Petroleum Economics involves the application of the techniques of economic analysis at every stage in the development of oil and gas exploration and production projects. The economics of oil and gas projects are affected by a range of factors, including:

  • the level of knowledge about the oil or gas field
  • the location, type and number of wells
  • market conditions
  • the effect of tax/royalty systems

By analysing factors like these, Petroleum Economists are able to assist in making investment decisions, such as deciding whether or not to drill an exploration well or whether or not to develop an entire gas production project. They are crucial in the negotiations around Production Sharing Contracts and purchasing oil and gas properties. Petroleum Economists are also involved in the assessment and management of the technical, economic and other risks associated with the different phases of an oil or gas projects.


Career Paths: Chartered Petroleum Economist

Petroleum Engineers specializing in petroleum economics can work for oil and gas exploration and production companies, service companies, banks and investment houses and government agencies.


Provide risk assessments

· Provide economics evaluations 

· Support all commercial agreement / negotiation 

· Support all acquisitions

 · Economic appraisals of exploration and development investment opportunities.

Compensation in Petroleum Economics 

a. Remuneration 10,000 – 15,000 US Dollars / Year

A total of two (2) petroleum economist employers with salary information listed

As of Oct 14, 2020, the average annual pay for a Petroleum Economist in the United States is $76,223 a year.

While Zip Recruiter is seeing annual salaries as high as $178,000 and as low as $24,000, the majority of Petroleum Economist salaries currently range between $44,000 (25th percentile) to $92,500 (75th percentile) across the United States. The average pay range for a Petroleum Economist varies modestly (up to $48,500), which suggests there may be fewer opportunities for advancement based on skill level, but increased pay based on location and years of experience is still possible.

Based on recent job postings on Zip Recruiter, the Petroleum Economist job market in both Accra, GH and the surrounding area is very active. People working as a Petroleum Economist in your area are making on average $76,223 per year or the same as the national average annual salary of $76,223. ranks number 1 out of 50 states nationwide for Petroleum Economist salaries.

To estimate the most accurate annual salary range for Petroleum Economist jobs, Zip Recruiter continuously scans its database of millions of active jobs published locally throughout America.


Petroleum Economist

State of Alaska

1 employee salary or estimate About $77K - $83K


Petroleum Economist II

Marathon Petroleum

1 employee salary or estimate About $131K - $142K

 Employer                                                  Job Title                                                 Salary 

Huxley Associates, London UK              Senior Petroleum Economists             $70,000 a year

Role: Fiscal Expertise, consulting engagement, business development Petroleum Economics: Learn how to make better petroleum investment decisions, fiscal models and economic planning.