Petroleum Employment and Outlook

Petroleum Employment and Outlook

The job and employment outlook for petroleum engineers is quite good. The BLS reports that the demand for these professionals is expected to increase by about 17 percent from 2010 to 2020. This means growth from 30,200 to 35,300 jobs. However, changes in oil prices could also affect employment growth.

If oil prices rise, the need for companies to hire more petroleum engineers will also increase. This is because companies will have to adopt more complex operations. They may have to drill deeper and find other areas where oil and gas are abundant.

In addition, the BLS pointed out that many petroleum engineers are going to retire. There will also be a growing need for petroleum engineers to work in an as-needed basis. Experienced engineers will become more attractive to bigger companies.

Petroleum Engineer Salary

In 2010, the BLS reported that a petroleum engineer’s mean annual wage was about $114,080. The Society of Petroleum Engineers also reported that there was a five percent increase in the median annual wage from 2009 to 2010. The top highest earners received about $166,400 while the lowest percentile earned around $63,480.

Meanwhile, the highest paying industry for petroleum engineers is oil and gas extraction that offers a median annual pay of $123,410. This is followed by petroleum and coal products manufacturing and mining support at $113,930 and $94,080 respectively.

Career Advancement Opportunities

Petroleum engineers have an option to obtain further education and training. Doing so will allow them to land higher-paying jobs. There are master’s and doctoral degrees available online and on-campus. Many companies send their employees for more training or formal education.

Many years of experience in the field can also provide them the knowledge and skills to start their own company or become a consultant for larger companies. Alternatively, they can teach university students.

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