Best paying Jobs in the Oil and Gas Industry – Overview
While the Coronavirus pandemic has excessively impacted many industries, including the Oil and Gas Industry, the recovery has been fast-paced, and the industry seems to have a bright future in these modern times.
According to recent surveys by leading magazines and journals, the worldwide demand for crude oil has increased from 86 million barrels in 2010 to 99 million barrels in 2019 in one day. On the contrary, the oil demand fell to 90 million barrels per day in 2020 due to the coronavirus pandemic.
According to the statistics, crude oil demand may increase to 99 million barrels in the upcoming year. Furthermore, the gasoline demand is also projected to be increased shortly. Hence, the oil and gas industry is destined to grow and therefore, the industry is home to numerous well-paid job opportunities.
According to the data shared by leading US surveys, the number of people employed in the oil and gas industry has been growing at a fast rate of 9.6%, from 120k people in 2019 to 145k people in 2022.
Moreover, labour-oriented or white-collar jobs are more in demand in the oil and gas sector. In addition, there is a fast-growing demand for geoscientists, highly qualified petroleum engineers, and labour workers for the exhausting pipelines, refineries and drilling-based best-paying job opportunities.
Best paying Jobs in the Oil and Gas Industry
Some of the best paying jobs in the oil and gas industry and mentioned below:
1. Project Manager – Oil and Gas Industry
The top best paying job in oil and gas industry is project manager. The role of the Project manager in the gas and oil industry is a significant one. A project manager is responsible for an entire industry-based project from the start to the end. The responsibilities include managing the budget, maintaining the safety guidelines and working on the specifications. The job is also to ensure that effective communication is happening between the various groups dealing with a project.
The average Project Manager salary in the oil and gas industry is around USD 92,800 annually.
2. Drilling Supervisor – Oil and gas industry
The oil and gas industry drilling supervisors supervise and manage the drill work and drill-based operations. Their job is to manage the task as per the planned schedule. The drill supervisors work alongside the management team, and the supervisor participates in the overall planning and execution.
The approximate annual salary of a Drilling Supervisor is USD 92,729.
3. Construction Manager – Oil and gas industry
The construction manager in the oil and gas industry is responsible for the construction as per the requirements and needs of the HSE. The construction manager must oversee and manage to entire schedule. The work happens closely with the leading project manager, who controls the entire construction project. The approximate Construction Manager’s salary is USD 85,478 per year.
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4. Petroleum geologist – Oil and gas industry
The petroleum geologist in the oil and gas industry is responsible for the discovery and searching of gas and oil deposits within the earth. The job is to use geological information and learn to comprehend the sites where the companies should drill to find oil and gas. The main task is to find the most appropriate locations for the drilling team. It is one of the most important jobs in the department and therefore is highly paid.
The approximate Petroleum Geologist salary is $170,946 per year.
5. Geophysicist – Oil and Gas Industry
Geophysicist is the best paying job in the oil and gas industry. A geophysicist studies the physical aspects and factors of the earth to understand what lies inside or with the earth’s surface. The job role is to mainly determine to incase the drilling location has other objects and matters which may hinder the drilling of oil and gas.
The average Geophysicist salary is $80,000 per year.
6. Mechanical Engineer – Oil and gas Industry
Mechanical Engineer is among the best paying job in the oil and gas industry. Mechanical engineers are essential in almost every industrial sector. They are responsible to deal with the designated machinery for the particular industry. Mechanical engineers in the Oil and gas industries are responsible for the design, development, maintenance and installation of equipment and machinery associated with the processing of oil and gas. The primary focus is on reliability, quality, safety, and sustainability.
The Mechanical Engineer’s salary is approximately USD 72,000 per year.
7. HSE (Health, Safety, and environment) Manager – Oil and gas industry
This best paying job in oil and gas industry is to manufacture, develop, and implement safety programs. The primary responsibility is to review and update the HSE policies governing the oil and gas industry. Moreover, the manager is responsible for conducting risk assessments along with creating proper precautionary measures that are necessary.
The average HSE Manager’s salary is USD100,000 per year.
8. Excavating Engineer – Oil and Gas Industry
Excavating Engineer is the best paying job in oil and gas industry in the entire industry. An excavating engineer in the oil and gas-based industry manages the rig staff. The engineer is also responsible for maintaining and assessing wells and ensuring precautionary measures. Moreover, an excavating engineer is also responsible for technical operations and financial aspects.
The average Excavating Engineer’s salary is USD 154,421 per year.
9. Project Engineer – Oil and gas industry
Project Engineers are responsible for designing, constructing, and maintaining projects within the gas and oil industry. They take care of the budget, write reviews and progress reports as well as deal with the management of construction changers.
The average Project Engineer salary is USD 85,698 per year.
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10. Production Engineer – Oil and gas industry
This is among the best paying job in oil and gas industry that people prefer. A production engineer in the oil and gas-based industry is responsible for effectively designing and wisely selecting well equipment and associated machinery to bring it to production or manufacturing after the drilling process. A production engineer monitors the well as and when it flows to ensure that it is efficient enough and still commercially valuable.
The average Production Engineer salary is USD 74,100 per year.
The best paying job in oil and gas industry is that of a petroleum geologist, whose average salary is about USD 170,980 annually. It is a critical research-based job; therefore, several vacancies are available for eligible candidates yearly in the expansive oil and gas industry.