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.

oil and gas executives say digital technologies to improve efficiency are among their top investments for decarbonization initiatives. (7)

Supporting Data

  1. McKinsey:  Technology Transformation in Oil and Gas
  2. Bain: Global Energy and Natural Resources Executive Perspectives
  3. Deloitte: 2024 Oil and Gas Industry Outlook
  4. Statista: AI impact on U.S. oil and gas company staff 
  5. The Economic Times
  6. Ernst & Young
  7. Deloitte: Navigating Energy Transition