I think the $55k is at the low end of this year's recruits. One guy in the article was starting at $62.5k and I've heard anecdotes of even higher than that. When I started in the industry in 1980 I got the highest offer of any of my friends at $18k ($50k in 2006 dollars).
One interesting point in the article -- Exxon said that half of their workforce 10 years from now has not yet been hired. Exxon's workforce is over 100,000 people. I've heard similar quotes from BP and Shell. It is a great time to be entering the field. When all of us old farts die, the new folks will be required to re-invent a lot of it, what could be more fun than that?
Right now, at $60- 70 oil, everyone is busy and most people are resource constrained, so for employee retention, cash is king: our drilling contractor is giving their drill crews a 15% bonus every quarter just to stay with them! I'm constantly being called by headhunters looing to fill empty desks, and the job requirements are dropping- for example you can be a Senior Drilling Engineer with 5 years experience (I don't think anyone with less than 10 years has seen enough to be an SDE) and a Drilling Supervisor at the wellsite with just 5 years in the oil patch (which I don't think is anywhere near enough time, and is potentially dangerous).
Also the oil industry has been panicing for a few years about "The big crew change"- in the next 10 years, about 50% of the guys in the industry are going to retire, and the industry need to capture their knowledges as there aren't many people around now with 10 -15 years experience to take their place.... so those that have survived the past few layoff cycles (like me) are a little twisted and looking forward to the big bucks!
You can drop the word to your recruitment people that the independent CCGT power stations are full of people with experience of big rotating plant, hazardous area apparatus, process control equipment, gas handling equipment, and so on - all very transferable skills. Power industry people are typically very well trained, safety conscious, motivated, technically competent and used to lousy hours. Being well paid for it would be lovely! The big CCGT station on Teesside would probably be a great place to start recruiting.
If we need a parabolic increase in people resources to maintain a linear increase in oil (or energy) finds, then the cash could continue. It is when we start using bullets and tanks for the new finds that it all breaks down. So, all you people in the energy industry remember, your success could be an important key to world peace. So thank you for your efforts so far. I think this is money well spent when viewed as a peace mechanism.
What goes up, might come down. During the oil bust of the 80's, lots of engineers working for the big oil companies lost their jobs. Many had to walk away from their houses and default on their mortgages. A lot of this was happening in Texas and Oklahoma.
I'm in the power industry in an area heavy with petrochem and there seem to be at least two big factors robbing our plant engineers: 1 - Petrochemical guys luring away our engineers for higher $; 2- Hiring at many contractors doing engineering related to new power plants on the horizon. Apparently to avoid further losses, our company is taking care of those left behind. I got 3 separate raises since March of this year totalling 15% with no change in my job. (Compare this to my average annual adjustment of 3-5% over the previous 12 years). Year-end bonus is looking good as well. I'm pretty sure I'll never see a year like this again.
Thanks petro industry. Keep up the good work!
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C'mon Pete my friend. Come join us on the dark side. We are hurting for motor and high voltage electrical types. I could have you in a new job in just a matter of a couple weeks, and I would get a nice ERP bonus in the process!!
BTW as the top notch electric motor guy I know you are, if you are not making well over $100K/yr where you are at, they better keep the raises coming cause you are being ripped off. Oh, and I am expecting a 10 year run at this point so you should see a number of years like this.
Well you should not take everything you read at face value.
yes the oil field is booming and starting wages can be great, I am 5 years into it myself. A starting job for and enigneer at Schlumberger in the field which is most likely pays very well and they can even make bonus after about 1 year. But that is a field position in a oil field service company which means lots of hours (70-80/week) and no overtime. it means all hours of the night and day. I started in a compnay that was indirect competition with Schlumberger and all of us worked like that. The money was good but the hours were hard.
Now I am not making as much as I could have been if I had stayed with that company, but I am doing just fine.
If you want to make the money, well, you got to do what it takes, no?
"Do not worry about your problems with mathematics, I assure you mine are far greater."
Albert Einstein
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Not to sound unsympathetic, but what are you doing about it other than complaining?
If you want to make the $$$, you need to be willing to go make it. Make the move into O&G.
As they say, "If it was easy, then everyone would be doing it."
"Do not worry about your problems with mathematics, I assure you mine are far greater."
Albert Einstein
Have you read FAQ731-376 to make the best use of Eng-Tips Forums?
Well, considering the situation for all of use in the Oil & Gas related fields back around 2000 when oil was $10/barrel, the salaries we are getting now are long overdue.
It wasn't as bad as I hear the 80's were, but back around 2000 was not a fun time in this industry.
Edward L. Klein
Pipe Stress Engineer
Houston, Texas
"All the world is a Spring"
All opinions expressed here are my own and not my company's.
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