Economist

Experienced Inhouse Recruiter Who Likes to Add Value

About Prax:

The Prax Group is a British multinational independent refining, storage, distribution, and sales conglomerate dealing in crude oil, petroleum products, and biofuels, headquartered in London. Our ability to deliver innovative customer solutions across the world has secured our reputation as a leading presence in the global energy market. Our mission is to conduct business responsibly, placing excellence, integrity, and philanthropy at the heart of everything we do.

We are seeking an experienced and highly skilled Upstream Economist to join our growing team in the oil and gas sector. The ideal candidate will be responsible for analysing, forecasting, and providing economic insights on upstream operations, including exploration, drilling, production, and asset development. You will play a key role in assessing the economic viability of potential projects, analysing market trends, and advising senior management on investment decisions and strategies.

Economic Analysis & Forecasting:

• Conduct economic evaluations of upstream oil and gas projects, including field development, exploration, and production optimization.
• Develop and maintain long-term forecasts for oil and gas production, prices, and costs.
• Analyze commodity market trends, economic indicators, and regulatory changes to predict their impact on upstream operations.
• Prepare cost-benefit analyses and financial models to assess potential investment opportunities.

Project Evaluation & Decision Support:

• Provide economic input for the evaluation of new and existing upstream projects.
• Collaborate with technical, engineering, and financial teams to assess project feasibility and advise on investment decisions.
• Assist in the preparation of business cases, risk assessments, and sensitivity analyses for capital expenditure (CAPEX) and operational expenditure (OPEX) decisions.

Market Analysis & Strategy:

• Monitor global oil and gas market dynamics and assess the implications for upstream development strategies.
• Provide recommendations for optimal production strategies based on economic conditions, pricing forecasts, and competitive landscape.
• Support pricing strategy development for upstream products based on supply-demand dynamics.

Data Management & Reporting:

• Collect, organize, and maintain relevant economic and market data to support analysis and decision-making processes.
• Develop reports and presentations for senior leadership on key economic insights, project evaluations, and market trends.
• Ensure timely and accurate reporting of key performance indicators (KPIs) related to upstream projects and financial performance.
• Identify and assess economic risks related to upstream activities, including price volatility, geopolitical factors, and regulatory risks.
• Develop risk mitigation strategies and advise stakeholders on risk exposure and impact.

Collaboration & Stakeholder Engagement:

• Work closely with internal teams, including geologists, engineers, financial analysts, and senior executives to ensure alignment of economic strategies with business objectives.
• Engage with external stakeholders, such as government agencies, industry groups, and market analysts, to stay informed on market conditions and regulatory developments.

Requirements:

• Bachelor’s degree in Economics, Finance, Petroleum Engineering, or a related field. A Master’s degree is preferred.
• Minimum of 5 years of experience in economic analysis, financial modelling, or project evaluation within the oil and gas industry, with a focus on upstream operations.
• Experience in commodity market analysis, including oil and gas price forecasting and trend analysis.
• Knowledge of UK regulatory regime and recent changes in taxation.

Must be proficient in:

Skills:

• Strong proficiency in economic modelling and financial analysis tools (e.g., Excel, Power BI, or specialized software).
• Knowledge of upstream project economics , cost estimation, and capital investment analysis.
• Familiarity with industry-standard economic evaluation techniques (NPV, IRR, payback period, etc.).
• Strong analytical, problem-solving, and decision-making abilities.
• Excellent communication skills with the ability to present complex economic data in a clear and concise manner.

Personal Attributes:

• Strong attention to detail and ability to work under pressure and meet deadlines.
• Team player with the ability to collaborate effectively across departments.
• Self-motivated with a passion for continuous learning and staying current with market trends and economic theories.

Preferred Qualifications:

• Knowledge of upstream production systems and industry-specific economic factors (e.g., reserve modelling, cost structures).
• Experience working with large-scale data sets and advanced analytical tools.
• Familiarity with regulatory frameworks governing the oil and gas industry.

This is a unique opportunity to join a dynamic company where your expertise will directly contribute to our global success.

Seniority Level

Mid-Senior level

Employment Type

Full-time

Job Function

Accounting/Auditing, Project Management, and Analyst

Industries

Oil and Gas

#J-18808-Ljbffr