It may not be as hip as an Internet startup, but the youngest generation of oil and gas industry professionals say their jobs are rewarding and the long-term prospects are good.

According to a study of Generation Y employees by professional services firm Deloitte LLP, young oil and gas industry workers feel optimistic about their careers. Seventy-five percent of oil and gas workers say they feel very satisfied or somewhat satisfied with the career paths offered by energy companies.

There is an abundance of long-term opportunity in the business, largely because of a huge generation gap between young and old. The report states that the industry suffered such a low influx of new workers during the 1980s and 1990s that only two generations — boomers and Gen Y — are represented in a major way. That gap has left the promise of rapid advancement for Generation Y.

“This younger generation is going to be called upon to handle a lot more responsibility at a younger age,” says Matt Gelotti, Houston director for the networking group Young Professionals in Energy. Formed in 2005 on the East Coast, YPE was originally meant to organize happy-hour networking gatherings, but has grown into a professional organization with 20 chapters worldwide. The group now puts on major forums and discussion groups as well as networking events. YPE’s Houston chapter alone has grown to more than 4,000 members in recent years.

This year’s Houston forum, held in early November, will cover cap-and-trade legislation and will be moderated by Chuck Watson, former chairman of Houston-based energy company Dynegy Inc.

Younger generations are excited about the promise of good jobs in oil and gas, but the recession has put a temporary hold on companies bringing on the latest crop of workers. Gelotti says when he talks with industry newcomers, the No. 1 topic is cutbacks.

“Right now, it’s keeping a job,” Gelotti says. “Those who have been hired just two years ago are being laid off.”

Gelotti says the issue is Generation Y’s lack of experience in the industry. Companies are likely to keep more senior people on when job cuts become a necessity.

But Deloitte’s study says that deciding who gets laid off solely on seniority will hamper a company long term. Companies should instead make an effort to pair boomer-generation workers with Gen Y workers to help facilitate the transfer of knowledge.

Despite the temporary bump in their career paths, Gelotti says the youngest generation of oil and gas workers remain optimistic about the industry in the long term and will relocate to stay in the business

Reprinted from the Houston Business Journal 11/2/2009

Q: Job Swami, my father just lost his job. He worked for a very large printing shop and given the economy he can’t find a similar job. He is getting frustrated and he doesn’t know what to do?

Before I get into the rest of the question, it made me think of another man I met a few years back when we were looking at buying a business from a man retiring.

The man retiring was Age 75. He had actually retired 10 years prior at age 65 working in a limestone rock quarry for 40 years. [Talk about hard labor]. He didn’t hate his job but he was tired when he retired. What he loved though was talking to customers, particularly farmers. Over the years he found out that chicken farmers needed something from his quarry for their chickens. Calcium! To make a long story short at age 65 he began career #2. He worked out a deal with the quarry to sell their stone to him and he sold it to chicken farmers {with a large profit} and built a multi-million dollar business. All AFTER THE AGE OF 65!!. This man told me he made more money between age 65 -75 then he did all 40 years working in the quarry and decided he’d work a few more years before selling because he enjoyed it so much.

Back to my friend. Here’s how the conversation went.

Swami: What does he enjoy doing?

Friend: He loves cars.

Swami: Awesome. So what skill does he possess? What makes him really unique?

Friend: He’s a great artist. He can really draw.

Swami: What career can pull together his love for cars and his Unique Artistic Ability?

Friend: Well, I think he’d be great at auto decaling, auto striping and painting.

To make a long story short, this was in 10 minutes of talking we came up with one great idea.

Now the father has to see this and will probably need someone to guide him into this step by step, but this is a huge business with great upside. He can be a freelancer to body shops or go to work for one. Where we live there are a number of opportunities in this field.

Think of it. What if you could take the things you love to do (sports, boating, photography, writing, etc..) and combine with with your natural unique ability. Wouldn’t life be great? Well, I need to tell you. When you combine these two things, you will be more successful than you have ever been because it won’t be work anymore. You will be loving life.