Oil and Gas Engineering Statistics


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Oil and Gas Engineering Statistics 2023: Facts about Oil and Gas Engineering outlines the context of what’s happening in the tech world.

LLCBuddy editorial team did hours of research, collected all important statistics on Oil and Gas Engineering, and shared those on this page. Our editorial team proofread these to make the data as accurate as possible. We believe you don’t need to check any other resources on the web for the same. You should get everything here only 🙂

Are you planning to form an LLC? Maybe for educational purposes, business research, or personal curiosity, whatever the reason is – it’s always a good idea to gather more information about tech topics like this.

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Top Oil and Gas Engineering Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 17 Oil And Gas Engineering Statistics on this page 🙂

Oil And Gas Engineering “Latest” Statistics

  • With Amazon OpenSearch Service, more than 30 million pages were processed with more than 98% accuracy..[1]
  • The energy employment sector employs over 4.6% of all Americans, a growth of 151,700 from 2017.[2]
  • According to the most recent data on employment in the energy sector, the industry was responsible for almost 7% of all new jobs created in the nation.[2]
  • Regarding gas, the fracking business produces more than two-thirds of the nation’s total gas output or 67%.[2]
  • Given that this business is global, it is not surprising that its size increased to 5,870.13 billion in 2021 at a compound annual growth rate CAGR of 25.5%.[2]
  • The government of Joe Biden advocated establishing a clean energy strategy that would result in the elimination of all oil and gas industry employment, which is equal to 6.5% of all jobs in the U.S.[2]
  • On the plus side, figures from the oil business show that the market will probably reach $7,425.02 billion in 2025 at a CAGR of 6%.[2]
  • In 2021, the size of the world’s oil and gas market is predicted to be 5,870.13 trillion dollars.[2]
  • The median pay is the wage estimate at the 50th percentile, meaning that 50% of employees earn less than the median and 50% of workers earn more than the median.[3]
  • Over the course of five years, from 2017 to 2022, the U.S. oil gas pipeline construction business had an average 4.2% rise in employment.[4]
  • According to a recent study by McKinsey titled Diversity Matters, businesses with the highest proportion of female executives are 15% more likely to have financial gains that are higher than the industry average.[5]
  • Compared to 22% in other stem fields and 20% throughout the whole corporate workforce, female involvement in O&G drops by 31% from entry-level to management jobs.[5]
  • Women make up just 14% of mechanical engineering graduates, although they major in computer science at a rate of 21% and chemistry at a rate of 47%, respectively.[5]
  • From VP to SVP, the overall percentage of women represented in the sector decreases by 38%, about twice as much as other STEM fields and corporate America as a whole.[5]
  • Compared to 41% in other STEM areas and 48% for the corporate sector overall, just a third of entry-level workers in the O&G industry are women.[5]
  • Based on an IDC energy study conducted in 2012 the use of big data and its applications in petroleum engineering was unfamiliar to 70% of the participants from U.S. oil and gas corporations.[6]
  • 81% of executives said that big data will be one of the top three objectives for the oil and gas industries.[6]

Also Read

How Useful is Oil and Gas Engineering

One of the key aspects of oil and gas engineering is its impact on the economy. The industry is a significant contributor to gross domestic product in many countries, providing jobs for millions of people and supporting various other industries. Whether it is extracting oil from the ground, refining it into usable products, or transporting them to consumers, there is a vast network of interconnected processes that drive economic growth and development.

In addition to its economic significance, oil and gas engineering has also been instrumental in advancing technology and innovation. The industry has constantly pushed the boundaries of what is possible, developing cutting-edge techniques for exploration, drilling, and extraction. This relentless pursuit of efficiency has led to the discovery of new reserves and the optimization of existing ones, ensuring a steady supply of energy for the future.

Moreover, oil and gas engineering has played a crucial role in enhancing global security and stability. As countries strive to secure their energy supply, the industry has become increasingly geopolitically significant. By leveraging its expertise and resources, oil and gas engineering has helped to build strong partnerships between nations, fostering cooperation and collaboration in the face of shared challenges.

Furthermore, the development of renewable energy sources owes much to the innovations and advancements made in oil and gas engineering. As concerns about climate change and environmental degradation have grown, the industry has recognized the need to diversify and adapt to a more sustainable model of energy production. By investing in research and development, oil and gas engineers have made significant strides in renewable technologies, paving the way for a cleaner and greener future.

But perhaps the most critical aspect of oil and gas engineering is its impact on human development and well-being. The products of this industry are essential for providing modern amenities and conveniences to people around the world. From powering hospitals and factories to facilitating transportation and communication, the benefits of oil and gas engineering are felt in every aspect of our daily lives.

In conclusion, the usefulness of oil and gas engineering extends far beyond its immediate economic and technological contributions. The industry underpins global prosperity, security, and sustainability, shaping the world we live in today and paving the way for a better tomorrow. It is clear that oil and gas engineering is an indispensable field that will continue to play a vital role in shaping the future of humanity.

Reference

  1. amazon – https://aws.amazon.com/blogs/apn/cognitive-document-processing-and-data-extraction-for-the-oil-and-gas-industry/
  2. goremotely – https://goremotely.net/blog/oil-and-gas-industry-employment-statistics/
  3. bls – https://www.bls.gov/oes/current/oes172171.htm
  4. ibisworld – https://www.ibisworld.com/industry-statistics/employment/oil-gas-pipeline-construction-united-states/
  5. mckinsey – https://www.mckinsey.com/industries/oil-and-gas/our-insights/how-women-can-help-fill-the-oil-and-gas-industrys-talent-gap
  6. sciencedirect – https://www.sciencedirect.com/science/article/pii/S2405656118301421

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