Oil and Gas Back Office Statistics 2024 - Everything You Need to Know

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Best Oil and Gas Back Office Statistics

Best Oil and Gas Back Office Statistics

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Oil and Gas Back Office Market Statistics

Our multivariate statistical analysis on employment and market data suggests that as much as 70% of jobs lost during the pandemic may not come back by the end of 2021 in a consensus businessas. ^[0]

Oil and Gas Back Office Adoption Statistics

In sum, the adoption of these five use cases would deliver close to $250 billion of value to the oil and gas industry, or a 20 to 25 percent reduction in cost per BOE, with 60 to 70 percent captured by using available connectivity technologies. ^[1]

Oil and Gas Back Office Latest Statistics

“About 70% of jobs lost in 2020 may not come back by the end of 2021 in a businessas. ^[0]
The gravity of this compression is reflected in the shrinking valuation of the energy sector, which is now the second smallest segment in the S&P 500, with a share of only 2.5% as of August 31, 2020. ^[0]
About 70% of jobs lost in 2020 may not come back by the end of 2021 in a businessas. ^[0]
Worryingly, the rate of recovery in employment will likely be slower over the next 15–18 months. ^[0]
The rate of recovery will likely be higher in the chemicals business but still below 100% as the pandemic has significantly dented consumers’ buying behavior. ^[0]
In a pessimistic scenario of US$35/bbl and US$2/MMBtu, the rate of recovery in jobs would be only 3%. ^[0]
According to a workforce survey by the University of Houston, about 53% of oil and gas workers highlighted job security as a concern. ^[0]
An analysis of yearly job postings by OG&C companies reveals that less than 1% OG&C employers offered a flexible workplace arrangement before the pandemic. ^[0]
produces about 80% of full cycle greenhouse gas emissions for the OG&C industry. ^[0]
With unprecedented restrictions on travel, transportation driven fuel demand fell 30% and global GHG emissions 17% in the first half of 2020. ^[0]
And on average, the weighted average cost of capital of 8 10% for an oil and gas company is twice that of top renewable companies. ^[0]
With only 1 2% of oil and gas capex spent on new green energy projects, there is nearly unlimited scope for companies to transform their traditional hydrocarbon model. ^[0]
According to a Morgan Stanley survey, 85% of individual investors are interested in sustainable investing and as many as 95% of millennials polled in the survey expressed interest in investing in sustainable companies. ^[0]
About 90% of job postings are still for traditional energy cities, with less than 4% in nonconventional locations like Silicon Valley. ^[0]
Similarly, less than 15% of postings in 2019 had mathematical or data analytics as the primary skill. ^[0]
In fact, the total number of US university graduates for technical courses like petroleum and geological engineering courses dropped by 15 ̶ 21% from 2015 to 2019. ^[0]
The tenured crew comprises nearly 50% of the industry’s personnel and most are retiring within the next five to seven years. ^[0]
In fact, the industry’s operating costs were the lowest during the period, falling by 17% to 30%. ^[0]
For example, operating margins of OFS companies in 2019 remained around their 2016 lows of 5%. ^[0]
about 15–20% of total personnel expense) costs associated with support functions, significant opportunity lies before companies to make these fixed costs highly variable through outsourcing intelligent process automation, and cloud. ^[0]
Companies, however, have to cut these costs deliberately as about 90% of backoffice reductions return to previous levels in 3. ^[0]
A combination of business transformation and skill development can turn the “businessas usual” layoff tide and lead to a much higher recovery in the employment rate than 30%. ^[0]
Primary energy consumption fell by 4.5% in 2020 – the largest decline since 1945. ^[2]
China posted the largest increase (2.1%). ^[2]
Carbon emissions from energy use fell by 6.3%, to their lowest level since 2011. ^[2]
Oil consumption fell by a record 9.1 million barrels per day , or 9.3%, to its lowest level since 2011. ^[2]
Refinery utilization fell by a record 8.0 percentage points to 74.1%, the lowest level since 1985. ^[2]
Natural gas consumption fell by 81 billion cubic metres , or 2.3%. ^[2]
Nevertheless, the share of gas in primary energy continued to rise, reaching a record high of 24.7%. ^[2]
Inter regional gas trade reduced by 5.3%, completely accounted for by a 54 bcm (10.9%). ^[2]
LNG supply grew by 4 bcm or 0.6%, well below the 10 year average rate of 6.8% p.a. ^[2]
US LNG supply expanded by 14 bcm (29%). ^[2]
Coal consumption fell by 6.2 exajoules , or 4.2%, led by declines in the US (2.1 ) and India ( 1.1 ). ^[2]
Global coal production was down 8.3 EJ (5.2%). ^[2]
Renewable energy rose by 9.7%, slower than the 10 year average (13.4% p.a.). ^[2]
Solar electricity rose by a record 1.3 EJ (20%). ^[2]
Hydroelectricity grew by 1.0%, again led by China , while nuclear energy fell 4.1%, driven mainly by declines in France ( ). ^[2]
Electricity generation fell by 0.9% – more than the decline in 2009 ( 0.5%). ^[2]
The share of renewables in power generation increased from 10.3% to 11.7%, while coal’s share fell 1.3 percentage points to 35.1% – a new low in our data series. ^[2]
Lithium production fell 4.6% on a drop in Australian output, while Cobalt output rose 2.9% as production in the Democratic Republic of Congo partially recovered from its dip in 2019. ^[2]
Rare earth metals production expanded by 23.2%, driven by strong growth in Australia and the US. ^[2]
This figure includes 26 per cent who would “strongly support” such a move. ^[3]
In contrast, just 19 per cent are in opposition, of which 7 per cent would “strongly oppose”, and 33 per cent say they neither support or oppose the ban. ^[3]
Global Workplace Analytics believes that 25 30% of the workforce will remotely by 2021. ^[4]
Upwork estimates that 1 in 4 Americans over 26% of the American workforce will be working remotely through 2021. ^[4]
They also estimate that 22% of the workforce will work remotely by 2025. ^[4]
In fact, 30% of those respondents told researchers they were more productive and engaged working from home. ^[4]
A report by Owl labs in 2021 found that 55% of respondents say they work more hours remotely than at the physical office. ^[4]
This same report found that only 36% of people believe the office is best suited for individual work. ^[4]
32% of those surveyed by Owl Labs said they would quit their job if they were not able to continue working remotely. ^[4]
44% of companies do not allow remote work and only 16% of companies hire remote only workers. ^[4]
Globally, 16% of companies are fully remote according to an Owl labs study. ^[4]
This same study found that about 62% of workers aged 22 to 65 claim to work remotely at least occasionally. ^[4]
This study also found that 44% of companies do not allow remote work of any kind. ^[4]
Since 2020 people have been meeting by video calls 50% more since COVID. ^[4]
During COVID19 close to 70% of full time workers are working from home. ^[4]
After COVID 19 92% of people surveyed expect to work from home at least 1 day per week and 80% expected to work at least 3 days from home per week. ^[4]
23% of those surveyed would take a 10% pay cut to work from home permanently. ^[4]
A mere 20 25% of companies are paying some of the cost for home office equipment and furnishings. ^[4]
81% of those surveyed believe their employer will continue to support remote work after COVID. ^[4]
59% of respondents said they would be more likely to choose an employer who offered remote work compared to those who didn’t. ^[4]
The future of work report by Upwork found that 22.5% of survey managers said productivity had decreased compared to 32.2% of hiring managers that said productivity has increased since their employees started working from home in 2020. ^[4]
Their performance was boosted by 22% when employees were able to work from home. ^[4]
94% of these employers stated the work productivity was the same or higher since employees started working from home. ^[4]
They also found that workers who were working at home reported being happy 22% more than workers who always work in an onsite office environment. ^[4]
The remote workers also worked over 40 hours a week 43% more compared to workers that never worked remotely. ^[4]
Transportation accounts for 28% of greenhouse gas emissions in the United States according to the EPA. ^[4]
The EPA statistics also show that lightduty vehicles such as cars make up 59% and medium to heavy duty trucks make up 23% of the emissions. ^[4]
This is happening because 86% of commuters drive a private vehicle to work according to the U.S. Census Bureau. ^[4]
A survey by slack of 9,000 workers in six countries found that 72% prefer a hybrid remote office model with only 12% preferring to always work in an office setting. ^[4]
They also found that 13% would like to always work from home if given the choice. ^[4]
73% percent of those executives surveyed found that working remotely has been a success. ^[4]
PwC survey also found that 72% of those workers surveyed would like to continue working from home for at least 2 days a week even when they can go back to the office full time. ^[4]
32% said they would like to work from home permanently. ^[4]
The same executives in the PwC survey expected to need 30% less office space in the next three years. ^[4]
A survey conducted by Upwork of 1,500 hiring managers found that due to COVID 19, 61.9% of the companies were planning more remote work now and in the following years to come. ^[4]
This same report predicts 36.2 million workers or 22% of Americans will be working remotely by the year 2025. ^[4]
This is an 87% increase from pre. ^[4]
Global Workplace Analytics estimates that 56% of W2 workers or 75 million employers could work from home if their employers allowed it. ^[4]
Global Workplace Analytics estimates that 25 30% of the workforce will work from home for several days a week by the end of 2021. ^[4]
The CEO of Facebook stated that he expects 50% of their workforce to be working remotely by 2030. ^[4]
According to our estimates, making use of advanced connectivity to optimize drilling and production throughput and improve maintenance and field operations could add up to $250 billion of value to the industry’s upstream operations by 2030. ^[1]
McKinsey’s work with the oil and gas sector suggests offshore operators can reduce costs, including operational and capital expenditures, by 20 to 25 percent per barrel by relying on connectivity to deploy digital tools and analytics. ^[1]
The industry’s operations account for 9 percent of all Scope 1 and Scope 2 greenhouse gas emissions generated by humans, while the fuels it produces create one third of Scope 3 emissions. ^[1]
Some 40 percent of offshore production volume like that in Canada, Norway, and deepwater sites in the United States is connected to shore by fiber, while 56 percent is connected by microwave. ^[1]
Only 5 percent of offshore operations connect to the core network by verysmall. ^[1]
About 60 percent of this onshore production volume is connected via microwave signal and the rest by VSAT. ^[1]
For the 30 percent of global onshore oil and gas production connected by VSAT, any material upside from digital and analytics is out of reach at current connectivity levels. ^[1]
Drilling is a major expense in oil and gas production, representing between 20 and 30 percent of total production costs. ^[1]
Drilling speed could increase by 25 percent or more, driving down cost per well while also reducing emissions tied to drilling and associated activities by nearly 10 percent. ^[1]
This use case primarily requires high system resilience, which today is possible wherever fiber or microwave connectivity is available in other words, at almost all offshore assets and roughly 60 percent of onshore assets. ^[1]
The associated incremental value of this use case, realizable today, is $30 billion, representing a 2 to 3 percent reduction in cost per barrel of oil equivalent. ^[1]
We estimate productive drilling time would increase to 94 percent from the current 90 percent, which in turn would reduce emissions by cutting the energy consumed in rework and repeated operations. ^[1]
The incremental value of drilling automation to the industry could be $50 billion today, which represents a reduction of 3 to 7 percent of cost per BOE. ^[1]
The operator is now seeking an additional 3 percent production improvement by rolling out advanced analytics to the rest of the system, from well to export. ^[1]
The existing connectivity infrastructure, available at a majority of offshore assets and about 60 percent of onshore assets, could deliver about $20 billion of incremental value, equal to a 2 percent reduction in cost per BOE. ^[1]
Enhanced, high band connectivity like 5G could generate an additional 3 percent improvement in production. ^[1]
Maintenance typically accounts for between 10 and 15 percent of total production costs, and prescriptive plans could reduce these outlays by 10 percent. ^[1]
Additionally, fewer shutdowns for unscheduled maintenance events could increase production volumes by 1 percent. ^[1]
For example, an operator of several floating production and storage facilities in Latin America was able to reduce its total operating expenses by 15 percent by using analytics to shift to condition. ^[1]
Deployed at scale, they could create $20 billion of value, or a 2 to 3 percent reduction per BOE. ^[1]
Industry tool time the share of total time spent working on target activity for field operators is roughly 25 percent, but connectivity advances could help push these rates up to 40 percent by reducing time spent on maintenance and repairs. ^[1]
Such technologies could reduce the cost of maintenance and operations by 10 to 15 percent. ^[1]
Even without virtual reality, we estimate offshore operators could improve tool time by roughly 10 percent using “connected worker” solutions such as digitizing reporting and communication between frontline employees and experts in the back office. ^[1]
Deployed at scale, better connectivity could produce $20 billion of value or a 2 to 5 percent reduction in cost per BOE, depending on the asset type. ^[1]
Today, that work represents 10 to 25 percent of overall maintenance costs, onshore and offshore respectively, or as much as 4 percent of total production costs. ^[1]
Such technologies could decrease the cost of inspection by 35 percent, improve the health and safety of such workers, and cut emissions. ^[1]
However semiautonomous inspections by an operator in the North Sea, used only to monitor difficultto access equipment, has reduced the cost of onboard personnel and outage time, lowering maintenance costs by 5 to 10 percent. ^[1]
Current fiber and microwave connectivity make this use case accessible to the majority of offshore assets and about 60 percent of onshore assets. ^[1]
When deployed at scale where fiber or microwave connectivity is available, the incremental value at stake is $5 billion, or less than a 1 percent reduction in cost per BOE. ^[1]
Materials purchasing accounts for half of operations and maintenance costs in the oil and gas industry, or as much as 15 percent of total production costs. ^[1]
Delivery logistics are especially costly for remote unconventional and offshore sites, representing 10 percent to 15 percent of total production costs. ^[1]
Using digital technologies in logistics management could reduce the cost of delivery vehicle service by 20 percent and the cost of materials by 2 percent. ^[1]
Transparent tracking and proactive management of material and equipment reduced materials costs by about 10 percent. ^[1]
Deployed at scale, the new value to the industry could be $30 billion, or a 2 to 3 percent drop in the cost per BOE. ^[1]
With continued margin pressure and shifts in remote working brought on by the COVID 19 pandemic, significant tailwinds are currently behind any investment likely to enable remote or automated operations. ^[1]
Consumer prices, harmonised to make them comparable with inflation data from other European Union countries , rose 7.6% on the year, a steep increase from 5.5% in February, the Federal Statistics Office said. ^[5]
The national consumer price index rose 7.3% yearon year after recording an inflation rate of 5.1% in February, as companies and service providers passed on the massive rise in energy prices to customers. ^[5]
Analysts polled by Reuters had expected the CPI rate to rise to 6.3% and the HICP figure to grow to 6.7%. ^[5]
Spain, for example, reported an inflation rate of just under 10% for March earlier on Wednesday. ^[5]
“The ECB’s mantra that inflation rates would be back to the ECB’s target level of 2% from next year no longer works,” Gitzel said. ^[5]
Preliminary inflation data from the German states of Saxony, NorthRhine Westphalia, Bavaria, Hesse, Brandenburg and Baden Wuerttemberg had suggested annual consumer price inflation in a range between 7% and 8%, coming to an average of 7.54%. ^[5]
The share of electricity in final consumption in the G20 is growing again, after a stagnation in 2019 at 21%. ^[6]
The share of renewables in the power mix is still growing, reaching 29% in 2021 for the G20. ^[6]
2021 rebound of oil consumption is not enough to reach 2019 levels . ^[6]
At the G20 level, the electricity consumption increases in 2021 after a 2.3% decline in 2020. ^[6]
GHG emissions under the EU ETS rose by 7.3% in 2021. ^[6]
Greenhouse gas emissions under the EU Emissions Trading System rose by 7.3% in 2021, due to higher emissions from the power sector, industry and aviation; however, they remain below their 2019 levels. ^[6]
India’s crude oil production declined by 2.7% in the fiscal year 2021 2024 to 29.7 Mt, in line with the recent decrease in oil production due to ageing fields. ^[6]
Oil and Natural Gas Corporation produced 19.45 Mt of crude oil . ^[6]
With the economic recovery, refineries processed 242 Mt of crude oil in the fiscal year 2021 2024 (+9%), producing 254 Mt of petroleum products (+8.9%). ^[6]
In addition, natural gas output rose by 18.7% to 34 bcm in the fiscal year 2021. ^[6]
US greenhouse gas emissions declined by 11% in 2020 to 5,222 MtCO , i.e., 21% below 2005 levels, according to the United States Environmental Protection Agency. ^[6]
This was driven by an 11% decrease in CO emissions from fossil fuel combustion, primarily due to a 13% drop in transportation emissions driven by lower demand owing to the COVID. ^[6]
In addition, power sector emissions also fell by 10%, reflecting both a slight decline in demand from the COVID 19 pandemic and a continued shift from coal to natural gas and renewables. ^[6]
In 2020, CO accounted for 79% of total emissions, followed by methane (11%), nitrous oxide (7%) and fluorinated gases (3%). ^[6]
Transport is the largest emitter sector (27%), followed by electricity (25%), industry (24%), commercial and residential (13%) and agriculture (11%). ^[6]
Ghanaian crude oil production fell by 17.7% in 2021 to 55 mbl , according to the country’s Public Interest and Accountability Committee. ^[6]
Gas production of associated gas and non associated increased by 7.7% in 2021 to 256,262 mcf. ^[6]
According to this report, West Virginia had 70,874 total jobs in the natural gas and oil industry in 2015. ^[7]
He won West Virginia by almost 43 percentage points and he’s been carrying close to 60 percent approval.”. ^[7]
Additionally, West Virginia’s export growth rate was 14.2%, nearly double the national average of 7.6%.”. ^[7]
Our oil and gas outsourcing solutions can reduce G&A expenses from 20 50% by leveraging partial FTE experienced resources, systems and automation, combined with less costly but highly trained offshore data entry personnel. ^[8]

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Reference

deloitte – https://www2.deloitte.com/us/en/insights/industry/oil-and-gas/future-of-work-oil-and-gas-chemicals.html.
mckinsey – https://www.mckinsey.com/industries/oil-and-gas/our-insights/how-tapping-connectivity-in-oil-and-gas-can-fuel-higher-performance.
bp – https://www.bp.com/en/global/corporate/energy-economics/statistical-review-of-world-energy.html.
newstatesman – https://www.newstatesman.com/environment/climate/2021/12/exclusive-polling-britons-back-end-to-oil-and-gas-exploration.
apollotechnical – https://www.apollotechnical.com/statistics-on-remote-workers/.
reuters – https://www.reuters.com/world/europe/german-inflation-reach-over-7-march-state-data-suggest-2024-03-30/.
enerdata – https://yearbook.enerdata.net/.
politifact – https://www.politifact.com/article/2019/apr/05/how-many-oil-and-gas-jobs-are-there-west-virginia-/.
bakertilly – https://www.bakertilly.com/specialties/back-office-services-for-oil-and-gas-industry.

How Useful is Oil and Gas Back Office

One of the key functions of the back office in the oil and gas industry is financial management. In a sector where vast sums of money are being exchanged on a daily basis, it is essential to have a robust financial management system in place to track expenses, revenues, and investments accurately. This is especially important given the volatility of oil and gas prices, which can greatly impact the profitability of companies operating in the industry. By having an efficient back office overseeing financial operations, companies can better manage their budgets, make informed decisions about investments, and ensure compliance with financial regulations.

In addition to financial management, the back office in the oil and gas industry also plays a crucial role in ensuring compliance with regulations. The oil and gas sector is subject to a myriad of regulations at the local, national, and international levels, covering everything from environmental protection to health and safety standards. Compliance with these regulations is not only important for the reputation of companies in the industry but also for the safety of their employees and stakeholders. The back office is responsible for keeping abreast of changing regulations, implementing procedures to ensure compliance, and reporting on regulatory issues to senior management. Without these functions, companies could find themselves facing costly fines, legal action, and damage to their reputation.

Another essential function of the back office in the oil and gas industry is managing contracts and relationships with suppliers and partners. Given the complex nature of the industry and the number of contracts involved in the extraction, production, and transportation of oil and gas, it is essential to have a dedicated back office team to handle contract negotiations, drafting, and execution. By effectively managing these relationships, companies can ensure that their supply chains are reliable, their operations are efficient, and their costs are kept under control. Failure to manage these relationships effectively could result in delays, cost overruns, and disputes that can have a significant impact on the bottom line.

Overall, the oil and gas back office operations are a vital component of the industry that often go unnoticed but are essential for the smooth functioning of companies operating in the sector. From financial management to regulatory compliance to contract negotiations, the back office is responsible for a wide range of tasks that support the day-to-day operations of oil and gas companies. By having an efficient and well-managed back office, companies can better navigate the challenges and opportunities of the industry, ensuring their long-term success and sustainability.

In Conclusion

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Oil and Gas Back Office Statistics 2024 – Everything You Need to Know