Petroleum Engineering Salary Review

Petroleum engineering remains a lucrative area for new and experienced engineers. Salaries continue to be on the rise, with a base pay comfortably in the six-figure range. It also has the added benefit of time spent out of the office on field studies and other activities.

Let’s review where current salaries for engineers in the petroleum industry stand in 2013. The salary data is from the Society of Petroleum Engineers (SPE).

Petroleum Engineer Salaries are High and Growing

According the SPE survey respondents, average salaries for petroleum engineers grew by 6.5 percent in 2013. The mean base pay of $153,620 was actually in between the reported means in the previous two years.

Bonus compensation rose to $64,000 last year, giving a total average take home pay of $203,557 for oil and gas engineers in 2013. These good salary tidings affected most engineers, as nearly 80 percent of the surveyed personnel reported higher pay in 2013 compared to the previous year.

North America is the Place to be for Petroleum Engineers

The United States and Canada sported the highest salaries for petroleum engineers compared to other worldwide locales. Take home pay (including salary and bonus compensation) topped out at nearly $250,000 in both countries, with Canada slightly exceeding the U.S.

The North Sea and North Atlantic region was next, followed by Australia, New Zealand, and Oceania. Total pay in both regions neared the $200,000 mark. The Middle East came close to $175,000 in take home pay, but many engineering jobs in that area come with the added benefit of no income tax.

Over 95 percent of the survey respondents were full-time employees on a regular payroll. Nearly 2.5 work as contract, freelance or part-time engineers and around 2 percent are either self-employed or business owners. The respondents work for an array of company types, including the service and manufacturing sector, as well as both commercial and national oil and gas companies.

If the lucrative pay of petroleum engineers is putting visions of dollar signs in your eyes, talk to the experts at The Talley Group. If you are looking for petroleum engineering contracts in Seattle, contact our experienced team today.