With the continued growth of the oil and gas industry, the salaries of its workers have followed suit and now Petroleum Engineering has become one of the best paid jobs in the world.
The oil and gas industry is not only a global one, but directly affects the vast majority of the population, as it is accounts for such a large proportion of our energy and finance sources. It is in our best interests to take notice of the industry and the way it is adapting and growing, and its workers are key to this. We had a look into this trend, and what the next decade has in store for these professionals.
40% of the world’s petroleum engineers will be reaching retirement within the next decade according to experts. For this reason, the sector has been driven by the need to motivate people to work in petroleum engineering and there has been a significant market increase in university students being hired by key companies. Like many jobs, salary is a key driver, and so the average salary of a petroleum engineer has been steadily increasing along with the demand for these professionals. The oil and gas industry pays its petroleum engineers a higher salary than any other industry, averaging $161,100 annually.
This high salary can also be attributed to the fact that a petroleum engineer can have a huge impact on a company’s profitability, as their role is directly linked to the amount of oil or gas extracted. As a result, so many companies have stressed the importance of hiring the right team for a project before it can go ahead, and so the scope to negotiate or be offered a significant salary becomes a viable and probable option.
The role itself has grown even more crucial as the oil and gas industry has expanded into more difficult environments. Working in ultra-deep water far offshore comes with its own risks, and this must be taken into consideration when establishing what these workers will get paid for each job.
In many businesses, people lay the foundation for the future of the industry as a whole, and the same can be said for the engineering sector. With the constant development of high tech oil extraction methods, the demand for experienced and innovative petroleum engineers has increased along with it, and so have the benefits these professionals are offered for their skills.
The percentage in petroleum engineering employment is projected to increase by 26% by 2022, this is more than double the rate of all jobs and nearly triple the rate of all engineers. As the industry evolves, and the world’s priorities change, petroleum engineers are also playing an increasingly crucial role in keeping the environment safe. In such a risky sector, this is of paramount importance to both companies and employees, and the petroleum engineer plays a starring role.