Despite the pandemic’s downturn, the oil & gas production industry is still growing and has a promising future. Statista indicates that global crude oil demand increased from 86.4 million barrels per day in 2010 to 99.7 million barrels per day in 2019.
As a result of COVID-19, the production level fell to 91 million barrels per day in 2020; however, by 2022, it is expected to increase to 99.4 million barrels per day. The gasoline demand is also expected to reach 27.4 million barrels by 2045.
As reported by DataUSA, the number of people employed in the oil & gas production industry has increased by 9.68%, from 127k people in 2018 to 140k people in 2019.
Also, white-collar and labor jobs are in greater demand in the oil and gas industry because more people are required to find and extract the oil. Oil engineers and geoscientists are in high demand worldwide, as well as laborers who work drilling jobs on pipelines and in refineries.
Check out this article to learn whether oil & gas production is a good career choice and what are the best-paying jobs in the industry.
1. Completions Engineer
Salary: $155,000
Completion engineers work in the oil and gas industry to finish a healthy assembly after drilling and lining have been completed. You will be responsible for monitoring the well, identifying any structural or geologic issues that may complicate the completion process, and preparing plans for installing the remainder of the equipment to facilitate oil pumping.
In this position, you analyze, test, and record various features of the well, such as pressure and temperature, and design the proper system to accommodate the specific conditions of each well. Both onshore and offshore drilling require completion engineers.
2. Subsea Engineer
Salary: $257,000
A subsea engineer designs and develops equipment and components for offshore subsea environments. In addition to working in the gas and petroleum industries, many subsea engineers also work in other industries. Depending on your role, you may be responsible for designing structures that can withstand low temperatures, high pressures, corrosion, and aquatic life.
This job must be able to design structures in a way that allows divers to repair them without endangering the rest of the structure. For this purpose, you may require diving skills to examine the worksites in person, collect data about the area, and provide customized solutions for subsea engineering problems.
3. Landman
Salary: $110,000
A Landman’s responsibility is to negotiate with landowners regarding land ownership, leases, and mineral rights on behalf of companies in the oil, gas, and mineral industries. An experienced Landman researches land rights, interests, and ownership before negotiating.
A Landman also writes contracts and writing contracts, clears titles, obtains leases, conducts surface inspections of land, and ensures compliance with government regulations and industry standards.
4. Senior Landman
Salary: $143,000
In the United States, most Senior Landman salaries range from $88,500 (25th percentile) to $143,000 (75th percentile) per year. Based on this moderate range of salaries, it is likely that the pay in this role will remain consistent regardless of the skill level, location, or years of experience of the individual, though some advancement may be possible.
There appears not much activity in the Senior Landman job market in the United States, as few companies are currently hiring for this position. If you are seeking jobs with more active opportunities, you may wish to explore related titles.
5. Land Acquisition Specialist
Salary: $100,000
In the United States, the majority of salaries for Land Acquisition Specialists range from $53,500 (25th percentile) to $100,000 (75th percentile). According to this wide range of salary potential, there may be many opportunities for advancement and increased compensation based on skill level, location, and years of experience. Several companies are hiring Land Acquisition Specialists in the United States.
6. Production Engineer
Salary: $125,600
Petroleum engineers usually hold degrees in petroleum engineering and are responsible for designing and selecting well equipment for post-drilling production. The well is monitored while it is flow ensure that it remains efficient and commercially viable.
7. Mechanical Engineer
Salary: $127,828
In addition to supporting plant equipment, mechanical engineers also develop, design, install, and maintain oil and gas processing equipment, focusing on safety, reliability, quality, and sustainability.
8. Drilling Engineer
Salary: $129,944
It is responsible for managing the rig staff, assessing and maintaining wells, ensuring safety measures are being implemented, and conducting the financial and technical operations associated with drilling for oil and gas.
9. Construction Manager
Salary: $145,000
It is the construction manager’s responsibility to ensure that the concise regulations and the schedule complete the construction work closely with the project manager to manage and control construction projects.
10. Project Manager
Salary: $157,795
Project Managers are among the highest-paid professionals in the oil and gas industry, and it is not surprising why. From start to finish, the PM is responsible for ensuring that the project is on track, within budget, in compliance with specifications, and within safety guidelines.
In addition, the PM is responsible for ensuring that communication flows between groups. PMs are essentially the glue that holds an operation together, and companies are willing to spend more for the best.