You’re reading this post because you want to know how much Petroleum Engineers make. Yes, if you are considering a career in Petroleum Engineering it’s important that you know how much Engineers in this field are paid. In this guide we are going to show you how much Petroleum Engineers make and other important information you need to know about Petroleum Engineering.
To get started, let us take a look at what Petroleum Engineering is all about, it’s career prospects, schools offering it, etc…
What Is Petroleum Engineering?
Petroleum engineering is a branch of engineering that deals with the activities involved in the production of hydrocarbons, such as crude oil or natural gas. The upstream sector of the oil and gas industry includes exploration and production. The oil and gas industry’s two main subsurface disciplines are exploration, which is led by earth scientists, and petroleum engineering, which focuses on maximizing economic hydrocarbon recovery from subsurface reserves.
Petroleum geology and geophysics are concerned with providing a static description of the hydrocarbon reservoir rock, whereas petroleum engineering is concerned with estimating the recoverable volume of this resource based on a thorough understanding of the physical behavior of oil, water, and gas within porous rock at high pressure.
Throughout the life of a hydrocarbon accumulation, the joint efforts of geologists and petroleum engineers define how a reservoir is produced and exhausted, and they typically have the most impact on field economics.
Many other related disciplines, such as geophysics, petroleum geology, formation evaluation (well logging), drilling, economics, reservoir simulation, reservoir engineering, well engineering, artificial lift systems, completions, and petroleum production engineering, are required knowledge in petroleum engineering.
Physics, mechanical engineering, chemical engineering, and mining engineering have traditionally been the fields that have been recruited to the sector. Oil businesses have traditionally provided follow-on development training.
Read also: Comprehensive List Of Online Geology Degree
What You Can Do With a Petroleum Engineering Degree
Petroleum engineers collaborate with geoscientists and other experts to understand the geologic formation of the rock hosting the reservoir once it has been located. They next choose drilling methods, design drilling equipment, put the drilling plan into action, and keep track of the progress.
Because present procedures only collect a percentage of the oil and gas in a reservoir, petroleum engineers must continue to research and develop innovative methods to recover more oil and gas. Drilling and production costs are reduced as a result of the extra recovery.
How Much Do Petroleum Engineers make?
Although there is a tendency for major layoffs when oil prices fall and waves of hiring when prices increase, petroleum engineering has historically been one of the highest-paid engineering disciplines. According to the Bureau of Labor Statistics of the United States Department of Labor, the median pay for petroleum engineers in 2020 was US$137,330, or $66.02 per hour. According to the same overview, job growth in this industry will be 3% from 2019 to 2029.
SPE performs a pay survey every year. According to SPE, the typical SPE professional member earned US$194,649 in 2017. (including salary and bonus). In 2016, the average base salary was $143,006. The United States had the highest average base pay and additional compensation, with a base salary of US$174,283. Drilling and production engineers had the highest base pay, with drilling engineers earning US$160,026 and production engineers earning US$158,964.
The average base salary was US$96,382-174,283. There are still considerable gender pay inequalities, which are plus or minus 5% of the US average pay gap, which was 18% in 2017.
Petroleum engineering was also ranked the top college major in terms of greatest median yearly salaries for college-educated workers by U.S. News & World Report in 2016. (age 25-59). Petroleum engineers were the highest paid 2010 grads, with an average yearly salary of $125,220, according to the National Association of Colleges and Employers.
Salary ranges from $170,000 to $260,000 for experienced professionals. They earn roughly $53.75 per hour and earn an average of $112,000 a year. Petroleum engineering was ranked as the 24th best-paying job in the United States by Forbes.com in 2007.
Top Reasons To Study Petroleum Engineering
There are so many reasons why students choose to study Petroleum Engineering and they are summarized below:
Growth In Energy Demand Worldwide
The main cause of rising energy demands is the growing population. There is no field where petroleum products are not used, which necessitates the hiring of engineers in the field. Even if the world’s oil reserves run out, 40 to 50 percent of the oil is still available. This necessitates improved extraction methods as well as technical advancements.
You’ll Face Less Competition
Petroleum engineering is only offered at a few institutions and colleges around the world. Aside from that, only a small percentage of students are interested in working in the industry. You eliminate competition from the moment you step foot into the field. Reduced completion also boosts your chances of landing a decent job in the field as soon as you finish your studies or before.
Wide Range Of Career Options Are Available In The Industry
The field is regarded as a single interdisciplinary subject. You begin your research into the process of producing and storing hydrocarbons underground. You will continue to study disciplines such as mathematics, geology, thermodynamics, chemistry, fluid dynamics, and many others after that. You will have a thorough understanding of how oil and gas are generated by studying all of these subjects.
Petroleum Engineers Are Well Paid
Salary rates in this industry are the highest. Graduates in the profession can earn anywhere from $90,000 to $100,000 or more after completing their probation period, which varies by company. Engineers’ salaries rise in tandem with the global price of petroleum products.
You Will Travel Around The World
The majority of firms go on global oil exploration sprees. As an engineer, you must work as part of a team when your firm assigns you to a trip. There is no other job you would want to undertake if you enjoy traveling across the world. You don’t have to spend any money to go around the world.
Most Petroleum Engineers Are Hired Before They Complete Their Studies
The most fascinating aspect of studying in this profession is that students get hired by various petroleum corporations before they even finish their education. This demonstrates the increasing need for expert engineers in the industry. In all other circumstances, engineers find work after finishing their education, which is quite straightforward in the competitive field of petroleum engineering.
Frequently Asked Questions
Is Petroleum Engineering a good career?
According to the Bureau of Labor Statistics, petroleum engineers earn more than many of their competitors. It turns out that working in the oil and gas industry pays far more than working as a regulator or an instructor for petroleum engineers.
How do I become a Petroleum Engineer?
Petroleum engineers must be Society members, have an undergraduate engineering degree, at least four years of experience, and pass an exam to get certified. Members must complete 16 hours of professional development courses every year to keep their certification.
How much do Petroleum Engineers make?
In May 2020, the median annual wage for petroleum engineers was $137,330. Half of the workers in a given occupation earned more than that amount, while the other half earned less. The bottom 10% of earners made less than $78,620, while the top 10% earned more than $208,000.
Is Petroleum Engineering hard?
Petroleum engineering, like many other engineering disciplines, is seen as a tough one to complete by many students. Is it, however, really as difficult as everyone claims? True, this course has a high dropout rate and is primarily reliant on mathematics and physics.
How much does it cost to study Petroleum Engineering?
The average tuition expenses of universities providing Petroleum Engineering programs for the academic year 2020-2021 are $29,062 for undergraduate programs and $24,871 for graduate programs.