Reservoir Engineer Salary
|Salary||$74,912 - $196,622|
|Bonus||$2,534 - $36,065|
|Profit Sharing||$500 - $55,000|
|Total Pay (||$77,217 - $216,690|
Job Description for Reservoir Engineer
Reservoir engineers are specialists in locating - and helping petroleum companies effectively use - underground reservoirs of fossil fuels. Using geological expertise, knowledge of fluid mechanics, and various forms of technology, the reservoir engineer determines the location of underground fuel reservoirs and their reserve capacities, as well as whether their long-term viability makes them suitable for investment. The reservoir engineer works with geologists to monitor the reserves as fuels are extracted and makes adjustments to extraction processes as geological changes occur with the depletion of the fuel. As easier-to-reach fuel reservoirs are depleted internationally, reservoir engineering increasingly explores new techniques to locate viable drilling spots, and developing and modifying machinery to tap into these spots.Read More...
Employers typically require at least a bachelor's degree in an accredited engineering program for entry-level positions, and state licensing is a requirement for all public-sector reservoir engineering jobs. Often, specialized coursework is desired for certain industries such as drilling mechanics, reservoir rock properties, and petroleum economics.
Most reservoir engineering jobs are in the petroleum industry, though there are opportunities available as consultants and in academic positions. A reservoir engineer employed in the petroleum industry divides their time among offices, laboratories, and in the field, locating and maintaining drilling sites (which may require extensive, worldwide travel). Engineers are typically full-time employees who work in shifts of varying length. Often, they work three days and then take three days off.
Reservoir Engineer Tasks
- Monitor and maintain reserve and decline estimates in order to maximize production for existing properties.
- Conduct reservoir engineering studies, such as field studies for primary recovery, material balance, and decline curve analysis.
- Draft economic evaluations for all properties and prospects.
- Coordinate with field production department on well performance and production optimization.
Reservoir Engineer Job Listings
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Popular Employer Salaries for Reservoir Engineer
Known for taking on a considerable number of Reservoir Engineers, British Petroleum (BP), Chevron Corporation, Occidental Petroleum Corporation, Schlumberger, and ExxonMobil Corporation are leading firms in the industry. BP Amoco leads the field in terms of pay, with a median salary of $194K. Other employers shelling out big bucks include Occidental Petroleum Corporation, Shell Oil Company, and Chevron Corporation, where Reservoir Engineers typically earn around $149K, $144K, or $143K, respectively.
British Petroleum (BP), ExxonMobil Corporation, and Chevron Corporation also scrape the bottom of the pay scale, with median earnings hovering around $122K, $136K, and $143K.
Popular Skills for Reservoir Engineer
Survey results imply that Reservoir Engineers put a diverse skill set to use. Most notably, facility with Simulation and Business Development are correlated to pay that is significantly above average, leading to increases of 22 percent and 17 percent, respectively. At the other end of the pay range are skills like Strategic Planning and Well Production Engineering. Most people experienced in Reservoir Engineering also know Well Production Engineering.
Pay by Experience Level for Reservoir Engineer
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Reservoir Engineers with a lot of experience tend to enjoy higher earnings. The relatively untested earn a median of $100K per year, but survey respondents who have racked up five to 10 years of experience report a six-figure median of $133K. Reservoir Engineers with one to two decades of relevant experience report an average salary of approximately $157K. Seasoned veterans with 20 years under their belts enjoy a median income of $213K.
Pay Difference by Location
Reservoir Engineers will find that Houston offers an impressive pay rate, one which exceeds the national average by 14 percent. Reservoir Engineers will also find cushy salaries in Bakersfield (+5 percent) and Dallas (+1 percent). Reservoir Engineers may wish to avoid the below-average compensation found in smaller cities — Salt Lake City, Oklahoma City, and Denver are known as the cities with the worst salaries for Reservoir Engineers, and each location is home to fewer than a million residents. Employers pay around 12 percent less in Oklahoma City and 8 percent less in Denver, below-median salaries for those in this field.
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Key Stats for Reservoir Engineer
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