Petroleum Engineer Salary

Petroleum engineers are the highest-paid of all the types of engineers. With starting salaries of more than $83,000 annually and job opportunities all over the world. This career path offers many exciting opportunities and benefits, such as travel and very high pay. The average petroleum engineer salary is around $128,000, but it can increase to much more than that. In addition, many engineering schools offer job placement assistance for their students. Upon hiring, many students may also receive significant hiring bonuses on top of their petroleum engineer salary. This is because the petroleum industry is known for its generous bonus and benefit packages. One thing to note is that there are not many petroleum engineering schools in the United States. Most are in oil-producing states, so if you are seriously considering petroleum engineering as a career, you may need to move to another state or look into an online program. An online program can offer you much flexibility so that you can continue to work in your current career while you attend school. However, you will need to make sure the program fits your career goals and is accredited.

As with many careers, a petroleum engineer salary can vary based on industry and location. The top-paying positions are company management, with an average wage of nearly $141,000. Second on the list is the oil and gas extraction industry, at around $138,000. Next is the basic chemical manufacturing industry, at $131,570. Most petroleum engineer jobs are in Texas, with more than 15,000 engineers employed there. The average petroleum engineer salary there is about $132,000. However, the state with the highest wages happens to be North Dakota. The average petroleum engineer salary there is a whopping $206,530 yearly, or nearly $100 an hour. Alaska, second on the list, does not even come close, at $157,000. Next on the list is Oklahoma, at almost $143,000. As for metropolitan areas, Anchorage, Alaska pays the highest average petroleum engineer salary, at nearly $170,000. Next is Pittsburgh, Pennsylvania at nearly $162,000. Fort Smith, Arkansas is next on the list, a close third at $161,260.

Besides continuing education and more experience, there are others ways to increase a petroleum engineer salary. Certifications are voluntary, but they are highly regarded by employers. They prove that you are committed to your career, are honest and ethical, and meet industry standards in terms of education and experience. Having a membership in a professional association is highly valuable as well. Being part of an association opens the door to many opportunities. Meetings, conferences, publications, education opportunities, job postings and chat boards are all resources that can help you find a new job, one that can possibly increase your current petroleum engineer salary.

Petroleum engineers must be able to use sophisticated equipment to retrieve oil and natural gas from the ground safely. They must find inexpensive ways to do so. They also must find new locations to drill for oil. Because of this specialized expertise, a petroleum engineer salary can expect to stay the same or possibly increase. However, job opportunities will depend on the economy, which drives oil prices. If they are high, petroleum engineers will be needed to find new reservoirs. However, if they are low, petroleum engineers are not needed as much and there can be layoffs in the industry. But if you are willing to travel, there are plenty of opportunities worldwide. Petroleum engineers are also in demand in oil-producing countries such as the Middle East. Those with many years of experience can even start their own companies and work as consultants or work their way up to managerial positions.