Oil and gas industry professionals based in the United States are the 6th best rewarded in the world, according to the Oil and Gas Global Salary Guide 2013 produced annually by expert recruiters Hays Oil & Gas and the jobsite, Oil and Gas Job Search.
The guide reveals that local professionals working in the US earn on average USD$121,400 per year. This is slightly behind neighboring Canada at USD$123,000 equivalent by a narrow margin. Australia is now leading the way with an average industry salary of USD$163,600 per annum.
Expat oil and gas professionals in the US now earn USD$123,800 on average per annum, which is high but is some way behind many other nations. Expats are enjoying the highest levels of pay in Australia, the Philippines, and Trinidad.
The salary guide, which bases its figures on more than 25,000 industry professionals across the globe, states the growth of salaries can be attributed to a buoyant industry with a relatively stable oil price and a worldwide skills shortage.
The guide also revealed that a rise in bonuses has continued and is now the dominant mechanism by which companies attract and retain talent. On average, bonuses account for a further 5.9% of the employees’ overall package with almost two thirds receiving some kind of benefit or allowance on top of their basic salary.
Matt Underhill, managing director of Hays Oil & Gas commented: “The industry is taking positive steps in increasing pay and benefits that will keep the USA competitive on the world stage but there is still some way to go to stop a drain of talent to overseas markets.”
Duncan Freer managing director of Oil and Gas Job Search, said, “There is no doubt that the USA oil and gas industry remains one of the busiest in the world right now and this is clearly highlighted in our findings.”
Employer confidence in increasing staffing levels during 2013 remains high. A quarter expect staffing levels to increase by more than 10% with almost 75% anticipating some level of increase.
Free noted, “Despite the concerns in Europe and a slowdown in China’s growth, the sentiment in the oil and gas industry remains positive.