21 Nov Middle East Oil and Gas jobs exceed Pre-pandemic levels
A recent World Energy Employment report found that Oil and Gas industries in the Middle East are exceeding employment levels from pre-pandemic levels.
According to the report, the global upstream oil and gas sector now employs 11.5 million people, with growth being particularly robust in the LNG sector where jobs have increased 33% since 2021 thanks to an abundance of fresh investments.
The report continued by looking at Oil & Gas industries on a regional basis, the Middle East has recorded the strongest growth, which has been a consistent trend for the last 4 years, since 2019.
The Middle East also stands out as the only region where upstream oil and gas investments have exceeded pre-pandemic levels. Overall, global employment in the energy sector increased by 3.4 million over pre-pandemic levels to 67 million in 2023.
Another finding: the world is not about to run out of oil and gas due to underinvestment with global research and consultancy group Wood Mackenzie saying that the current global upstream investment clip of around $500 billion per annum is sufficient to meet peak oil demand in the 2030s.
The report also found that jobs within fossil fuel sectors are growing at a slower rate than those in the clean energy sector, something which is on track with the goals of the Saudi Vision 2030, and the green goals which many Middle Eastern countries have.