7 Reasons Why Women in Oil and Gas Should Top 2020 Agenda

women in oil and gas

Women in oil and gas is always an interesting topic. It is an agenda that you should embrace and support. Consider this;

“What’s a pretty young lady like you doing in a dark, dangerous business like oil and gas?” That’s what a friendly man on a plane Katie Mehnert as she was flying back to Houston.

You are welcome, to the oil and gas industry, where the forces that can limit women’s opportunities are magnified.

While women are almost half of the workforce, they make up only 15% of the oil and gas industry.

Diversity and Inclusivity

Research shows that women are highly under-represented in the oil and gas industry.

The U.S. Department of Labor defines a male-dominated sector as one where women constitute less than one-fourth of the total workforce.

Oil and gas have traditionally fallen within this definition.

Benefits of Women in Oil and Gas Sector

The business case for greater gender diversity in the extractives industry is compelling.

A growing body of research shows that greater female inclusion has benefits that include:

Providing larger pool to meet the high demand for labourers

  • Higher retention of key talent
  • Increased profitability
  • Better performance
  • Improved safety records
  • Higher standards of government behaviour.
  • Greater Profitability

Women in oil and gas boosts the global economy.

According to the McKinsey Global Institute, if all countries were to close their gender gaps so that they at least match the fastest improving country in their region, worldwide GDP would increase by U.S. $12 trillion by 2025.

Research shows that female inclusion also boosts company profits.

In its 2015 report, Diversity Matters, McKinsey found that companies ranking in the top 25 percent for gender diversity are 15 percent more likely to have “financial returns” higher than the national industry medians.

Better Able to Meet Public and Investor Demand

Research indicates that greater female representation at the board level also produces better standards of governance behaviour.

This is what investors, consumers, and clients are beginning to seek.

When boards have greater gender diversity and inclusion, they demonstrate greater accountability, increased and improved governance, and improved collaboration.

Conclusion

The oil and gas industry is vast, with revenues of $3 trillion expected worldwide this year, according to IBISWorld, a business information and market research firm.

And while the sector supports millions of jobs, those opportunities aren’t being shared equally.

Women represent just 22% of employees in the industry worldwide, according to a 2017 report by the World Petroleum Council and The Boston Consulting Group — a significantly smaller share than found in almost any other sector.

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