Average compensation for North American-based oil and gas professionals declined 4 percent year/year to $94,722 on average in 2012, driven by a reduction in drilling activity and a less experienced workforce, according to a press release by Rigzone, the leading online resource for oil and gas information, data, and talent recruitment.
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Get Your Report Now!For those oil and gas professionals most often directly connected to drilling activity by working a rotational schedule, compensation declined more than6 percent to $105,390 in 2012 from $112,546 the previous year. That coincides with a slight drop in rigs working in North America over the same time period. Likewise, the oil and gas workforce is getting less experienced.
Although those newest to the industry saw compensation rise 2 percent year/year, their average compensation at $68,467 is about half of those with 20 years or more in the field ($129,192).
"Oil and gas continues to be one of the highest-paying industries for talent, particularly engineering professionals, but also skilled tradesmen and women," said Paul Caplan, president of Rigzone. "It makes a ton of sense in the fourth year of an expansion, companies have reached out and hired less experienced talent to join the field. Those young professionals are attracted by the compensation, challenge and the opportunity to have a global career from day one."
For more information on the global compensation results, visit Rigzone.com.