Digitalization in Oil & Gas by the Numbers

Growth Prospects

The global upstream industry will invest over $500 billion and generate over $800 billion in free cash flows in 2024. ⁽³⁾

81X The increase in unconventional oil and gas productivity due to technology over the last decade. ⁽⁶⁾

60% of oil and gas executives expect digital technologies and AI to change their businesses significantly by 2030. ⁽²⁾

$5 per barrel of oil equivalent (BOE) captured for upstream companies through digitalization initiatives in exploration, well management and maintenance. ⁽¹⁾

Workforce Challenges

Oil and gas companies in North America are having difficulty finding frontline workers. ⁽²⁾

the percentage of the existing workforce in oil and gas that is expected to retire within the next 7 years. ⁽⁵⁾

of oil and gas executives say reskilling the workforce will be critical to company success going forward. ⁽⁶⁾

Energy Transition

oil and gas executives cite operational efficiency gains and direct emissions reductions as key metrics for assessing energy transition progress. ⁽³⁾

oil and gas executives look to adjacent products such as natural gas, carbon capture, biofuels and hydrogen as key to their low-carbon investment strategies.