Reservoir Engineer Salary
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|Salary||$73,242 - $181,013|
|Bonus||$2,576 - $30,608|
|Profit Sharing||$500 - $27,500|
|Total Pay (|
XTotal Pay combines base annual salary or hourly wage, bonuses, profit sharing, tips, commissions, overtime pay and other forms of cash earnings, as applicable for this job. It does not include equity (stock) compensation, cash value of retirement benefits, or the value of other non-cash benefits (e.g. healthcare).)
|$75,711 - $206,948|
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.
Popular Employer Salaries for Reservoir Engineer
Leading companies who hire large numbers of Reservoir Engineers include British Petroleum (BP), Chevron Corporation, Occidental Petroleum Corporation, Schlumberger, and ExxonMobil Corporation. BP Amoco offers the largest salaries in town — $194K on average. Other big spenders include Occidental Petroleum Corporation, Shell Oil Company, and Chevron Corporation, top-paying firms where Reservoir Engineers see paychecks nearing $149K, $144K, or $141K.
British Petroleum (BP), ExxonMobil Corporation and Chevron Corporation are three other employers with a reputation for below-average pay, showing salaries around $122K, $136K, and $141K.
Popular Skills for Reservoir Engineer
Reservoir Engineers seem to require a number of specific skills. Most notably, skills in Simulation, Business Development, Reservoir Engineering, and Microsoft Office are correlated to pay that is above average. Skills that seem to negatively impact pay include Strategic Planning, Well Production Engineering, and Mergers and Acquisitions. Those educated in Reservoir Engineering tend to be well versed in 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 rich background of experience are typically rewarded with larger paychecks. Even the relatively untried can take home bulky six-figure salaries; employees who have worked for fewer than five years report earning $101K on average. Reservoir Engineers who work for 10 to 20 years in their occupation tend to earn about $156K. More than 20 years of experience seem related to solid financial gains; veterans in this group report earning a median of $212K.
Pay Difference by Location
Reservoir Engineers will find that Houston offers an impressive pay rate, one which exceeds the national average by 11 percent. Reservoir Engineers will also find cushy salaries in Dallas (+1 percent). Relative to Reservoir Engineers in the rest of the country, smaller cities like Salt Lake City, Oklahoma City, and Denver see salaries below the national average. These cities in particular — each home to fewer than a million residents — offer Reservoir Engineers less pay than any other American city. Employers in Oklahoma City and Denver also lean toward paying below-median salaries (16 percent lower and 9 percent lower, respectively).
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Key Stats for Reservoir Engineer
Rated 5 out of 5
based on 19 votes.