (Original post by schindlers list)
    Is it worth starting BEng in Petroleum Engineering in 2016/2017 (start) given the current price of crude oil (50$/barrel)? Especially, knowing that almost all oil companies are having huge losses and will cancel their projects I fear that this situation will translate in no employment opportunities for new petroleum engineering graduates or even worse dismissal of current employees.
    Can I just say, if your considering doing a degree specific to one industry your going to need to know abut the industry to make an informed choice on if its right for you. It might be a good idea to learn how the industry works. For instance what's going on now, why the price has dropped, how the price has been influenced by reduced demand and over supply, why is the supply so high?, Production figures from nation oil companies, How super majors operate, why fracking production costs more that conventional reserves etc

    you'll be able to make a much more informed choice on the degree and prospects once you've looked into these thing

    Regardss
 
 
 
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