Reservoir Engineer Salary
|Salary||$76,761 - $182,449|
|Bonus||$3,020 - $30,235|
|Profit Sharing||$961 - $23,700|
|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).)
|$78,879 - $206,191|
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. (Copyright 2017 PayScale.com)
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
Popular Employer Salaries for Reservoir Engineer
British Petroleum (BP), Chevron Corporation, Occidental Petroleum Corporation, Schlumberger, and ExxonMobil Corporation are among the top companies that take on many Reservoir Engineers. Those at BP Amoco can expect to make the most, with the company offering a median salary of $194K. Those in search of high salaries should also consider Occidental Petroleum Corporation, Shell Oil Company, and Chevron Corporation, top-paying firms where Reservoir Engineers rake in a massive $149K, $144K, or $141K, respectively.
Also sliding in at the lower end of the scale are British Petroleum (BP) ($122K), ExxonMobil Corporation ($136K), and Chevron Corporation ($141K).
Popular Skills for Reservoir Engineer
Reservoir Engineers report using a pretty varied skill set on the job. Most notably, skills in Simulation, Business Development, Reservoir Engineering, and Microsoft Office are correlated to pay that is above average. Skills that pay less than market rate include Strategic Planning, Well Production Engineering, and Mergers and Acquisitions. It is often found that people who know Reservoir Engineering are also skilled in Well Production Engineering.
Pay by Experience Level for Reservoir Engineer
Pay by Experience for a Reservoir Engineer has a positive trend. An entry-level Reservoir Engineer with less than 5 years of experience can expect to earn an average total compensation of $101,000 based on 85 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. A Reservoir Engineer with mid-career experience which includes employees with 5 to 10 years of experience can expect to earn an average total compensation of $133,000 based on 51 salaries. An experienced Reservoir Engineer which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $156,000 based on 41 salaries. A Reservoir Engineer with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total compensation of $212,000 based on 24 salaries.
Pay Difference by Location
For Reservoir Engineers, busy Houston offers a higher-than-average pay rate, 9 percent above the national average. The lowest-paying positions for Reservoir Engineers can be found in smaller cities. Salt Lake City, Oklahoma City, and Denver all face salaries below the national rate (and all fall short of a million residents). Below-median salaries also turn up in Oklahoma City and Denver (17 percent lower and 10 percent lower, respectively).
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Key Stats for Reservoir Engineer
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