Oil and Gas Salary Guide reveals an industry brimming with confidence despite worldwide concerns over the global economy. The average global salary for full-time oil and gas professionals is now $80,458 per year, marking a growth of 6.1 percent over the last year, according to the Oil and Gas Salary Guide produced by Hays Oil & Gas and jobsite Oil and Gas Job Search.
The survey shows that employer confidence is also growing as 26.7 percent of respondents report feeling extremely positive about the current market, up from just 9.7 percent in 2011. Three-quarters of surveyed employers plan to hire more employees in the next 12 months.
"There has been a distinct move to employ permanent staff rather than contractors for many oil companies, which displays an outlook that suggests the industry is on a firm footing," says Matt Underhill, managing director of Hays Oil & Gas. "However, conversely, there is still great demand for contractors due to a raft of major projects coming on board and new regions increasingly using contractors. With the upward progression of contractor rates throughout 2011, the signs are positive as we enter 2012."
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Duncan Freer, managing director of Oil and Gas Job Search, notes that many oil and gas employees are actually rewarded at much higher rates than the average figures suggest. This is particularly true among those with high levels of experience or in-demand skills, such as drilling and the geosciences. The U.S., Canada, Norway, The Netherlands and Australia are all noted for their high salaries, but other countries, including Brazil, China and Iraq are also experiencing salary hikes.
"There are concerns that the Guide highlights, such as the continuing issue of skills shortages and, of course, economic and political instability," Underhill says. "Nevertheless, the Salary Guide points to an industry full of confidence and opportunity as we progress through 2012. Salaries are rising as are staffing levels, and with a range of promising projects coming to fruition, there is every reason to be upbeat about the oil and gas industry over the coming 12 months and beyond."
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