A person working as a Petroleum Geologist in Latvia typically earns around 2,120 LVL per month. Salaries range from 1,040 LVL (lowest) to 3,310 LVL (highest).
This is the average monthly salary including housing, transport, and other benefits. Petroleum Geologist salaries vary drastically based on experience, skills, gender, or location. Below you will find a detailed breakdown based on many different criteria.
Petroleum Geologist salaries in Latvia range from 1,040 LVL per month (minimum salary) to 3,310 LVL per month (maximum salary).
The median salary is 2,160 LVL per month, which means that half (50%) of people working as Petroleum Geologist(s) are earning less than 2,160 LVL while the other half are earning more than 2,160 LVL. The median represents the middle salary value. Generally speaking, you would want to be on the right side of the graph with the group earning more than the median salary.
Closely related to the median are two values: the 25th and the 75th percentiles. Reading from the salary distribution diagram, 25% of Petroleum Geologist(s) are earning less than 1,440 LVL while 75% of them are earning more than 1,440 LVL. Also from the diagram, 75% of Petroleum Geologist(s) are earning less than 2,790 LVL while 25% are earning more than 2,790 LVL.
Both are indicators. If your salary is higher than both of the average and the median then you are doing very well. If your salary is lower than both, then many people are earning more than you and there is plenty of room for improvement. If your wage is between the average and the median, then things can be a bit complicated. We wrote a guide to explain all about the different scenarios. How to compare your salary
The experience level is the most important factor in determining the salary. Naturally the more years of experience the higher your wage. We broke down Petroleum Geologist salaries by experience level and this is what we found.
A Petroleum Geologist with less than two years of experience makes approximately 1,230 LVL per month.
While someone with an experience level between two and five years is expected to earn 1,580 LVL per month, 29% more than someone with less than two year's experience.
Moving forward, an experience level between five and ten years lands a salary of 2,190 LVL per month, 38% more than someone with two to five years of experience.
Additionally, Petroleum Geologist(s) whose expertise span anywhere between ten and fifteen years get a salary equivalent to 2,710 LVL per month, 24% more than someone with five to ten years of experience.
If the experience level is between fifteen and twenty years, then the expected wage is 2,900 LVL per month, 7% more than someone with ten to fifteen years of experience.
Lastly, employees with more than twenty years of professional experience get a salary of 3,090 LVL per month, 7% more than people with fifteen to twenty years of experience.
|0 - 2 Years|
|2 - 5 Years||+29%|
|5 - 10 Years||+38%|
|10 - 15 Years||+24%|
|15 - 20 Years||+7%|
We all know that higher education equals a bigger salary, but how much more money can a degree add to your income? We broke down Petroleum Geologist salaries by education level in order to make a comparison.
When the education level is Bachelor's Degree, the average salary of a Petroleum Geologist is 1,450 LVL per month.
While someone with a Master's Degree gets a salary of 1,990 LVL per month, 38% more than someone having a Bachelor's Degree degree.
A PhD gets its holder an average salary of 3,260 LVL per month, 64% more than someone with a Master's Degree.
A Master's degree program or any post-graduate program in Latvia costs anywhere from 6,510 Latvian Lats(s) to 19,500 Latvian Lats(s) and lasts approximately two years. That is quite an investment.
You can't really expect any salary increases during the study period, assuming you already have a job. In most cases, a salary review is conducted once education is completed and the degree has been attained.
Many people pursue higher education as a tactic to switch into a higher paying job. The numbers seem to support the thoery. The average increase in compensation while changing jobs is approximately 10% more than the customary salary increment.
If you can afford the costs of higher education, the return on investment is definitely worth it. You should be able to recover the costs in roughly a year or so.
Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? Male Petroleum Geologist employees in Latvia earn 5% more than their female counterparts on average.
Petroleum Geologist(s) in Latvia are likely to observe a salary increase of approximately 13% every 18 months. The national average annual increment for all professions combined is 8% granted to employees every 18 months.
The term 'Annual Salary Increase' usually refers to the increase in 12 calendar month period, but because it is rarely that people get their salaries reviewed exactly on the one year mark, it is more meaningful to know the frequency and the rate at the time of the increase.
The annual salary Increase in a calendar year (12 months) can be easily calculated as follows: Annual Salary Increase = Increase Rate x 12 ÷ Increase Frequency
Listed above are the average annual increase rates for each industry in Latvia for the year 2021. Companies within thriving industries tend to provide higher and more frequent raises. Exceptions do exist, but generally speaking, the situation of any company is closely related to the economic situation in the country or region. These figures tend to change frequently.
A Petroleum Geologist is considered to be a moderate bonus-based job due to the generally limited involvement in direct revenue generation, with exceptions of course. The people who get the highest bonuses are usually somehow involved in the revenue generation cycle.
44% of surveyed staff reported that they haven't received any bonuses or incentives in the previous year while 56% said that they received at least one form of monetary bonus.
Those who got bonuses reported rates ranging from 3% to 6% of their annual salary.
The most standard form of bonus where the employee is awarded based on their exceptional performance.Company Performance Bonuses
Occasionally, some companies like to celebrate excess earnings and profits with their staff collectively in the form of bonuses that are granted to everyone. The amount of the bonus will probably be different from person to person depending on their role within the organization.Goal-Based Bonuses
Granted upon achieving an important goal or milestone.Holiday / End of Year Bonuses
These types of bonuses are given without a reason and usually resemble an appreciation token.
People tend to confuse bonuses with commissions. A commission is a prefixed rate at which someone gets paid for items sold or deals completed while a bonus is in most cases arbitrary and unplanned.
The main two types of jobs
|Revenue Generators||Supporting Cast|
Employees that are directly involved in generating revenue or profit for the organization. Their field of expertise usually matches the type of business.
Employees that support and facilitate the work of revenue generators. Their expertise is usually different from that of the core business operations.
Revenue generators usually get more and higher bonuses, higher salaries, and more frequent salary increments. The reason is quite simple: it is easier to quantify your value to the company in monetary terms when you participate in revenue generation.
Top management personnel and senior employees naturally exhibit higher bonus rates and frequencies than juniors. This is very predictable due to the inherent responsibilities of being higher in the hierarchy. People in top positions can easily get double or triple bonus rates than employees down the pyramid.
The hourly wage is the salary paid in one worked hour. Usually jobs are classified into two categories: salaried jobs and hourly jobs. Salaried jobs pay a fix amount regardless of the hours worked. Hourly jobs pay per worked hour. To convert salary into hourly wage the above formula is used (assuming 5 working days in a week and 8 working hours per day which is the standard for most jobs). The hourly wage calculation may differ slightly depending on the worked hours per week and the annual vacation allowance. The figures mentioned above are good approximations and are considered to be the standard. One major difference between salaried employees and hourly paid employees is overtime eligibility. Salaried employees are usually exempt from overtime as opposed to hourly paid staff.
The average salary for Petroleum Geologist is 81% more than that of Oil / Gas / Energy / Mining. Also, Oil / Gas / Energy / Mining salaries are 10% less than those of All Jobs.
|Job Title||Average Salary|
|Assistant Yard Manager||1,200 LVL||-43%|
|Associate Analyst||1,390 LVL||-34%|
|Associate Landman||580 LVL||-73%|
|Auxiliary Equipment Operator||480 LVL||-77%|
|Biomass Plant Technician||620 LVL||-71%|
|Biomass Power Plant Manager||1,640 LVL||-23%|
|Chemical Plant Operator||980 LVL||-54%|
|Chief Contract Compliance Engineer||1,240 LVL||-42%|
|Completions Engineer||1,160 LVL||-45%|
|Cost Controller||880 LVL||-59%|
|Crude Oil Marketing Representative||1,280 LVL||-40%|
|Distribution Manager||1,730 LVL||-18%|
|Dragline Operator||610 LVL||-71%|
|Driller Offsider||450 LVL||-79%|
|Dump Truck Driver||460 LVL||-78%|
|Electric and Gas Operations Manager||2,860 LVL||+35%|
|Energy Advisor||1,900 LVL||-10%|
|Energy Analyst||1,820 LVL||-14%|
|Energy Auditor||1,480 LVL||-30%|
|Energy Dispatch Director||2,190 LVL||+3%|
|Energy Technical Assistant||780 LVL||-63%|
|Energy Technical Manager||1,520 LVL||-28%|
|Energy Technical Trainer||1,020 LVL||-52%|
|Exploration Manager||2,050 LVL||-3%|
|Field Safety Auditor||1,340 LVL||-37%|
|Fluids Engineer||1,200 LVL||-43%|
|Fuel Cell Engineer||1,310 LVL||-38%|
|Fuel Cell Technician||640 LVL||-70%|
|Fuels Handler||560 LVL||-74%|
|Gas Compressor Operator||560 LVL||-74%|
|Gas Distribution Plant Operator||950 LVL||-55%|
|Gas Supply Manager||1,850 LVL||-13%|
|Geothermal Production Manager||2,040 LVL||-4%|
|Geothermal Technician||850 LVL||-60%|
|HSE Engineer||1,220 LVL||-42%|
|HSE Officer||750 LVL||-65%|
|HSEQ Administrator||850 LVL||-60%|
|Instrument Designer||930 LVL||-56%|
|Lead Technical Field Advisor||1,550 LVL||-27%|
|Logistics and Tool Coordinator||1,020 LVL||-52%|
|Maintenance Engineer||1,240 LVL||-42%|
|Maintenance Superintendent||1,080 LVL||-49%|
|Material Controller||790 LVL||-63%|
|Mine Engineer||1,220 LVL||-42%|
|Mine Surveyor||1,410 LVL||-34%|
|Mining Project Administrator||1,080 LVL||-49%|
|Mining Project Assistant||820 LVL||-61%|
|Mining Project Controls Consultant||1,330 LVL||-37%|
|Mining Project Coordinator||1,060 LVL||-50%|
|Mining Project Engineer||1,130 LVL||-47%|
|Mining Project Manager||1,580 LVL||-26%|
|Mining Site Manager||1,540 LVL||-27%|
|Mining Team Leader||1,340 LVL||-37%|
|NDT Technician||750 LVL||-65%|
|Oil Service Unit Operator||650 LVL||-69%|
|Oil Trader||1,530 LVL||-28%|
|Oilwell Pumper||480 LVL||-77%|
|Petroleum Engineer||1,360 LVL||-36%|
|Petroleum Geologist||2,120 LVL||-0%|
|Petroleum Pump System Operator||650 LVL||-69%|
|Pipeline Technician||460 LVL||-78%|
|Power Coordinator||740 LVL||-65%|
|Power Plant Operations Manager||2,400 LVL||+13%|
|Power Plant Operator||1,030 LVL||-51%|
|Radio Operator||560 LVL||-74%|
|Reliability Engineer||1,190 LVL||-44%|
|Reservoir Engineer||1,100 LVL||-48%|
|Risk Analyst||1,480 LVL||-30%|
|Shutdown Engineer||980 LVL||-54%|
|Solar Energy Installation Manager||1,860 LVL||-12%|
|Solar Energy Systems Engineer||1,210 LVL||-43%|
|Solar Photovoltaic Installer||780 LVL||-63%|
|Solar Thermal Technician||750 LVL||-65%|
|Supply Operations Manager||2,010 LVL||-5%|
|Sustainability Specialist||2,040 LVL||-4%|
|System Development Advisor||1,340 LVL||-37%|
|Tanker Truck Driver||460 LVL||-78%|
|Utility Operator||660 LVL||-69%|
|Wind Energy Project Manager||1,740 LVL||-18%|
Where can you get paid more, working for a private company or for the government? Public sector employees in Latvia earn 7% more than their private sector counterparts on average across all sectors.