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Even with high salaries, young people avoid the sector because of the climate and job insecurity
A Big Oil's Talent Crisis deepens. There is a shortage of engineers for a sector that is experiencing record profits, but faces rejection from young people.
Big Oil's talent crunch exposes new challenge for energy sector
O The oil and gas sector is going through a critical phase. A Big Oil's Talent Crisis jeopardizes workforce renewal. The number of petroleum engineering students has fallen by 75% since 2014, despite high demand and good salaries.
Universities in the United States and Europe, traditionally suppliers of professionals to global industry, are seeing increasingly smaller class sizes. The movement reflects a profound generational shift.
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Changing mindsets fuel the crisis
A Big Oil's Talent Crisis It’s not just a question of course offerings. It’s a question of values. Young students are avoiding the sector because of concerns about climate change and career stability in a world moving toward renewable energy sources.
Historically, demand for petroleum engineering fluctuated with the price of a barrel of oil. Now, even with Brent crude oil nearly doubling in value between 2016 and 2021, student interest has not kept up.
Disinterest remains, despite attractive salaries
Research shows that newly graduated petroleum engineers earn, on average, 40% more than their computer science colleagues. Still, the Big Oil's Talent Crisis persists.
At the Colorado School of Mines, one of the top engineering schools, the graduating class has plummeted from 200 to just 36. Hayden Gregg, one of the few remaining, believes the degree still has value. “Even if oil goes away, I can use my skills in other areas of engineering,” he said.
Industry reacts, but effect is slow
Companies are ramping up hiring and offering good internships. Jennifer Miskimins, the program director at the Colorado School of Mines, said current students are in high demand. “They’re a hot commodity,” she said.
Despite this, the separation of the young people generate an alert. Big Oil's Talent Crisis may compromise innovation and operations in the medium term, precisely at a time when the sector is trying to reinvent itself towards a more diversified energy matrix.
