Oil and Gas Risk Manager Salary and Rates
The average salary for Risk Managers in the oil & gas industry is approximately £64,974 per year which is around $83,000 United States Dollars.
Typically, this professional is charged with the responsibility of delivering risk management policies touching on products/services offered by the oil company, as well as maximizing the overall value from efficient risk pooling.
In Shell Oil UK, one of the largest petroleum companies in the world, this expert is paid between £55,000- £65,000 per year on full time staff basis and is usually required to have a Degree in Finance, Business, Engineering, Law or advanced certification in insurance or risk management, such as ACII accreditation. Shell Oil is a multinational with an estimated 22,000 employees globally and usually demands higher education for senior roles.
Risk Managers can also work part-time depending on the company’s policies, in this arrangement their average daily income is around $28.07 per hour but can rise dramatically if they are self employed consultant.
They advise oil & gas firms on potential threats that may emerge in the duration of the drilling project, and also put contingency measures in place to counter every possible scenario. This is done to curb loss to profitability or general reputation of the oil company.
In America, the average income for a Risk Manager is slightly higher than in the UK. For instance, statistics show that as of July 2017 the income for this expert was $85,131 annually, or about $29.00 an hour. However, in some reported cases in Norway, Risk Managers reporting directly to Project Managers and stakeholders can demand a whopping £1,500 GBP per day on a self employed basis.
The oil and gas business is volatile and ever-changing in nature, plus it’s often affected by variables that are geological, economic and geographic. It’s the duty of a Risk Manager to mitigate all these factors so four figure pay day rates come with huge responsibility.
Devon Energy Corp is a US-based publicly traded oil company with an average salary of $85,972 for its Risk Managers. Having been in operation since 2005, the firm places high value on oil system modeling as a form of risk-management tool.
Generally, the average salary for risk managers in the oil and gas industry depends on factors such as job title, education, experience, education and skills. Despite stabilization in the overall global income, volatility in various local markets has still caused salary changes to vary from one drilling location to another.
Though as of July 2017 the overall salary for Oil and Gas risk managers dropped by £7,387 or about 11%, statistics still show that the average income for jobs in this sector is high compared to other industries.
Similarly, employer confidence continues to be high as most of them feel positive about the oil industry’s future prospects. As demand for risk managers in the oil & gas industry continues to grow, so will be their salary requirements.