Introduction
For the last five decades, energy has been linked to economic growth, and it is fundamental to economic activity and people’s standard of living. Energy is needed to meet some important challenges such as food, water, economic activity, education, and other necessity in a country. (Natural Research Council, 6)
However, in recent years, concerns have grown among the government, industrialists, and academic experts on the global supply and demand for land, engineering geology, and finance in the energy industry in the next ten years.
This essay focuses on the global supply and demand of entry-level professionals in the field of geology, geophysics, engineering, land, and finance in the next ten years.
Global supply and demand for entry-level professionals in engineering, geology, geophysics, land, and finance in the energy industry over the next ten years
For the smooth running of the energy business globally, the energy industry demands qualified geologists, geo-physicists, petroleum engineers, field engineers, and other technical specialists who are very important for the operation of the energy industry.
However, researches have shown that there has been an imbalance between supply and demand in these fields has been speculated to continue in the next ten years.
In the 45th CCOP annual session, (Kahen 1-5) asserted that Geologists are in short supply. The supply for geologists in the energy sector does meet the demand, and presently, there is a global shortage of geologists. Thus, the emerging shortage of skilled labor in the energy industry may have an impact on global energy sustainable development. (Kahen 1-5)
(Deloitte research study, 6) also, make some inferences on the demand and supply of engineers in the energy industry. From the research, it was remarked that there is a shortage of petroleum engineers, geologists, and geologists in the energy sectors. In addition, most of the present skilled personnel in the energy field are reaching old age. Presently, in the United States, the average age of skilled personnel in the energy industry is 49.
(Deloitte research study, 5) further asserted that in the all the universities in the United States, the estimation of graduate in the petroleum engineering is less than 1000 in the United States, and the United States has the largest number of the university in the world.
In the U.K., there is a dramatic reduction in the number of geology, geophysicist, and petroleum engineering departments in the last few years, and there will be more reduction of these departments in the U.K. due to low students’ intake into this program over the last twenty years. In Australia, there has been a shortage of geologists’ petroleum and mining engineers since early 2005. The challenges recognized are that in the oil industry, 50% of staff in the energy industry is between 40 and 50 years of age. (Kahen 3-5)
In Malawi, it is estimated that there is an average of two geology graduates per year. In Zimbabwe, the mining industry is sadly deteriorating because of a serious shortage of engineers and geologists in the country. (Kahen 3-5)
Since the energy industry will continue to demand for geologists, engineers, geo-physicists, analysts have remarked that there will be anticipating shortages of qualified geophysicists, geologists, petroleum engineers, and land and field engineers in the next ten years. (Gould et al, 16)
Conclusion
With decrease in the intake of geology , geophysicist, petroleum engineering and other technical fields at the entry-level of most universities globally in the petroleum energy sector , there will be shortage of supply relative to demand for these professionals in the next 10 years.
Work Cited
Deloitte research study. The Talent Crisis in Upstream Oil & Gas, Strategies to Attract and Engage Generation Y, 2005, p 5.
Gould, L et al, The Workforce Crisis in the Upstream Oil and Gas Sector, College of Business University of Houston.
Natural Research Council. Summary of a Workshop on U.S. Natural Gas Demand, Supply, and Technology: Looking Toward the Future, U.S., National Academic Press, 2003.
Kahen, K. Are There Enough Geologists in the World to Meet Demand? 2008, pp 1-5.