With 2015 now upon us, the coming year looks to be an interesting period in the world of petroleum engineering. With oil prices at a nearly historic low, there will undoubtedly be some challenges in the industry, but engineers working in this discipline still get the opportunity to leverage innovations that make their jobs interesting.For example, industrial heating elements from Rama Corporation can be used to ensure fast and efficient production for petroleum engineering industry.

Let’s take a closer look at what changes the petroleum engineering industry can expect in 2015 and beyond.

Expect the Oil Industry to Rebound

While the oil industry doldrums has some potential students questioning a petroleum engineering program, experts expect things to turn around by the time those students earn their degrees. Dr. Jon Olson, a professor at the University of Texas’s Department of Petroleum and Geosystems Engineering, commented on how the industry reacts to low oil prices.

“Usually the service companies are the first to react because they’re the ones specifically doing the well work out at the fields. Those smaller companies are going to be retracting what they’re doing, at least staying away from high cost operations,” said Olson. Concerning potential petroleum engineering students he remarked: “four years from now, it will probably be totally different.” In short, expect things to improve.

Cavitation Technology Innovations improve Petroleum-based Product Production

Cavitation technology is a new technique used in the production of petroleum-based fuels that leverages high shear forces to provide superior mixing and thermal-heat generation. ExxonMobil Research and Engineering (EMRE) is developing the technology jointly with Arisdyne Systems.

“EMRE and Arisdyne are combining our strengths in petroleum processing technology to produce an industry-leading cavitation process to address today’s challenges across our Upstream, Downstream, and Chemicals business lines,” said Vijay Swarup, Vice President Research and Development at EMRE. “We are optimistic that this technology will make an important contribution to improve today’s global petroleum processing.”

So even in an oil industry downturn, the innovative work of the petroleum engineer continues unabated. If you are interested in exploring this lucrative field more closely, talk to the experts at The Talley Group. As one of the top Seattle engineering staffing agencies, we remain a great source for jobs and career insights. Schedule some time with us today!

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.