GETI 2024 Reveals Oil and Gas Industry’s Cautious Optimism Towards AI Amid Shifting Workforce Dynamics

Cautious AI Adoption in Oil and Gas

In the eighth annual Global Energy Talent Index (GETI) report released on 13th February 2024, the oil and gas industry demonstrates a cautious approach to AI adoption. The report, produced by Airswift, indicates that 24 percent of professionals in the sector are already utilizing AI, slightly trailing the industry average of 27 percent. An additional 10 percent anticipate integrating AI within the next six months.

Optimism for Future Impact

Despite the reserved adoption, nearly half (47 percent) of oil and gas professionals express strong optimism regarding the future impact of AI. Key expectations include an uplift in personal productivity (71 percent), improved career progression opportunities (58 percent), and increased job satisfaction (58 percent). Moreover, over half (53 percent) believe AI will positively influence the work-life balance, providing more time for family and friends.

Skills Development in the Face of AI

GETI 2024 highlights that almost all respondents believe AI will increase the demand for skills in the industry. A significant two-thirds (62 percent) of oil and gas professionals expect AI to raise the pressure on them to acquire new skills. The report identifies programming, software engineering, IT, data science, and cybersecurity as the areas where the most significant demand for skills is expected.

Balancing Technical and Soft Skills

The report underlines the need for both technical and soft skills development. While technical skills in AI-related fields are crucial, the demand for soft skills such as communication, critical thinking, problem-solving, and creative thinking is also expected to rise. This underscores the importance of balancing human capabilities with AI technologies.

CEO Insights: Navigating the Technological Landscape

Janette Marx, CEO of Airswift, emphasizes the industry’s critical juncture with AI emerging as a key tool for decarbonization efforts. She highlights the delicate balance required between technological advancement and nurturing the skills of the workforce. Marx advocates for proactively enhancing the capabilities of the workforce to adapt to the evolving energy landscape, emphasizing the role of AI in supporting these efforts.

Salaries and Global Mobility Trends

The GETI 2024 report reveals a flattening in salary growth, with 48 percent of professionals reporting a pay rise this year—a modest increase compared to previous years. However, 69 percent of professionals remain optimistic about a pay rise next year, aligning with sentiments shared by hiring managers.

Global Mobility Trends

With an international pipeline of new projects, 83 percent of professionals would consider relocating, showing a slight increase from 81 percent in 2023. Asia has entered the top three desirable destinations for relocation, following Europe and the Middle East. The demand for oil and gas skills remains strong, with 81 percent having been headhunted in the past year. However, there is a hesitancy to join other industries, with only 19 percent considering such a move.

Industry Reflection and Future Prospects

As the report provides insights into the industry’s current state, it signals a shift in workforce dynamics influenced by AI adoption. The cautious optimism, coupled with a recognition of the need for skills development, reflects the industry’s commitment to navigating the evolving technological landscape.

The oil and gas sector stands at a crucial juncture, with AI becoming integral to decarbonization efforts. Nurturing the workforce’s skills while embracing automation is essential for the industry’s future. The full GETI 2024 report, including in-depth analysis and recommendations, is available for download at GETI Report.

Sources:
GETI 2024
aspectusgroup.com
www.airswift.com