Forecast: Oil and Gas Extraction Hours Worked in Spain

The oil and gas extraction sector in Spain experienced significant fluctuations in hours worked over the past decade. In 2023, hours worked stood at 723.23 thousand. The most significant spike occurred in 2016, with a year-on-year increase of 124.74%, followed by a notable drop of -77.05% in 2018. More recently, the industry has seen a steady decline with minor year-on-year reductions of approximately -0.8% from 2020 to 2023.

Looking ahead, the forecasted data from 2024 to 2028 suggests a continual decrease in hours worked, with a CAGR of -0.69%. Specifically, hours worked are expected to decline to 692.3 thousand by 2028.

Future trends to watch for include:

• The impact of renewable energy development on labor demand in the oil and gas sector.
• Technology advancements in extraction processes that may affect labor hours.
• Government policies and regulations impacting the sector.