A survey carried out by Universum revealed that Abu Dhabi National Oil Company (ADNOC) is the most preferred employer by students in the United Arab Emirates (UAE) . The growing global demand for oil has necessitated ADNOC to initiate a process that will increase its oil producing capacity from 2.7 to 3.5 million barrels per day by 2017. This means that there are prospects of job creation and security at ADNOC. Currently ADNOC operates fifteen subsidiary companies dealing with oil and gas exploration, and transportation.
The Abu Dhabi Company for Onshore Oil Operations (ADCO) is one of those subsidiaries. ADCO undertakes oil exploration in onshore wells and in shallow waters off the coast of Abu Dhabi Emirate. The company has a vibrant business administration division that supports its daily operations in oil and gas exploration. The following are the positions of interest in the company.
Finance Assistant
A suitable finance assistant in the oil and gas exploration industry needs to understand the emergency scenarios that exist in the sector. Financial accounting in oil and gas exploration is very complex because of the industry’s exposure to several macroeconomic shocks.
The approach to accounting for exploration and evaluation expenditures often has a substantial effect on the financial statements and results of oil and gas exploration companies . This industry essentially requires a finance assistant who is able to deal with the existing and emerging macroeconomic trends in oil and gas exploration.
Besides understanding the uniqueness of this sector, a finance assistant is required to possess competencies in budget preparation and monitoring. Additional tasks in the job may include the generation of financial reports and preparation of annual accounts.
The supervisor of the finance assistant is often a finance manager or director, who may from time to time assign responsibilities to him when they arise. Some of these responsibilities include simple financial analysis, processing of staff per diems, and generation of summarized financial statements for use in meetings. Within the framework of performance appraisal, the finance assistant also has to generate his self-appraisal report based on his performance targets.
Investor Relations Assistant
Investor relations refer to “the art and science of positioning and communicating a company’s story and investment proposition to investors” .The department of investor relations is usually vital in any oil and gas company. Investors always need to know every single development in the company they have invested in, due to the capital intensiveness and high risks involved in the exploration of oil and gas.
An investor relations assistant therefore comes in handy in this sector. His cardinal responsibilities aim at assisting the investor relations manager in accomplishing the mandate of the department. The key responsibilities include developing and maintaining the firm’s investor relations plan, and communicating investors’ concerns to the company management .
The investor relations assistant’s roles further entail the development of briefs to investors on any administrative changes effected by the company management. He also does research on financial analysts’ comments regarding the company’s performance and gives rebuttals.
In addition, he generates press briefs and writes articles on the company shares’ performance, under the supervision of the investor relations manager. The investor relations assistant essentially works in a department that gives the company its face. If a company’s investor relations are not up to par with the investors’ demands, it risks losing its existing and potential investors.
Evaluation of Personal Skills that Match the Positions
I am an industrious, adaptable, tolerant, honest and outgoing person. I am also a team player, girded with fidelity to integrity. These attributes fortify my suitability as an investor relations assistant in the oil and gas sector. I have identified some development needs that I should meet in order to attain the position of investor relations assistant. To undertake the responsibilities of this position, one has to have a degree in public relations or a business related field.
Additional certificate training in oil and gas exploration and administration would be an added advantage. I therefore intend to undergo such training to boost my credentials for the job. I am also intent on securing a one-year internship in an oil and gas exploration firm after I finish my undergraduate studies. By achieving this, I would be in a position to become an investor relations assistant at ADNOC’s exploration subsidiary, ADCO.
Personal Reflection on the Job Description
I have learned that in order to gain the necessary skills, the position of an investor relations assistant demands, relevant training and at least a year’s experience is required. I am in the process of taking some steps towards achieving this goal. I have enrolled in an undergraduate program to pursue a relevant course. In order to market oneself effectively to employers, it is important for one to know his strengths.
Though I can be a finance assistant once I am through with my course, I prefer being an investor relations assistant. This is so because I believe I would get more fulfilment in the latter position, based on my extrovert-inclined attributes. Additionally, I always get many positive appraisals from my fellow students regarding my people-handling skills. I therefore have confidence that one day I will be able to use my skills in improving the investor relations environment of the oil and gas industry.
References
Accounting Tools 2014, Investor Relations Officer Job Description. Web.
ADNOC 2014, About ADNOC. Web.
Dupre, R 2014, A New Era for ADNOC. Web.
Gutcher, L 2013, Adnoc is the top employer of choice for UAE students.
Palestine Exchange 2013, Investor Relations, Palestine Exchange, Ramallah.
PricewaterhouseCoopers 2011, Financial Reporting in the Oil and Gas Industry: International Financial Reporting Standards, PricewaterhouseCoopers, London. Web.