Australia, Norway and Canada lead the world with the highest salaries in the oil and natural gas industry, according to a survey by a job-recruitment firm.
Average annual salaries for locally employed professionals in the oil and gas industry are the highest in Australia, at the equivalent of $163,600, while Norwegians earned $152,600, according to a study by Hays Plc, a London-based recruitment firm, and Oil and Gas Job Search, an employment website. Average salaries in the U.S. were $121,400, ranking below Canada, New Zealand and the Netherlands, the report said.
Rising demand for fossil fuels and a “relatively stable” price for oil has helped to boost salaries for the five million people employed by the industry globally, the report said. Brent crude, the global benchmark, has average $110.22 during the past 12 months and traded at $110.50 at 11:05 a.m. in New York today, according to data compiled by Bloomberg.
“Despite the concerns in Europe and a slowdown in China’s growth, the sentiment in the oil and gas industry remains positive,” said Duncan Freer, managing director of Oil and Gas Job Search, in an e-mailed statement today.
The global average annual salary was $87,300, an 8.5 percent increase from the previous year, according to the report. Salaries are expected to increase 4 percent to 6 percent this year, according to the report. Local workers in Sudan earned the least in the survey at $31,100.
The salary survey received data from about 25,000 people in 53 countries, covering 24 different job categories, including Business Development, Drilling and Petroleum Engineering.