Though faced with a difficult last few years, oil and gas industry talent will likely be in high demand in the near future.
U.S. oil and gas companies will need to hire nearly 30,000 employees each year for the next two decades to replace those who have stopped working or who have retired, reported Bloomberg.
Facing what is called in the industry the “Great Crew Change,” there is a shortage of middle-aged workers, which can be traced back to the impact of the suffering industry in the 1980s, the source explained. Now, with many oil and gas workers nearing retirement, the employers are looking to attract new skilled workers – or convince those already employed to put off retirement a little longer.
In addition, rising oil prices paired with the lingering effects of layoffs conducted during the oil and gas downturn in recent years are also contributing to the talent shortage.
The U.S. is not alone in its need for talent: A forecast by the International Energy Agency predicted that the worldwide demand for energy will rise 1.2 percent annually until 2035, according to a Bain Capital report.