The oil and gas industry is in the top five largest sectors in the world in terms of dollar value, generating an estimated $3.32 trillion in revenue annually. It is estimated that 40-60% of workforce in the oil and gas industry will retire in the next five years, so preserving the knowledge stored in documents is an important objective. The industry partner (WESI -- Waterford Energy Services Inc.) has been developing a document management system to support this objective.
One of the important concerns in the oil and gas industry, as in many other fields, is making sure that work processes comply with the industry-specific regulations, guidelines and standards. These standards cover a plethora of requirements, from managing equipment and people, to conducting work processes that minimally impact the environment and ecosystems. For Canada, these guidelines are different among provinces.
According to the World Petroleum Council (WPC), the average age of employees in Oil and Gas companies is 50 years, and it is estimated that in the next 5 years 40-60% of them will retire. One consequence of this age-related crisis is losing the accumulated knowledge by retiring gray-beards. In this scenario, new software technologies are mandatory to retain decades of expertise and transfer it to new employees.
According to the World Petroleum Council (WPC), the average age of employees in Oil and Gas companies is 50 years, and it is estimated that in the next 5 years 40-60% of them will retire. The consequence is an age-related crisis in the sector given that, in many cases, the knowledge accumulated goes with the retiring gray-beards.
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