The oil and gas industry of Malaysia is one of the country’s most important. According to the latest statistics compiled by British Petroleum and the US Energy Information Administration (EIA), more than 762,000 barrels of oil are produced every day in Malaysia. Similarly, over 78.2 billion cubic metres of natural gas are produced across the country. This industry accounts for approximately 20% of Malaysia’s gross domestic product (GDP).
Given the importance of the oil and gas industry in Malaysia, it is only to be expected that many would choose to start a career within it.
In general, the prospects for new entrants into the oil and gas industry of Malaysia are positive. Most qualified university graduates ought to be able to easily find employment in the industry and go on to build a fulfilling and lucrative career.
The Oil and Gas Industry of Malaysia
The Malaysian oil and gas industry can expect to become more profitable over the coming years. According to research conducted by Rystad Energy, global oil prices are likely to increase to around US$75 (RM309.60) per barrel by the end of 2022.
This research also showed that oil prices have already reached the bottom of a downward cycle; thus, oil prices will probably rise gradually in the near future. This is a positive development for the industry in Malaysia because Malaysia is a net exporter of oil and gas.
The oil and gas industry of Malaysia is perpetually evolving in order to meet the demands of the market. Rationalized portfolios, increased capital flexibility, updated business models, and increased investment in digital technologies are some of the ways by which the industry has been attempting to face the challenges and risks in its path.
By working with leading technology companies and other associated entities, Malaysia’s oil and gas industry continues to cater to customers of today and tomorrow. This paves the way for it to experience sustainable, long-term growth.
Job Prospects in Malaysia’s Oil and Gas Industry
The oil and gas industry of Malaysia has been somewhat conservative with hiring over the past few years. This reticence was primarily caused by a severe decline in oil prices in 2015. However, this trend is likely to be reversed because of the upcoming increase in oil prices.
It is advisable for those planning to enter Malaysia’s oil and gas industry to apply for jobs during the fourth quarter of the year. Hiring is at its peak during this time in order to account for new developments coming on stream in the year to come.
Some of the most important jobs in the oil and gas industry of Malaysia include those related to engineering, operational support, project management, and full stack management. Among these, engineering as it pertains to oil and gas is particularly intriguing. It can be divided into offshore engineering and marine engineering. Both offshore engineering and marine engineering play significant roles within this crucial industry.
Prospects for Offshore Engineering Graduates
Those who have graduated from tertiary education with qualifications in offshore engineering are likely to have many different oil and gas job opportunities open to them. A thorough education in offshore engineering will provide a graduate with knowledge about the recovery of natural gas and crude oil from below the seabed. The laying of pipelines, transportation of fuels, and installation of platforms are several ways by which offshore engineering graduates can apply what they have learned to secure and maintain a job in oil and gas.
Some of the jobs in the oil and gas industry which may be taken by offshore engineering graduates include those of pipeline engineer, subsea engineer, structural engineer, deck officer, naval architect, and engineer officer. These jobs are not only extremely important for the economy of Malaysia; they also pay extremely well. An average subsea engineer who works in Malaysia can expect to earn over RM100,000 every year.
Prospects for Marine Engineering Graduates
Malaysia’s oil and gas industry is also in constant need of skilled, high-quality marine engineering graduates. Marine engineering refers to the engineering of any vessel or structure to be used on or under the sea.
These vessels and structures do not only include ships and boats; marine engineers are also involved with the engineering and installation of oil rigs, platforms, pipelines, and associated systems. The industry’s need for marine engineering graduates stems from the fact that these structures are the means by which oil and gas are extracted from the sea.
It is especially advisable for marine engineering graduates entering Malaysia’s oil and gas industry to familiarize themselves with natural gas-related installations. According to the Asia Pacific Energy Research Centre, natural gas will have surpassed oil as the form of energy with the most demand in Malaysia by 2035.
The average marine engineer in Malaysia earns just over RM57,000 per year. Those who have accumulated 10 years or more of experience in the field can see this figure rise to RM80,000 or more.
Ranaco Education & Training Institute’s Offshore Engineering and Marine Engineering Diploma Programmes
If you’d like to enter Malaysia’s oil and gas industry, Ranaco Education & Training Institute’s Diploma in Offshore Engineering programme is a viable method for you to do just that. Those who graduate from it will acquire much knowledge in analysis of offshore structures, design of oil rigs, and solving problems related to fundamental offshore structure design. The course lasts for three years spanning eight semesters; industrial training is included.
Ranaco Education & Training Institute also provides the Diploma in Marine Engineering programme. It exposes students to practical knowledge regarding row machining, welding, and handicrafts. This way, they will familiarize themselves with a marine engineer’s working environment. After completing this three-year, eight-semester course including industrial training, graduates will have obtained a great deal of knowledge about every key aspect of marine engineering.
Perhaps you’re ready to embark on an engineering career in the oil and gas industry. If so, let us at Ranaco Education & Training Institute help you take your first steps. You’ll begin a journey which you will never regret taking.