| On August 26 2008, CNN Money reported | | | | graduates received starting salaries of |
| that oil drillers are scrambling for | | | | $80,000 to $110,000, not including |
| workers. Too many years of | | | | various perks and signing bonuses. This |
| under-investment in oil rigs and workers | | | | demand is in no danger of peaking |
| alike, coupled with the surge in oil | | | | anytime soon. Oil companies are hiring |
| prices over the last few years has led | | | | petroleum engineering freshman students |
| to a major shortage of experienced | | | | as summer interns, paying as much as |
| workers in oil fields at all levels. | | | | $32.50 an hour. Texas Tech reports its |
| Noble Corporation, one of the world's | | | | 2008 graduating seniors will receive an |
| largest offshore drilling companies, has | | | | average salary of $110,000. |
| 1500 rig job openings in the next 2 | | | | Geologists, too, are in great demand. |
| years for their 5 new oil rigs. Every | | | | The American Geologic Institute reports |
| oil company is deploying new oil rigs | | | | that the average starting salary for a |
| everywhere from the Gulf of Mexico and | | | | geologist fresh out of school is |
| the deep water off Brazil to the coasts | | | | $81,300, up from $55,000 in 2003. At |
| of Africa and Saudi Arabia to meet | | | | their April meeting, the American |
| today's increased demand for oil. | | | | Association of Petroleum Geologists |
| Filling the jobs in these offshore oil | | | | reported that graduate students (Masters |
| fields is proving to be a major | | | | and PhD) were receiving salaries of |
| challenge. Despite sky-high salaries in | | | | $80,000 to $110,000. The good news for |
| the range of $50,000 to $80,000 even for | | | | job seekers is that the demand for |
| new hires, there are not many takers for | | | | geologists for is unlikely to be filled |
| these offshore jobs. There are several | | | | anytime soon. The American Geological |
| reasons for this reluctance: | | | | Institute reports that out of 20,000 |
| - Not many people are willing to live in | | | | geology undergraduates, only 2,800 |
| the middle of the ocean on an oil rig | | | | attain their BSc after 4 years of study. |
| - Extremes of temperature, either | | | | In addition, many of today's oil |
| extremely cold (most deep ocean oil | | | | industry geologists started work in the |
| rigs) or extremely hot (Africa), and | | | | 1970s, and will be retiring in the next |
| sometimes both (the deserts of Saudi | | | | few years. Taken together, these facts |
| Arabia) | | | | mean that more and more geology |
| - The demanding work schedule - 12 hours | | | | vacancies are going to open up in oil |
| on, 12 hours off, 7 days a week for 2-4 | | | | companies in the coming decade, with |
| weeks straight | | | | salaries likely to increase further. It |
| - Political volatility and armed | | | | seems that, even today, taking up a |
| violence, for example rebels and | | | | Bachelor's Degree in Geology or Geologic |
| insurgents in Nigeria and other African | | | | Engineering is well worth it. Beefing |
| nations, potential terrorists in Saudi | | | | this up with a Master's in |
| Arabia | | | | Sedimentology, Stratigraphy, Structural |
| - Physical danger from storms like the | | | | Geology or Geophysics will almost |
| recent Gustav and Hurricane Katrina in | | | | certainly net you an extra $20,000 or |
| 2005 | | | | $30,000. |
| - Dangerous accidents like the 1988 | | | | With increasing demand for oil from |
| Piper Alpha drilling rig in the North | | | | China and India, as well as continuing |
| Sea - 167 of the 226 men on board died | | | | demand from the US and Europe to drive |
| when the oil rig caught fire | | | | the search for more oil, the job |
| Predictably, the highest salaries drawn | | | | vacancies in oil fields and offshore |
| in oil companies are the executives with | | | | drilling rigs will remain unfilled for |
| titles starting with "C", like CEO, CFO, | | | | some time to come. This is definitely |
| etc. Then you have the VPs and top | | | | the hot job of the next two decades. |
| salesmen. But what about jobs and | | | | Are you looking for jobs in oil field? |
| salaries for new hires? Well, in | | | | Click here to learn how can help you to |
| February, The Wall Street Journal | | | | quickly and easily find jobs in oil |
| reported that new petroleum engineering | | | | field. |