A recent EY study shows that Artificial Intelligence could be a solution to both reduce the impact of the “brain drain” in the oil & gas industry as well as making it more attractive to younger generations.
The oil and gas industry is rapidly changing and due to the recent economic slowdown multiple industry jobs were lost. This inevitably results in the loss of knowledge and experience across all the sector.
It is clear that the industry is in need of new young professionals. However, a recent survey by EY shows, that:
“44% of Generation Y and 62% of Generation Z say a career in oil and gas is unappealing.”
Additionally, according to EY 81% of the industry’s executives agree that the industry will need to develop a better-educated, highly skilled workforce over the next 10 years.
Essentially all that means that there are actually two interlinked problems when it comes to talent crisis in oil and gas. First one being the exit of older workers and loss of their knowledge and the other one being inability to find new talent to replace them.
According to EY AI has a potential to address this challenge in three ways:
First, by making existing oil and gas operations more efficient, so less resources are needed to maintain them. Second, by codifying some of the knowledge of retiring engineers into virtual agents. Thirdly, by making the industry more attractive to younger hires.
AI and other advanced technology will help to automate lots of the unattractive hands-on work and as well as making it less physically demanding, less dangerous and less environmentally impactful. All that will help not only to make the oil and gas operations more efficient, but also to make the industry itself more attractive to the young professionals.
AI and advanced technology can also be used to preserve the expertise of retiring generations and combat the “brain drain”.
Finally, AI-enabled approach will also transform the way the oil and gas industry works as an ecosystem. It will foster the creation of open data ecosystems, possibly even encourage the external parties, like start-ups to share the data between each other. All that will result in new products, new services, new companies and skilled roles emerging, which will ultimately provide the means for the industry to grow.