2023 Petroleum Engineering Salary Survey
Edinburgh, UK Abu Dhabi, UAE
+44 (0) 131 264 0000 (UK) +971 (0) 2 818 6895 (UAE)
contact@weconnectenergy.com www.weconnectenergy.com
Contents
Introduction.................................................IV
Diversity & Inclusion....................................1
Education & Skills........................................4
Expertise & Employment...........................8
Remuneration & Benefits.........................14
Flexible Working.........................................20
Job Security................................................24
Future Careers & Industry Trends.........28
Disclaimer This report was produced following an online survey of petroleum engineering professionals between June and July 2023. The purpose of the survey and subsequent report is to better understand the petroleum engineering industry needs, remuneration and benefits. The survey was taken anonymously by 376 respondents. This report is free to use. Please acknowledge WeConnect Energy if you intend to share.
Thank you,
Introduction
Richard Madden Chief Executive Officer, WeConnect Energy
Thank you to all the petroleum engineers who participated in the 2023 Petroleum Engineering Salary Survey. We are deeply grateful for your contributions, enabling a comprehensive and detailed examination of this year’s trends. The petroleum engineering domain has seen significant transformations in 2023, shaped by global shifts and nuances specific to our industry. With the growing emphasis on renewable and sustainable energy solutions, our survey sheds light on compensation trends, evolving career paths, and future outlooks in the petroleum engineering sphere. Beyond merely salary metrics, we delve into individual motivations, ambitions, and concerns in the current petroleum engineering sector. We hope that the insights from this survey become an invaluable resource for both industry professionals and employers alike. As we strive to refine this survey year on year, our aim remains to present a genuine snapshot of the dynamic world of petroleum engineering. For those shaping organisational planning or individuals exploring opportunities, this survey includes valuable data. Please share these findings with your networks.
IV
Peter Bottomley Chief Operating Officer, WeConnect Energy
We are pleased to unveil the 2023 Petroleum Engineering Salary Survey, a pivotal resource that offers deep insights into the dynamic landscape of the petroleum industry. This survey, made possible by the invaluable participation of petroleum engineering professionals in our community, goes beyond traditional data collection. It not only gathers up-to-date information on demographics and remuneration but also provides a thorough exploration of the working culture, career aspirations, and current concerns shaping the industry. A significant revelation from this survey is the urgent need for greater diversity and inclusion in the petroleum engineering sector. The evolving demographics, characterised by a progressively maturing workforce and notable gender disparities, underscore the imperative for the industry to escalate its efforts in cultivating a more diverse talent pool. This extensive report is not just a tool for practitioners and decision-makers in our field; it’s a strategic asset intended to guide both organisational direction and individual career development. We trust that this report will serve as a valuable aid in strategic planning and personal career advancement within the complex world of petroleum engineering.
Diversity & Inclusion
6
1
Diversity & Inclusion
83% Male The petroleum engineering industry is strongly male-dominated, with females accounting for 16% of the total number of respondents. 1% 16% Female
Prefer not to say
4% 3%
4%
5%
The graph shows a diverse range of ethnic groups working in petroleum engineering, with a significant skew towards White ethnicities, specifically British and other White backgrounds. The presence of mixed ethnicities is noticeable but considerably less than the dominant groups. The industry seems to have limited representation from several other ethnic groups, suggesting potential areas for increased diversity and inclusion efforts.
19%
10%
60%
83%
Ethnicity White Asian
Mixed Ethnic Groups Black, African, Carribean
Arab
Other
Figure 1. Ethnicity
2
Figure 2. Age Group
50%
The majority of respondents are between the ages of 30-49.
40%
43%
30%
This age range is also where we see the greatest percentage of females present in the industry.
20%
27%
10%
13%
13%
4%
0%
0%
0%
50%
Male Female Prefer Not To Say
1%
40%
9%
9%
30%
3% 1%
20%
33%
23%
2%
2%
10%
11%
11%
4%
0%
0%
0 %
Figure 3. Gender VS Age Group
3
Education & Skills
4
5
Education & Skills
Individuals who work in the petroleum engineering industry and have obtained a Bachelors degree or higher, earn an average annual salary of over £100,000.
£103,111 Masters
£105,741 Doctorate
£102,488 Bachelors
Figure 4. Highest Education Attained
60%
58%
50%
40%
30%
22%
20%
16%
10%
3%
1%
0
High School
Bachelors
Masters
Doctorate
Other
6
Over 70% of the petroleum engineering professionals surveyed have a Masters degree or higher, showing that the workforce is highly qualified, and this is reflected in the salaries.
7
Expertise & Employment Expertise & Employment
8
9
Expertise & Employment
Reservoir Engineer 45%
45% of respondents work as reservoir engineers. The gender split of this cohort is 85% male and 13% female. The remaining 2% prefers not to say.
Petroleum Engineer 23%
Production Engineer 22%
Production Technologist 10%
Figure 5. The Split Of Expertise Within The Industry
Figure 6. Years Of Experience Of Respondents
25%
24%
20%
20%
16%
15%
15%
13%
10%
5%
5%
4%
2%
1%
0%
0%
10
Senior
40%
Figure 7. Employment Status
Lead 23% Manager 16% Junior 7% Executive 4% Other 3% Director 2% Assistant 2% Trainee 1% Intern 2%
82% of the petroleum engineering community are in full time employment .
83%
Full Time
Part Time
Figure 8. Seniority
Figure 9. Employer Organisation Type
35%
35%
30%
26%
25%
20%
15%
14%
10%
8%
6%
6%
5%
2%
2%
1%
0%
11
Expertise & Employment
Figure 10. Average Number Of Working Days Per Year
4%
11%
301+
4%
281-300
2%
241-280
8%
9%
201-240
0%
161-200
85%
20%
121-160
32%
81-120
22%
Staff Contractor Limited Co Contractor UK PAYE
41-80
8%
20%
0-40
4%
Figure 11. Employment Type
Figure 12. Current Geographical Focus By Respondents
30%
30%
25%
20%
15%
13%
13%
11%
10%
7% 6%
5%
4%
4% 4%
3%
3%
1%
0% 1%
0%
12
27% of respondents are currently employed in England and 18% in Scotland.
13
Remuneration and Benefits
15
Remuneration and Benefits 85% Paid annually 15%
Figure 13. Is Your Work Residential Or Rotational?
Paid day rate contract basis
16%
84%
34% of respondents are satisfied with their salary.
Residential Rotational
Figure 14. Mean Annual Salary By Employer Type (£)
120k
111,952 111,987
107,245
103,473
100k
92,412
87,901
82,454
80k
74,117
60k
40k
20k
0
16
Figure 15. Mean Salary (£) VS Gender VS Experience
Female
Male
150,000
100,000
50,000
0
£67,418
0-5
£76,866
6-10
11-15
£96,598
On average, women earn less than men, with men earning £120,261 and women £90,243 per annum.
16-20
£108,352
21-25
£130,128
£115,667
26-30
31-35
£138,314
36-40
£138,912
Figure 16. Mean Salary VS Years Of Experience
17
Remuneration and Benefits (cont.)
Annual Shares 19%
Share Options 27%
An uplifting insight reveals 83% of Petroleum Engineers are pleased with their overall compensation package.
Other 13%
Retention Bonus 17%
Housing Allowance 38%
Car Allowance 40%
Travel Allowance 30%
Flexible Working 32%
Job Sharing 1.5%
Gym/Leisure Allowance 33%
Figure 17. Most Common Benefits (Multiple Choice)
Day Rate
Annual Salary
40%
6%
35%
Out of the total respondents, 38% are paid in GBP. Of which, 32% receive an annual salary, while 6% are paid on a daily rate.
30%
6%
25%
20%
32%
2%
15%
24%
1%
10%
14%
1%
5%
10%
4%
0
AED
EUR
GBP
USD
Other
Figure 18. Annual Salary VS Day Rate Vs Currency
18
25%
6%
20%
10%
15%
17%
25%
21%
10%
14%
67%
19%
13%
5%
7%
Defined contribution Final salary
1%
0%
None Other
Already Retired
0-5
6-10 11-15 16-20 21-25
26+
Figure 19. Pension
Figure 20. Respondents Projected Years Until Retire- ment
Age was marked as the most common reason for retirement.
To Pursue a Passion 5%
Career Dissatisfaction 5%
89%
Age 64%
of surveyed retirees remain active within the industry, and all retired individuals express a desire to stay informed in the field.
Technology Advancements 16%
Change in Life Circumstances 5%
Work-Life Balance 5%
Figure 21. Reason For Retirement
19
Flexible Working
20
21
Flexible Working
We are seeing an increase in demand for hybrid jobs as they provide a good balance between socialisation, work-life balance, and flexibility.
Social Interaction
6%
is the aspect of office working the respondents miss the most.
44%
41%
59% 50%
Hybrid Full-time Office Full-time Home
Of those who work fully at home or hybrid, 22% stated they enjoy working from home as it gives them more flexibility. However, 27% stated they miss the social interaction
Figure 22. Work Set Up
Figure 23. Employment Status
82%
80% 70% 60% 50% 40% 30% 20% 10% 0%
6%
6%
5%
1%
Self Employed
Employed
Semi- Retired
Retired
Unemployed
22
Figure 24. What Do You Enjoy The Most About Working From Home? (Multiple Choice)
25%
22%
20%
19%
16%
15%
13%
10%
9%
9%
7%
5%
4%
1%
0%
87% of the survey respondents said they are more likely to accept a job if hybrid working is offered.
23
Job Security
24
25
Job Security
Yes
No
When asked if the job market is more secure now than in 2021, almost one third of the survey respondents disagreed.
Figure 25. Job Security in 2023
13%
Extremely Unsatisfied
21%
19%
23%
Unsatisfied
81%
79%
29%
Neither
Yes
No
22%
Satisfied
Figure 27. Would You Consider Working Elsewhere in the World?
13%
Extremely Satisfied
Figure 26. Job Security Satisfaction
26
35% of respondents said they are satisfied or extremely satisfied with their own personal job security.
27
Future Careers & Industry Trends
28
29
Future Careers
Figure 28. What Are Your Career Plans For The Next 12 Months?
Broaded skillset Increase day rate 27% 16% 16% 9% 7% Increase salary Promotion Change role within the company
7% 5% 4% 4%
Set up a consultancy 2%
Change jobs
Change from staff to contract
Change from contract to staff
Secure employment
Other 3%
Based on the responses from the people surveyed, 27% are keen to continue to learn, and 16% wish to earn a promotion or increase salary in the next 12 months. This suggests the industry will continue to grow and evolve.
40%
40% 35% 30% 25% 20% 15% 10%
18%
17%
11%
9%
5% 0%
5%
Environmental Remediation
Other
None of the Above
Project Management
R&D Petrochemical Industry
Figure 29. Where Do You Plan To Develop Your Career?
30
Figure 30. For What Reason Would You Consider Working Elsewhere In The World?
Figure 31. How Do You Intend To Achieve Your Goals?
Better Pay/Benefits
34%
9%
Work-Life Balance
21%
3%
Family
19%
13%
40%
Job Security
13%
Safety
7%
14%
Other
6%
21%
of the survey respondents would consider relocating for better pay. 34%
Work Progression Grow Network Practical Training
Mentorship
Futher Studies
Other
Work
Home
49%
50%
41%
40%
30%
20%
17%
15%
13%
10% 9% 10%
10%
10%
6%
6%
4%
3%
3%
2%
1%
1%
1% 2%
0%
Other
Asia
UK
Europe
North America
Middle East
Oceania
Africa
South America
Figure 32. Work/Home Location
31
Industry Trends with Chris Morrison - Senior Consultant, Subsurface
Thank you to all of those within our petroleum engineering community who took part in this survey. Thanks to all of your input, this report contains a wealth of data on various aspects of the industry, effectively allowing us to make better informed assumptions and predictions about future trends. One of the key elements that remains significantly highlighted, similar to years past, is the progressive maturity of the workforce. With only 13% of respondents in the age group of 20-29 years, compared to 43% of those within the age group of 30-39 years, this suggests that there will likely be a surge in demand for younger, highly skilled workers as experienced personnel progress further within their respective careers. Companies may invest more heavily in training and development programmes to prepare the next generation of On a separate note, given the current gender disparity, the industry may intensify its efforts to attract a more diverse workforce. This could include targeted recruitment campaigns, partnerships with educational institutions, and policies aimed at supporting underrepresented groups in STEM fields. workers, potentially incorporating more technology-driven training methods.
With global attention on environmental issues, there could be a push towards more sustainable practices. Companies may invest in research and development to reduce their carbon footprint and comply with stricter environmental regulations. Thank you again to all respondents and we wish you all the best for 2024.
c.morrison@weconnectenergy.com
Special thanks to Jodie Ferguson for her invaluable assistance and contributions to the Petroleum Engineering Salary Survey during her 3-month internship with us.
WeConnect Energy
32
Figure 33. What Do You Value The Most In The Workplace?
Flexible working Career progression 20% 16% 12% 11% 11%
Interesting or meaningful work
Remuneration and benefits
Ability to learn new skills
11% 9% 8% 2%
Company Culture
Teamwork
Individual contribution
Ability to mentor others
Interesting or meaningful work is a top priority for petroleum engineering professionals within their workplace.
33
For questions, feedback or queries, please reach out to contact@weconnectenergy.com
34
Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20 Page 21 Page 22 Page 23 Page 24 Page 25 Page 26 Page 27 Page 28 Page 29 Page 30 Page 31 Page 32 Page 33 Page 34 Page 35 Page 36 Page 37 Page 38 Page 39 Page 40Made with FlippingBook flipbook maker