“With the Oil Price is Falling Down, is PE still a good career option?”
Total Handil Room PE Building 2nd Floor, ITB
8th of September 2016
On 8th of September 2016, SPE ITB SC as a mere student chapter that holding this Focus Group Discussion invited Mr. Irfan Taufik Rau to speak and share his knowledge related to this topic. The topic has brought so many participants to fill the registration form. The amount of participant filling the registration form is 50, but sadly only 35 of them coming to this FGD. The participants are from many majors, such as management, geology, and chemistry engineering.
I personally as participant feel enchanted to get the chance to hear the explanation about the topic. The speaker, Mr. Irfan Taufik Rau, was an alumnus of Petroleum Engineering ITB. After graduated from ITB, he went to Colorado Mine University and has got his master title with double degree by graduated cum laude. With his background profile, I am no wonder about how good he conveyed the material.
The first thing he talked about is how important oil is for us. Oil is needed in every single aspect of our life. He reminded us that most all of things around us contain oil as the ingredients. He also gave us an issue, whether this is the end of the good old times. He encourages us about how hard we need to put efforts. As a petroleum engineer, someone in US could get fee for their entry level 0-5 years about $100,000. The number shows that PE has a good future and a good challenging challenge. The bad news is only 26% outside the US Bachelor’s degree graduates employed. What actually happens?
This is simple microeconomics situation. The demand and supply in the world doesn’t balance. It can’t get the good equilibrium point for having good and comfortable life nowadays. Low enrollment rate in PE programs could set up a potential jobs crisis known in the oil industry as The Great Crew Change.
Then, what is the cure for the low oil price? Mr. Irfan simply said that low oil price is the key of low oil price. By creating such a low oil price, it could increase the demand and decreasing the supply. This situation could cause the oil prices higher than before and could end up decreasing demand and increasing supply. With the oil prices higher, it will stimulate increasing efficiency and also stimulate the development of substitutes. Therefore, seeing this situation, Mr. Irfan encourages us to never stop learning, going to school, joining competition and win it, also beautifying curriculum vitae by writing the good achievements got in life.