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

First and foremost, oil and gas engineering is essential for meeting our energy needs. As our population continues to grow, so does our demand for energy. Oil and gas are incredibly versatile sources of energy, able to be used in a variety of applications ranging from electricity generation to transportation. Without the expertise of oil and gas engineers, we would struggle to meet this ever-increasing demand.

Furthermore, oil and gas engineering helps drive innovation and technological advancements. The exploration and extraction of oil and gas require cutting-edge technology and engineering expertise. These advancements not only benefit the oil and gas industry but also have a ripple effect on other sectors, leading to advances in fields such as robotics, geology, and environmental science.

In addition to serving our energy needs and driving technological progress, oil and gas engineering is also a significant contributor to our economy. Oil and gas companies provide millions of jobs worldwide, from engineers and geologists to field workers and technicians. The industry also generates revenue for governments through taxes and royalties, which can be reinvested in infrastructure, education, and social programs.

However, it is important to acknowledge that the usefulness of oil and gas engineering does not come without challenges. The extraction and combustion of fossil fuels contribute to air pollution, climate change, and environmental degradation. As such, oil and gas engineers must strive to develop technologies and practices that minimize these negative impacts, such as improving drilling and extraction techniques and investing in renewable energy sources.

Moreover, the oil and gas industry is subject to fluctuations in market prices, geopolitical instability, and shifting global energy trends. This volatility can create uncertainties for companies and workers alike, highlighting the need for resilience and adaptability within the industry.

Despite these challenges, the usefulness of oil and gas engineering remains undeniable. It is a cornerstone of our energy infrastructure, driving economic growth and technological progress. As our society continues to evolve, so too must our approach to oil and gas engineering. By embracing innovation, sustainability, and collaboration, we can ensure that the industry remains a vital and relevant force in the years to come.

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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