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 advantages of oil and gas engineering is its versatility. The products derived from petroleum and natural gas are used in a wide variety of applications, making them indispensable in many industries. From plastics and chemicals to fertilizers and pharmaceuticals, oil and gas products are essential components in countless everyday products. This versatility ensures a steady demand for oil and gas engineering professionals and their expertise.

In addition to versatility, oil and gas engineering also offers high pay and job security. The nature of the industry’s work, which often involves complex and challenging projects, requires specialized expertise that is in demand globally. This means that oil and gas engineers are well-compensated for their skills and can enjoy long-term employment opportunities. In a world where job security is increasingly uncertain, the stability that comes with a career in oil and gas engineering is a significant advantage.

Moreover, the innovations in technology and techniques within the oil and gas industry have made it more efficient and environmentally friendly. Advancements in drilling technologies have enabled engineers to access previously inaccessible reserves, while the development of sustainable practices has reduced the industry’s environmental impact. This commitment to innovation and sustainability ensures that the oil and gas industry will continue to play a critical role in meeting the world’s energy needs while minimizing its environmental footprint.

However, despite its usefulness, oil and gas engineering is not without its challenges. The industry is heavily reliant on volatile commodity prices and geopolitical factors, which can impact its stability. The transition to renewable energy sources and the global push for decarbonization also pose potential threats to the long-term viability of the oil and gas industry. As the world shifts towards cleaner energy options, the demand for oil and gas may decrease, affecting the job market for engineers in the industry.

Furthermore, there are valid concerns about the environmental impact of the oil and gas industry. While efforts have been made to minimize pollution and reduce emissions, the extraction, refining, and burning of fossil fuels still contribute significantly to global carbon emissions. As the world grapples with the challenges of climate change, the oil and gas industry will need to adapt and innovate to align with global sustainability goals.

In conclusion, whether oil and gas engineering remains useful in the future will depend on its ability to evolve with the changing energy landscape. While the industry offers many benefits in terms of versatility, job security, and innovation, it also faces numerous challenges that must be addressed. As the world transitions towards sustainable energy sources, the oil and gas industry will need to embrace new technologies and practices to remain relevant in the long term. Only by adapting to these changes can oil and gas engineering continue to be a crucial component of the global energy industry.

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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