Economist

Prax; Weybridge; On-site; GBP 60,000 - 85,000; Full time

Job summary

The Prax Group is seeking an Upstream Economist to analyze market trends and influence investment decisions in the oil and gas sector. This role involves economic analysis, project evaluation, and developing competitive strategies, making a clear impact on the business's future. The ideal candidate will possess strong analytical skills and over five years of experience in upstream economics.

Benefits

Career growth opportunities

Supportive environment

Learning and development opportunities

Qualifications

• Minimum 5 years experience in economic analysis or project evaluation in upstream oil and gas.
• Proven expertise in forecasting oil and gas prices.
• Knowledge of UK regulatory regimes is an advantage.

Responsibilities

• Conduct economic evaluations of upstream projects and create long-term forecasts.
• Collaborate with teams to assess new and existing upstream projects.
• Provide reports and insights on economic data for decision-making.

Skills

Economic Modeling

Financial Analysis

Commodity Market Analysis

Data-Driven Decision Making

Communication

Collaboration

Education

Degree in Economics, Finance, or Petroleum Engineering

Master’s degree

Tools

Excel

Power BI

Job description

About the job

Prax Group is a British multinational, independent global energy conglomerate dealing in crude oil, petroleum products and bio-fuels, with a complete integration across the oil value chain, from upstream to downstream.

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.

As we continue to grow, we are looking for an exceptional Upstream Economist to join our dynamic team in the oil and gas sector.

This is an exciting opportunity for a forward-thinking and results-driven professional to bring their expertise to the table, analyze market trends, forecast economic outcomes, and provide key insights on upstream operations including exploration, production, and asset development. In this role, you'll directly influence investment decisions and strategies, playing a pivotal role in the future of our business.

What You’ll Be Doing:

As an Upstream Economist, you’ll be at the heart of driving economic decisions across the business. Your role will include:

Economic Analysis & Forecasting:

• Conduct in-depth economic evaluations of upstream projects, from exploration through to field development and production optimization.
• Shape the future of our operations by creating long-term forecasts for oil and gas production, costs, and prices.
• Use your sharp analytical skills to assess market trends, economic indicators, and regulatory shifts that affect upstream activities.

Project Evaluation & Decision Support:

• Collaborate with technical, engineering, and financial experts to assess and evaluate new and existing upstream projects.
• Support senior management by providing insightful business cases, risk assessments, and capital expenditure analyses to guide investment decisions.

Market Strategy & Insights:

• Keep your finger on the pulse of the global oil and gas market and use your insights to develop competitive strategies.
• Advise on pricing strategies and help shape our approach to upstream product pricing based on supply-demand trends.

Data Management & Reporting:

• Be the driving force behind gathering and analyzing economic data to provide actionable insights.
• Prepare clear and impactful reports for senior leadership, showcasing key performance indicators and financial performance.

Risk Management:

• Identify potential risks related to upstream activities—ranging from price volatility to regulatory changes—and help the team mitigate these risks with proactive strategies.

Collaboration & Stakeholder Engagement:

• Work closely with internal teams—geologists, engineers, financial analysts, and executives—to align economic strategies with business goals.
• Engage with key external stakeholders, from government agencies to market analysts, ensuring we stay ahead of regulatory and market developments.

What We’re Looking For:

Qualifications & Experience:

• A degree in Economics, Finance, Petroleum Engineering, or a related field. A Master’s degree is a plus.
• Minimum 5 years of experience in economic analysis or project evaluation within the upstream oil and gas sector.
• Proven expertise in commodity market analysis, including forecasting oil and gas prices and trends.
• Knowledge of UK regulatory regimes and recent taxation changes would be an advantage.

Skills & Competencies:

• Strong proficiency in economic modeling and financial analysis tools (Excel, Power BI, or specialized software).
• Familiarity with industry-standard economic evaluation techniques (NPV, IRR, etc.) and upstream project economics.
• A sharp eye for detail and the ability to make data-driven decisions under pressure.
• Outstanding communication skills to translate complex economic data into clear, actionable insights.
• A collaborative spirit and a passion for staying up-to-date with market trends.

Preferred:

• A deep understanding of upstream production systems and economic factors like reserve modeling and cost structures.
• Experience with large-scale data sets and advanced analytical tools.
• Familiarity with the regulatory frameworks that shape the oil and gas industry.

Why Join The Prax Group?

At The Prax Group, we believe in fostering talent and providing career growth opportunities. As an Upstream Economist with us, you will have a direct impact on shaping the future of our business. We offer a supportive environment, opportunities for learning and development, and the chance to be part of a global leader in the energy sector.

Ready to take your career to the next level? Apply today and become part of a team committed to innovation, excellence, and making a difference!