Norwegian oil and gas professionals are enjoying a boom in wages according to a new salary survey. The Salary Guide, produced by Hays Oil and Gas in partnership with specialist jobsite Oil and Gas Job Search, comfortably places home based Norwegian professionals in the top five of highest paid nationalities out of the 50 plus countries surveyed.
Norwegian oil and gas professionals (local labour) can expect to receive average annual salaries of US $ 130,300, up from $114,700 in 2010’s Salary Guide – a rise of approximately 15%.
Daily average contract rates for locally based professionals are among the highest in the world with average rates of US $1,290; foreign workers also enjoy high rates of $1,020.
This is a substantial increase on last year’s figures of $850 for local labour and $870 for expats working in Norway.
Matt Underhill Managing Director of Hays Oil and Gas comments: “Oil and gas professionals working in the North Sea have all seen huge daily contract rate rises. This is a very promising development because contract rates are key forward indicators of wages over the next 12 months.”
A 2010 Deloitte report predicted that capital expenditure in the North Sea could reach as much as £60bn in the next decade as companies look to tap somewhere in the region of 70 new oilfields. With better analysis techniques reducing risks in locating profitable fields, The North Sea has become a much more attractive proposition. The report also revealed drilling activity had already seen marked increases.
The Guide, compiled from the responses of almost 11,000 industry professionals, shows positive worldwide growth and sentiment towards salaries in the sector.
Over the next 12 months, nearly 47 per cent of respondents believe that salaries will increase by 5 per cent or more.
Duncan Freer Managing Director of Oil and Gas Job Search comments: “The decline of North Sea oil and gas has been predicted for years. However, the increase in activity in the region, together with the competitive wages that Norwegian professionals enjoy, reflects a confident and booming scene. There is every reason to believe that this will remain the case for many years to come.”
The Salary Guide can be downloaded for free by interested parties at www.oilandgasjobsearch.com/salary or www.hays.com.au/oilgas/salaries