Despite increasing competition from renewables sources of energy, the oil and gas sector is still thriving. Since 1850, oil and gas has kept the lights of our modern world burning bright. Today, these fuels account for 65.2% of global electricity production according to the World Bank – totaling 100 million barrels each day and up to 36 billion barrels per year.
In 2018, market research by IBISWorld, a leading business intelligence firm, estimated that the total revenues for the oil and gas drilling sector came to $2tn in 2018 – representing between two and three percent of the global economy. Both fuels are expected to remain a significant energy resource for decades. “Oil and gas will be a major component of our energy consumption for many years to come,” asserts Pierre E. Conner III, Executive Director and Professor of Practice, at Tulane Energy Institute, “It will provide 48% of energy demand in 2040.”
A new report from US think tank, Energy Futures Initiative highlights the strength of the oil and gas industry in the US. The sector has seen an increase in the numbers employed recently with an average jump of 19,000 workers per year, bringing the total to more than 500,000. The mining job growth projection is the highest among goods-producing sectors, which are segments of the economy not included in services, agriculture or the public sector. In total, the US Bureau of Labor Statistics (BLS) expects the oil and gas sector to add 90,800 jobs by 2026.
In addressing this need for workers, the challenge ahead for the oil and gas companies in the US is to maintain a pipeline of skilled professionals. The oil and gas industry is taking steps to build this pipeline by embracing the digital revolution, reviving outreach programs, and focusing on improving gender diversity. Additionally, the Global Energy Talent Index reports that 65% of oil and gas professionals believe their pay will increase in the next year, and 9 out of 10 survey respondents said they would be willing to relocate for a new career opportunity in the industry.