Working for Asian National Oil Companies - An Attractive Choice?

Working for Asian National Oil Companies - An Attractive Choice?
With job security a major preoccupation for most Asian employees in the current downturn, NOCs appear to be an attractive employment option.

Uncertainties stemming from more than half a year of low oil prices have made job security a niggling issue facing most employees worldwide, including Asia’s oil and gas industry. Such concerns, frequently exacerbated by headline news reporting rounds of industry layoffs, have made employment at national oil companies (NOC) a desirable option for existing employees or potential candidates.

The downturn in the petroleum industry has already prompted many firms to reduce their capital expenditures (CAPEX) as global oil prices – which declined by more than 50 percent since the second half of 2014 after breaking through the psychologically significant $100 a barrel mark – showed little signs of recovery. 

Several independent oil companies (IOC), including the oil majors, who are accountable to shareholders through their quarterly financial reports, were among those that wielded the axe on CAPEX budgets as they announced their spending plans in recent months.

Working for Asian National Oil Companies - An Attractive Choice?
CAPEX Cuts Announced by Major IOCs

The oil majors, including BP plc, Chevron Corp., Exxon Mobil Corp. and Total S.A., slashed their investment spending by 12 percent, while Royal Dutch Shell plc cut CAPEX by $15 billion over three years from 2015 to 2017, company data showed.

NOCs and IOCs Operate Differently

Like IOCs, low oil prices also hurt Asian NOCs, especially petroleum producers, prompting them to cut CAPEX budgets.

Malaysia’s Petroliam Nasional Berhad (PETRONAS) – one of the world’s more successful NOCs – shaved 10 percent off its capital spending this year, while China National Offshore Oil Corp. and Indonesia’s PT Pertamina trimmed their investment expenditures by 31 percent and 37.14 percent, respectively.


View Full Article


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
Premkumar Chandrashegaran | May. 6, 2015
This is a very good read. Well I am a recent graduate of MSc Petroleum Engineering from a top university and I am finding it hard to find a job within my field of study in the industry. I am now currently lecturing undergraduates at a local university in Petroleum Engineering course. The idea is to just secure and develop your skills and knowledge during this tough period so that your value adds up after the oil price recovers and companies start to rehire.

Related Companies

Our Privacy Pledge

From the Career Center
Jobs that may interest you
District Manager - USA
Expertise: Operations Management|Sales|Well Intervention
Location: Midland, TX
Director of Business Development - Houston, TX
Expertise: Business Development|Sales
Location: Houston
United States Houston: Receptionist
Expertise: Secretarial or Administrative
Location: Houston, TX
search for more jobs

Brent Crude Oil : $51.49/BBL 1.02%
Light Crude Oil : $49.04/BBL 0.59%
Natural Gas : $2.97/MMBtu 1.71%
Updated in last 24 hours