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Those working in Asia’s oil and gas sector are among the most highly paid in the world.
Professionals working in China (22.6%), Thailand (22.58%) and Vietnam (11.97%) saw their salaries go up year-on-year, the Hays Oil and Gas Global Salary Guide 2013, which was conducted in partnership with Oil & Gas Job Search, found.
The average local annual salary in China was US$68,300 (S$84,663), in Thailand it was US$49,400 (S$61,235) and US$53,300 (S$66,069) in Vietnam.
In Singapore, although only 6.52% of professionals saw a salary increment, the country still leads with the highest average salaries in the region at US$84,900 (S$105,240).
Globally, the average salary for oil and gas professionals was US$87,300 (S$108,211), a 8.5% increase year-on-year.
“The average salaries for expat labour were extremely buoyant. However, there was very impressive rises for the local labour force too with China, Vietnam and Malaysia all experiencing double digit growth in the past year,” Matt Underhill, managing director of Hays Oil and Gas, said.
Employers globally are also confident of the sector’s staffing levels, with 24.8% expecting to increase their staff by more than 10%, and 38.9% of those hiring expecting to hire contract staff for more than 20% of roles.
What was interesting to note was the falling number of companies hiring expats; more than a fifth of respondents said they had not employed candidates on an expat basis. Furthermore, 48.5% expect the number of expats to remain the same in the next 12 months while 8.1% expect to see a decrease.
“This is very much in line with the increasing trend to localise the workforce,” the reported noted.
However, respondents in Asia were the most likely to work overseas (48.1%), ahead of other regions such as Europe (43.2%) and South America (42.5%). The global average of those who were working abroad was 47.4%.
“With skill shortages as they are, we do not expect it will be long before there are more oil and gas professionals overseas than there are in their own home countries,” the report said.