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 ways in which oil and gas engineering is useful is in the creation of job opportunities. The industry employs a vast array of professionals, from engineers and geologists to technicians and project managers. These jobs not only provide individuals with stable careers but also contribute to the growth and development of local economies around the world. The demand for skilled workers in the oil and gas sector is expected to remain strong in the coming years, making it a valuable field for those seeking employment opportunities.

Oil and gas engineering also plays a vital role in ensuring energy security and stability. The reliable supply of oil and gas is essential for maintaining the functioning of modern society, from powering vehicles and heating homes to supporting industries and manufacturing processes. Without the expertise and innovation of petroleum engineers and geoscientists, we would struggle to meet our energy needs and could face disruptions that negatively impact our daily lives and economic prosperity.

Furthermore, oil and gas engineering is instrumental in driving technological advancements. Engineers and scientists in this field are constantly working to develop new methods and technologies to improve the efficiency and sustainability of oil and gas production. From the use of advanced drilling techniques to the implementation of digital technologies and automation, the industry is at the forefront of innovation, paving the way for more responsible and environmentally-friendly practices.

In addition to its economic and technological benefits, oil and gas engineering also plays a crucial role in supporting communities and nations around the world. The revenue generated from oil and gas production can be used to fund social programs, infrastructure projects, and healthcare initiatives, helping to improve the quality of life for millions of people. In developing countries, oil and gas extraction can be a driver of economic growth, creating opportunities for education, healthcare, and poverty alleviation.

Despite these benefits, it is important to acknowledge the environmental challenges associated with oil and gas engineering. The extraction and consumption of fossil fuels have significant environmental impacts, from air and water pollution to greenhouse gas emissions and climate change. As we move towards a more sustainable future, it is essential for the oil and gas industry to embrace cleaner technologies and invest in renewable energy alternatives to reduce its environmental footprint.

Overall, oil and gas engineering is a useful and indispensable field that will continue to play a vital role in our society for years to come. While it is not without its challenges, the industry’s contributions to our energy security, economic prosperity, and technological advancement cannot be overlooked. As we navigate the transition to a more sustainable energy future, it is essential for oil and gas engineers to innovate and adapt to ensure a cleaner and more resilient energy sector for future generations.

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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