Ok, So i have my reasons to say what i have written in title, and these are pretty strong reasons too!! Lets start with what exactly is a job of petroleum engineer: According to US department of Labor Petroleum Engineers search the world for reservoirs containing oil or natural gas. Once these resources are discovered, petroleum engineers work with geologists and other specialists to understand the geologic formation and properties of the rock containing the reservoir, determine the drilling methods to be used, and monitor drilling and production operations. They design equipment and processes to achieve the maximum profitable recovery of oil and gas. Because only a small proportion of oil and gas in a reservoir flows out under natural forces, petroleum engineers develop and use various enhanced recovery methods. These include injecting water, chemicals, gases, or steam into an oil reservoir to force out more of the oil and doing computer-controlled drilling or fracturing to connect a larger area of a reservoir to a single well. Because even the best techniques in use today recover only a portion of the oil and gas in a reservoir, petroleum engineers research and develop technology and methods to increase recovery and lower the cost of drilling and production operations. If you notice above; in the job description of petroleum engineer, it mentions that they design equipment and process to achieve the maximum profitable recovery of oil and gas. Now i can go on and on about this because there is whole lot of big deal about designing 3D-pipes & also plant designing in energy sector. In fact, you might be surprised to know how much companies like AVEVA are spending on this in college training programs and other investments, but this blog is about salaries, isn't it? so i would just give you this LINK and interested people can read all about these college training programs and also about labor shortage in energy sector.
Its a simple economic rule that if the demand of a product is more than supply its prices are bound to go up. In our case the product is Petroleum Engineer and price is their salaries. So here are some facts:
- Compared to the 1970s, the number of U.S. based colleges and universities offering degrees in petroleum engineering has decreased by 50 percent.
- Two-thirds of the members of the Society of Petroleum Engineers (SPE) are over the age of 40.
So its obvious that demand for petroleum engineers is going to skyrocket and therefore the salaries they can ask for will also go up really really fast. Now its worthwhile to mention about this student at Missouri university of Science and technology-Rolla who was offered US$145,000 (including moving compensation, early signing bonus etc.) in his senior year (even before graduating) WOW!!.
Krystina Vidiuk, president of the Petroleum Engineering Club source:www.engineering.ualberta.ca/
Below is the data for median salaries only (no bonuses included) for petroleum engineers. The data is from a survey conducted by Society Of Petroleum Engineers (SPE). All figures are in US dollars and conversion from other currencies are according to exchange rate as on July 1,2008. Here is the PDF of salary survey. The survey also gives the results of salaries of other job functions/discipline such as finance and administration :
For Petroleum Engineers only :-).
REGION MEDIAN BASE PAY AVG. BASE PAY INCREASE
USA US$135,000 8.0%
Australia &
New Zealand US$140,000 10.6%
Middle East US$110,000 8.1%
Southeast Asia US$55,000 8.9%
South,Central
& Eastern Europe US$115,492 7.5%
Canada US$118,577 7.3%
TOTAL(Average, US$127,200 8.1%
including other
regions such as Africa)
Other interesting facts:
An experience of more than 25 years could get a salary of more than US$225,000 in Australia and New Zealand
Many Petroleum Engineers are asking for salaries of more than even their managers and other important people in management.
Petroleum Engineering does seem to be the winner now, doesn't it?:-)
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