Vindpuss

Hi!!,I saw the following information in the online salary database,Salary Scout (Salary Calculator, Salary Comparison, Salary Negotiation, SalaryScout.com)




Education: Bachelor's degree
Experience:3 years
Base Salary: $80000*
Bonus:$15000*
Total compensation (including salary,bonus,saving and stick options):$140000*

Do you think a petroleum engineer with 3 years experience can earn so much?
Is this really possible?
*All figures are given in Canadian dollars.
Cheers!!!!

ucbalumnus

Perhaps, but you may have to spend weeks or months in tar sands, on an offshore oil rig, or in a country with political instability or extremely socially and religiously conservative rules.

you_of_eh

Working in the oil sands is not all that bad if you're on an in-situ project.

BEngineer

Its very possible and maybe before that amount of experience. I got a few friends in petroleum and some made more, but they are working in the middle of nowhere and the working conditions are not that great.

MomfromKC

What are savings and stick options? I was with you on the 80k base salary because of the working conditions. I remember when starting salaries for reg eng were around 25k USD and Pet Eng were getting 50k to go to Alaska without dealing with the political stuff. Not sure what the exchange rate is, but I can see 80k now. I've always ignored total comp. They like to inflate that with social security, the cost of health benefits and 401(k) just to make it look good. While it is important to have heath benefits and a 401(k) match, once they start throwing in the amount the company pays in social security tax I stop listening. So if that is what they are talking about for the Canadian system, I would ignore it as well. The amount the company has to pay in taxes for the honor of employing me only matters if I am trying to compare two offers and one of them would put me in charge of payng those taxes (1099 rather than W2.) Sorry to throw all these American terms at you. I hope you can follow.

noleguy33

Like MomfromKC, I've been in information sessions where companies brag about paying their mandated tax and imply it is a benefit. Completely disingenuous and borderline insulting.

Grcxx3

<<Perhaps, but you may have to spend weeks or months in tar sands, on an offshore oil rig, or in a country with political instability or extremely socially and religiously conservative rules. >>

Perhaps. Or you could spend years in places like Houston or Dallas. (Personally - I'd take on offshore rig!)

Just as an FYI - engineers have a lot more options than the G&G guys (geologists/geophysicists). And depending on your flexibility, open-mindedness, and sense of humor - those overseas opportunities are quite financially rewarding, as well as providing incredible life experiences.

Mokonon

Based on my own personal observations, I think usbalumnus is right. My friend got an extremely lucrative offer a few years ago but he turned it down because he would have had to work really weird shifts (something like 3 week on, 1 week off, 12 hour shifts) on some off shore oil rig.

My suspicion is that the high avg salaries reported by petroleum engineers has to do with their crappy work conditions.

RacinReaver

One of my friends was a geotech guy and did the offshore rig/boat thing for a few years. He worked for a non-American company and complained about how European employees were often compensated considerably better, plus they had more favorable tax laws when working outside of their home country.

He enjoyed the job mokonon described for a little while, but when it made it so he couldn't hold down a steady relationship or visit his parents/childhood dog when both got sick it got pretty frustrating for him. He's now switched companies and is working in an office in Texas (still in the oil industry).

Montegut

What about working in Alaska? I hear they make big money up there. I'd take Alaska over Texas any time.

penguin2012

Depends where you work. If it's on a rig or somewhere like Fort McMurray, the Gulf, etc. you'd get long shifts, regular vacations, and lots of money.

If you work downtown Calgary, Houston, etc. you'd probably make less than field guys, but you'd still be making significantly higher than engineers in most other industries. Take note the salary depends both on the industry, the location and on the job.

If you look at the Society of Petroleum Engineers (SPE) website, you'll find statistics on PetE salaries. Median salaries are higher than most for reservoir engineers. They tend to work in downtown offices.

But yes, the numbers you provided are reasonable. I've seen those values. I would say on 3 years experience, the base probably is higher than 80k, but the bonus 15 k seems to be inflated.

BSEngie

Those numbers are a bit low for an engineer working Alaska. BUT you wouldn't need 3 years of experience. You’ll make more than that coming straight out of university. Also, you don’t need a degree in petroleum engineering to get these jobs. If you look at most job postings they will say.. Requirements: Bachelors in Engineering or equivalent.

Here’s some numbers for a recent university grad working in AK (from an insider).

Base: 84k
Bonuses (More than 1): 25k
Total Compensation (Including relocation for new grad etc.): 145k

Go work overseas and you’ll see that number double.

Also these numbers are for an engineer who is working up on the North Slope of AK. Very harsh conditions if you're not an engineer. As an engineer you usually work indoors. If something needs to be done outside, you have someone else do it. With a work schedule of 14 days on 14 days off working 12 hr/day while on. If you're single and want to make a lot of money starting out I'd tell you to do this. If you're married or have kids this might be rough.

Ghastn

So, is it possiblee for Mech ENgineers to earn that much ?Right out of college? Why haven't I heard of that ? For how long do they usually work? are they engaged in working for like 5-6+ years or is it flexible ?

BSEngie

Yes, it is possible but not likely. Most ME's start around 55-65k. You'll make 130k+ only if you get a job with Exxon, BP or Shell working in ALASKA up on the SLOPE and working a year round ROTATION shift. No one wants to live in AK. No one wants to work up on the slope. And no one wants to work a year round rotation shift. You won't make that much working for any of these companies elsewhere except maybe offshore in the gulf with a similar schedule. Also, AK salaries are higher because of the high cost of living. The commitment for these jobs are usually 1 year but it depends on which company and job title.

workHaRd12

Does make any difference if you graduate from a brand name school (MIT,stanford,caltech)?will you get a higher pay?aslo will you be in rotation over the year?