The oil and gas industry has experienced highs and lows throughout the years. Over the past decade extraction has held steady, seeing the fastest labor productivity gains of any sector. America’s oil industry is quickly stealing the market share from OPEC to become the world’s net exporter of petroleum and becoming an engine of the economy.
Investors are taking notice too. The sector saw a mass exodus of investors back in 2008 as U.S. crude oil production flattened and then generally declined for decades to a low of 5.0 million b/d. Fast-forward to 2024 petroleum is back on top. Technology and ingenuity are two of the main reasons US productivity is seeing such great gains after years of tepid growth. In 2025 alone, the US oil production is forecasted to grow by 600,000 barrels a day, about 50% more than this year’s growth, due to higher well productivity
Investors aren’t the ones being drawn to the oil and gas sector. Employment opportunities are on the rise with steady increases expected to continue into 2025. The Texas Independent Producers and Royalty Owners Association (TIPRO) released new employment figures showing September 2024 to be the fourth consecutive month of growth in upstream employment in Texas. The figures were drawn from the U.S. Bureau of Labor Statistics latest Current Employment Statistics report.
Texas’s Upstream Employment
According to TIPRO’s analysis, direct Texas upstream employment for September totaled 195,400, an increase of 800 industry jobs from August’s employment numbers. Jobs in the upstream sector involve the initial phases of oil and gas production.
According to Energy Workforce & Technology Council President Molly Determan, oil and gas sector employment opportunities are forecasted to see continued growth.
“We are heavily invested in workforce reporting and run numbers not only at a national level but state by state level for the energy services sector. We continue to see a moderate but steady increase in the oil and gas industry, including employment. I think this is a great sign and a positive indicator of what’s to come,” said Determan.
Energy Workforce & Technology Council is the national trade association for the global energy technology and services sector, which represents more than 650,000 U.S. jobs in the technology-driven energy value chain.
The council recently released its latest workforce report that studies not only market trends in terms of job numbers but also the female and ethnic makeup of the industry. According to the report, the industry is attracting a wide-array of individuals looking for career opportunities that can meet the higher cost of living.
“These types of companies are always good at training people. They can come right out of high school and get a great paying job with benefits. Many of them build a life-long career in the industry,” said Determan. “As an association we offer training on leadership development for both frontline and management.”
AI Impacts Oil & Gas
AI is making an impact in the oil and gas industry and all aspects of operations. Its entry achieved a significant milestone given the sector relied solely on physical labor in the decision-making process. AI’s ability to analyze a massive amount of datasets, predict outcomes, and automate complex business processes is aiding those in the sector to deal with challenging environments, and fluctuating market dynamics.
As per a survey conducted, executives said they found that using AI helped them to solve organizational challenges and it’s easy to understand. The market size of AI in the oil and gas market was worth around $3.19 million in 2023 and is expected to grow to around $9.34 million by 2032.
“We are a very technical industry that’s becoming more efficient in the way we fract,” said Determan. “The sector is undergoing digitalization in areas including maintenance. AI powered predictive maintenance is revolutionizing drilling operations by continuously monitoring equipment to head-off failures and minimize downtime.”
