The oil and gas industry has to meet different challenges in the upcoming years. New technologies, production of non-conventional oil and gas, of conventional resources in mature fields, and the access to reserves are expected to be main influence factors for the future development of the industry. These technical factors combined with rising demand, high market volatility, increasing exploration, production and capital costs, as well as strengthening laws will reinforce changes in the oil and gas business. These in turn require an adaptation of courses and contents in the high education. The main purpose of this research is to identify current gaps in petroleum economics and management education and define the future requirements concerning these disciplines. The theoretical background, which was necessary to work on the given topics, includes quality management, quality assurance and benchmarking in high education, such as the needs assessment and survey methods. The first objective of the empirical part of the thesis was to investigate studies, course and training programs in the field of petroleum management and economics education, which are similar to the “Industrial Management and Business Administration (IMBA)” Master at the Montanuniversität Leoben. Data available online for master, PhD, and further education: courses, their contents, university-industry collaborations and partnerships were gathered together. Eighteen study programs are identified as possible benchmarking partners. Benchmarking indicators, the corresponding data and an evaluation matrix are worked out. The following part of the thesis contributes to the discussion of future curriculum issues and required adjustments for lecture contents concerning petroleum economics and management. An Internet-based industry survey was conducted to figure out the expectations of the oil and gas industry to higher education in economics and management. All information’s gained through this survey are summarized and critical considered, to finally come up with improvement recommendations for the IMBA master study program.