Oil and gas continue to be the key source of energy for the modern economy. However, workforce related issues have continued to fuel the war for talent. All over the world, organizations are struggling to find an adequate supply of qualified and talented individuals and are compelling many industries globally to change how they attract and employ talent (Wall, 2007). According to Molavi and Satterlee (2014) "industry in general and the energy sector in particular are experiencing a sharp decline in skilled and experienced workers at every level. The oil and gas industry in spite of global expansion in this area, are struggling to hire qualified staff to respond to the volume of demand for these commodities" (p. 17751). There, are two primary issues confronting the oil and gas industry: deficient supply of people with the necessary skills and the aging demographics with the high rate of retirees. Based on the literature review, the authors explored the changes and challenges in the oil and gas workforce and reviewed current practices in talent management and development. To address the various challenges and limitations that the oil and gas industry face, implementing a talent management strategy utilizing a competency-based approach to close skills gap is imperative. This approach can help fast-track talents in high demand positions and develop the capabilities necessary for sustaining talent pipeline. By identifying the right competencies, firms will be able to recruit and manage talents effectively. Based on the work of the world-renowned author Dr. William J. Rothwell, the authors will provide an overview of the Seven Pointed Star Model as an effective method that can guide talent initiatives. In addition, the authors will discuss a competency-based system as a strategy to develop and manage an effective talent pipeline.