On Petroleum Engineer Salary
From cars, to cooking, plastics, pharmaceuticals, cosmetics, beauty items etc., petroleum is one of the most-used products. Petroleum engineering is a vital field of engineering. It’s job is to extract oil and natural gas from the surface of the earth to be processed into something that would be used for human consumption. Today, many countries are well-off due to oil and natural gas.
Based on a Pennsylvania-based popular non-profit professional association which is the National Association of Colleges and Employers, civil graduates got an average starting salary offer of $52,443 as recorded in the month of April 2010. While some professionals saw a declining range of salary and while there is recession of jobs, civil engineers are enjoying a good hike with engineering graduates having 1.3% salary rise.
In you are in an an industry where you do mostly office work, your salary can be around $82,000 to $1, 300,000. But doing more risky jobs like those on-site doing extraction processes have salaries that can go as high as $1, 500,000 per year. Of course, your degree and your list of experiences in the job would also determine your salary and position.
An engineer with a masters degree in petroleum, for example, could have a compensation that would not be less than 76,000 USD. He can get as much as 144,000 USD on the job.A bachelor’s degree in petroleum engineering, on the other hand, can earn you a salary between 50,000 to 130,000 USD. The more experience and history you job as a petroleum engineer, the higher would be your compensation package. Just like any job positions, a company would tell you that your experiences could affect how good you will be in the job. A newbie would just have to start with 64,000 USD, while engineers with 1-4 years of experience as a petroleum engineer can earn a salary within the range of 72,000- 94,000 USD. The ones with 5-9 years of experience can have as much as 80,000 to 124,000 USD and those with 10 to 20 years of experience can enjoy an income of 100,000 to 185,000 USD. The higher the experience, the higher the salary.
There is also a danger of shortage due to too much use of petroleum. This has driven petroleum engineers to look for alternative and better sources of energy. They are also now looking into other possible oil fields while maximizing the use of the current ones. There are numerous refineries situated in remote areas. Some are even in the middle of the ocean. So while these people are getting excellent pay, they likewise have to sacrifices family time while at work in the sites.To compensate being away from their family members, most companies give them a higher pay or bonuses in the form of some remuneration and other perks. As a general rule, the salary of a petroleum engineer vary depending on the site assigned to them or the risks involved at work. This also depends on the financial capability of the company.
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