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Aging Workforce - The Big Crew Change in Exploration and ProductionPublished by: IDC Published: Aug. 9, 2006 - 15 Pages Table of ContentsTable of Contents Energy Insights Opinion In This Report Situation Overview Figure: Age of Petroleum Engineers Figure: Median Age of U.S. Employees by Industry Figure: Age of U.S. Employees by Industry Figure: U.S. Petroleum and Coal Manufacturing Employment by Occupation Future Outlook Labor Replacement Figure: Origin and Geographic Shift of E&P Workers Knowledge Retention Figure: Human Ability to Deal with Increased Volumes of Data Strategies Process Improvement and Business Innovation Figure: Differing Priorities of the Workforce Across the Organizational Hierarchy Figure: Collaborative Team Rooms: Effective Utilization of Domain Experts Case Study: Newfield Exploration Company Figure: Newfield Exploration Company Oil and Gas Production, 2003-2007, and Proved Reserves, 2001-2005 Essential Guidance Actions to Consider Learn More Related Research Synopsis AbstractThis Energy Insights report explores and documents the aging workforce problem in the global exploration and production industry, with a specific emphasis on the problem of aging engineering and technical staff in the upstream line of the business. It highlights specific oil and gas aging workforce examples from the U.S. Bureau of Labor Statistics, the Society of Petroleum Engineers, and the Society of Exploration Geophysicists. The study explores the future outlook and strategies for labor replacement and knowledge retention. The role of process improvement and business innovation in alleviating workforce-related issues is discussed using real-world examples. The report also provides recommendations and guidance for the E&P industry to effectively address the big crew change. The exploration industry faces manpower, equipment, and service shortages as it tries to cope with a world energy demand that is projected to grow from 230 million barrel of oil equivalents per day (boe/d) today to 335 million boe/d in 2030. As such, it will rely heavily on technological advances to meet future energy demands. Additionally, the most experienced exploration staff will retire in the next 5-10 years. Therefore, significant workforce productivity gains will have to be realized through digital oilfield automation initiatives to manage future levels of E&P activity. According to Energy Insights program manager Sekhar Venkat, "The systematic reduction in the E&P workforce due to volatility in prices and M&A activity has resulted in workers moving out of the oil and gas industry and created a stigma that discourages young people from joining the industry. While a few supermajors are actively addressing these issues through partnerships with universities, the industry is just not doing enough. The crisis is already here and work is not getting done." Get Full Details About This Report >> |
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