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Can you believe oil companies in Guyana prefer to hire graduates who have a master of business administration (MBA)? As is the oil sector, so are the MBA graduates in Guyana!
The Emergence of the Oil Industry in Guyana
Guyana is a small English-speaking country on the continent of South America. It appears that this little country has got a lot of attention from many international investors of big oil companies in the world, as it seeks to become the next big producer of oil in the Western Hemisphere.
In 2008, Guyana began a journey that may soon become fruitful in boosting the country’s economy. At the time, four companies were searching for oil on Guyana’s offshore territory: CGX, Repsol, Exxon Mobil, and Century Guyana Ltd. The Geology and Mines Commission (Petroleum Department) was responsible for the exploration of oil on Guyana’s territory.
In 2015, all eyes were on Guyana after a subsidiary of Exxon Mobil, Esso Exploration and Production, became the first company to discover a significant amount of hydrocarbon reserves (about 200 meters off the coastline). It was discovered in the Stabroek block through the Liza-1 well. Liza-1 has the potential to produce 700 million barrels of oil equivalent, which is worth $40 billion in international crude prices today. Exxon Mobil expects to produce 750,000 barrels of oil equivalent per day (BOEPD) by 2025, surpassing India’s daily production. In December 2019, Exxon had made its first oil production from the Liza-1 Development.
Apart from Stabroek, seven other active blocks are being explored and developed:
- Kaieteur and Canje, operated by Esso;
- Orinduik by Tullow Oil;
- Kanuku by Repsol;
- Corentyne and Demerara by CGX Energy; and
- Roraima by Anadarko.
Exxon Mobil has to date made 16oil discoveries in Guyana, which has estimated a gross recoverable of resources for the Stabroek Block to be over 8 billion barrels of oil equivalent. The Stabroek block discovery covers approximately 6.6 million acres,marking the largest crude discovery in recent years.
Impact of Oil Discovery on Guyana’s Economy
This new venture is expected to benefit Guyana’s economy in many ways. Some include:
- Oil revenues will be used for expanding public investments (both human and physical capital), such as improving the healthcare system, education system, and infrastructure. Since Guyana is seen as one of the world’s poorest countries and, more specifically, South America, the oil money can turn Guyana’s luck around.
- Creating job opportunities for citizens is another advantage.
- Providing potentially cheaper and cleaner electricity is also in line. The prices for electricity in Guyana are among the highest in the world since the country is highly dependent on oil products for power generations and high technical and commercial losses. This has been a challenge to overcome in Guyana for decades. If the price is reduced, it can boost the country’s economic environment.
Job Opportunities in Guyana’s Oil Businesses
Do you hold a bachelor’s in business administration degree and still have not got that position to be on top? Then, why don’t you explore opportunities that await you in the oil sector with an MBA degree?
The oil industry becomes the new hope for Guyana and evolving at a faster pace. This emergence has opened several job opportunities for qualified professionals, especially ones with an MBA degree. There are several oil companies in Guyana:
- TotalTec Oilfield Services,
- Anadarko Petroleum Corporation,
- CGX, Exxon Mobil,
- Esso Exploration & Production Guyana Ltd,
- Repsol, Tullow,
- Guyana Oil & Gas Association
What all these companies have in common is that they are looking for outstanding talent, independent and innovative thinkers, and dedicated and qualified persons. They are interested in providing equal opportunities to all.
There is no doubt the oil industry is becoming one of the world’s core industries due to its economic impacts. Even though renewable energy sources are being introduced for a more sustainable environment, the petroleum and gas sector is still needed to provide fuel for all the industrial sectors around the world, for example, the manufacturing and maintenance of vehicles. It is a thriving industry that will be around for a while.
The energy sector does not only need engineers and lab techs but also needs professionals to manage the outcome (from the sweat and hard work of the operators, drillers, engineers, and lab techs) to turn that into cash returns for the company. This is particularly why oil companies would prefer to hire MBA graduates who may have the knowledge and competence to help them to properly manage the company’s resources and be able to act professionally in pressuring times.
Designations That Match MBA Graduates in Oil Companies
- Business Analyst/Manager – This role pertains to being able to identify problem areas, loopholes, and evaluating/monitoring business strategies to ensure a smooth run of business operations with minimal risk/losses. The average salary of a business analyst or manager is approximately GYD 2,570,000/year.
- Product Marketing Manager – This is one of the most popular roles in a company. You will be responsible for researching estimates, customer demands, and looking for new opportunities and developing effective marketing campaigns. As a marketing manager, you will be responsible for obtaining new customers and expanding company markets through designing, planning, and executing a marketing strategy wherever necessary. The average salary of a product marketing manager is approximately GYD 2,710,000/year.
- Management Consultant – Duties of a management consultant include providing guidance and direction to the company to be atop the competitive environment. It also includes solving managerial problems, maximizing client profits, increasing effectiveness, efficiency, and work productivity. The average salary of a management consultant in Guyana is approximately GYD 2,370,000/year.
- Finance Advisor/Analyst – The financial advisor’s duties include handling clients’ money and making the best investment choices to use the companies’ money at best. The average salary of a finance analyst in Guyana is approximately GYD 2,450,000/year.
These are just a few of the many opportunities available. There are many other areas to be considered, such as human resources, strategic management, general management, and project management. The point to be carried away from this is that with a master of business administration degree, you have a better chance of getting a high-paying job, better career options, improved credibility, and enhanced personal growth.
Best Option to Pursue an MBA Program
Pursuing an MBA degree becomes crucial to have a better career. However, it is not possible for everyone to join a business school and pursue a degree full-time. In such a case, you can opt to pursue a part-time or online MBA degree. When you choose an online program, you do not have to leave your job. You can get your master of business administration degree without compromising your work.
Universities across the world have started to issue online MBA programs to make it easier for prospective students to study at their comfort and phase, especially for working professionals. Technological advancements have made online learning so much easier for local and international students. They can attend classes through virtual classrooms that have been proven to have many economic benefits for both the schools and students. These include traveling expenses (for students) and utility bills (schools).
Where Can You Pursue an Online MBA Program in Guyana?
In Guyana, Texila American University (TAU)offers a best-in-class master of business administration online, among other universities. As a way of helping working professionals in Guyana and the Caribbean, TAU has structured its online MBA degree with an international standard curriculum. Moreover, it follows a module-based learning methodology for all its off-campus programs powered by its unique Learning Management System.
Aside from its medical school, TAU also has a business management school to provide students the ability to become skilled, qualified leaders to properly manage today’s businesses confidently in a globally competitive environment.
TAU is committed to providing the best learning environment for students. It has a modern styled library with online and offline access to all forms of reading materials, books, magazines, journals, and newspapers. There is also a high-tech digital library, Texila Digipedia, a knowledge hub that provides accurate and up-to-date content for students to expand their knowledge base. This seamless university also helps students, teachers, and research scholars with textbooks and reference books on every subject being pursued to maintain sufficient and efficient information reference service. Online classes are also flexible.
Besides, their MBA degree certificate is internationally recognized/accepted. TAU seeks to provide the best teachings in a way that puts less pressure on students and help them to excel as a business professional.
Power up your bachelor’s degree with a master of business administration degree from TAU and explore better opportunities in the new and upcoming oil industry in Guyana.