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Oil / Gas / Energy / Mining Average Salaries in Panama 2021

How much money does a person working in Oil / Gas / Energy / Mining make in Panama?


Average Monthly Salary
1,910 PAB
( 22,900 PAB yearly)

LOW
690
PAB
AVERAGE
1,910
PAB
HIGH
4,410
PAB

A person working in Oil / Gas / Energy / Mining in Panama typically earns around 1,910 PAB per month. Salaries range from 690 PAB (lowest average) to 4,410 PAB (highest average, actual maximum salary is higher).

This is the average monthly salary including housing, transport, and other benefits. Salaries vary drastically between different Oil / Gas / Energy / Mining careers. If you are interested in the salary of a particular job, see below for salaries for specific job titles.

Salaries for specific jobs

Job TitleAverage Salary
Assistant Yard Manager1,770 PAB
Associate Analyst2,040 PAB
Associate Landman850 PAB
Auxiliary Equipment Operator770 PAB
Biomass Plant Technician930 PAB
Biomass Power Plant Manager2,570 PAB
Chemical Plant Operator1,560 PAB
Chief Contract Compliance Engineer1,990 PAB
Completions Engineer1,780 PAB
Cost Controller1,430 PAB
Crude Oil Marketing Representative2,050 PAB
Dispatcher770 PAB
Distribution Manager2,610 PAB
Dragline Operator880 PAB
Driller Offsider690 PAB
Dump Truck Driver760 PAB
Electric and Gas Operations Manager4,360 PAB
Energy Advisor2,850 PAB
Energy Analyst2,760 PAB
Energy Auditor2,360 PAB
Energy Dispatch Director3,180 PAB
Energy Technical Assistant1,210 PAB
Energy Technical Manager2,250 PAB
Energy Technical Trainer1,650 PAB
Exploration Manager3,450 PAB
Field Safety Auditor2,070 PAB
Fluids Engineer1,820 PAB
Fuel Cell Engineer2,100 PAB
Fuel Cell Technician970 PAB
Fuels Handler890 PAB
Gas Compressor Operator840 PAB
Gas Distribution Plant Operator1,510 PAB
Gas Supply Manager2,810 PAB
Geologist3,550 PAB
Geophysicist3,310 PAB
Geothermal Production Manager3,190 PAB
Geothermal Technician1,400 PAB
HSE Engineer2,000 PAB
HSE Officer1,180 PAB
HSEQ Administrator1,290 PAB
Inspector1,750 PAB
Instructor1,480 PAB
Instrument Designer1,470 PAB
Lead Technical Field Advisor2,370 PAB
Logistics and Tool Coordinator1,690 PAB
Maintenance Engineer1,930 PAB
Maintenance Superintendent1,760 PAB
Material Controller1,240 PAB
Mine Engineer1,850 PAB
Mine Surveyor2,140 PAB
Mining Project Administrator1,590 PAB
Mining Project Assistant1,270 PAB
Mining Project Controls Consultant2,150 PAB
Mining Project Coordinator1,710 PAB
Mining Project Engineer1,810 PAB
Mining Project Manager2,400 PAB
Mining Site Manager2,420 PAB
Mining Team Leader2,010 PAB
NDT Technician1,150 PAB
Oil Service Unit Operator990 PAB
Oil Trader2,370 PAB
Oilwell Pumper690 PAB
Petroleum Engineer 2,080 PAB
Petroleum Geologist3,550 PAB
Petroleum Pump System Operator1,030 PAB
Pipeline Technician730 PAB
Power Coordinator1,210 PAB
Power Plant Operations Manager3,630 PAB
Power Plant Operator1,520 PAB
Radio Operator820 PAB
Reliability Engineer1,900 PAB
Reservoir Engineer1,770 PAB
Risk Analyst2,320 PAB
Roughneck1,870 PAB
Scaffolder1,300 PAB
Shutdown Engineer1,630 PAB
Solar Energy Installation Manager2,820 PAB
Solar Energy Systems Engineer1,920 PAB
Solar Photovoltaic Installer1,290 PAB
Solar Thermal Technician1,190 PAB
Supply Operations Manager3,100 PAB
Sustainability Specialist3,180 PAB
System Development Advisor2,150 PAB
Tanker Truck Driver750 PAB
Utility Operator1,010 PAB
Wind Energy Project Manager2,620 PAB

Oil / Gas / Energy / Mining Jobs Salary Distribution in Panama

Median and salary distribution monthly Panama Oil  / Gas / Energy / Mining
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The median, the maximum, the minimum, and the range

  • Salary Range

    Oil / Gas / Energy / Mining salaries in Panama range from 690 PAB per month (minimum average salary) to 4,410 PAB per month (maximum average salary, actual maximum is higher).

  • Median Salary

    The median salary is 1,950 PAB per month, which means that half (50%) of people working in Oil / Gas / Energy / Mining are earning less than 1,950 PAB while the other half are earning more than 1,950 PAB. 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.

  • Percentiles

    Closely related to the median are two values: the 25th and the 75th percentiles. Reading from the salary distribution diagram, 25% of people working in Oil / Gas / Energy / Mining are earning less than 1,190 PAB while 75% of them are earning more than 1,190 PAB. Also from the diagram, 75% of people working in Oil / Gas / Energy / Mining are earning less than 3,240 PAB while 25% are earning more than 3,240 PAB.


What is the difference between the median and the average salary?

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

Salary Comparison by Years of Experience

How does a person's salary progress over time?

Salary Comparison By Experience Level
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The experience level is the most important factor in determining the salary. Naturally the more years of experience the higher the wage.

Generally speaking, employees having experience from two to five years earn on average 32% more than freshers and juniors across all industries and disciplines.

Professionals with experience of more than five years tend to earn on average 36% more than those with five years or less of work experience.


Change in salary based on experience varies drastically from one location to another and depends hugely on the career field as well. The data displayed here is the combined average of many different jobs. To view accurate figures, choose a specific job title.

As you hit the ten years mark, the salary increases by 21% and an additional 14% for those who have crossed the 15 years mark.

Those figures are presented as guidelines only. The numbers become more significant if you consider one job title at a time.

On average, a person's salary doubles their starting salary by the time they cross the 10 years* experience mark.
* Based on the average change in salary over time. Salary variations differ from person to person.

Salary Comparison By Education

How does the education level affect your salary?

Salary Comparison By Education
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It is well known that higher education equals a bigger salary, but how much more money can a degree add to your income? We compared the salaries of professionals at the same level but with different college degrees levels across many jobs, below are our findings.


Change in salary based on education varies drastically from one location to another and depends hugely on the career field as well. The data displayed here is the combined average of multiple jobs. To view accurate figures, choose a specific job title.

Workers with a certificate or diploma earn on average 17% more than their peers who only reached the high school level.

Employees who earned a Bachelor's Degree earn 24% more than those who only managed to attain a cerificate or diploma.

Professionals who attained a Master's Degree are awarded salaries that are 29% more than those with a Bachelor's Degree.

Finally, PhD holders earn 23% more than Master's Degree holders on average while doing the same job.


Is a Master's degree or an MBA worth it? Should you pursue higher education?

A Master's degree program or any post-graduate program in Panama costs anywhere from 10,600 Balboa(s) to 31,800 Balboa(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 this tactic. The average increase in compensation while changing jobs is approximately 10% more than the customary salary increment.

The decision really depends on your situation and experience among many other factors. Putting all variables aside, if you can afford the costs of higher education then the return on investment is definitely worth it. You should be able to recover the costs in roughly a year or so.

Oil / Gas / Energy / Mining Salary Comparison By Gender

Salary comparison by gender monthly Panama Oil  / Gas / Energy / Mining
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Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? Male employees in Panama who work in Oil / Gas / Energy / Mining earn 8% more than their female counterparts on average.

Male
1,970 PAB
Female-8%
1,820 PAB
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Panama for all Careers

Salary comparison by gender monthly Panama
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Oil / Gas / Energy / Mining Average Annual Salary Increment Percentage in Panama

How much are annual salary increments in Panama for Oil / Gas / Energy / Mining professionals? How often do employees get salary raises?

Oil / Gas / Energy / Mining

Oil / Gas / Energy / Mining professionals in Panama are likely to observe a salary increase of approximately 9% every 17 months. The national average annual increment for all professions combined is 7% granted to employees every 19 months.

Annual Salary Increment Rate Panama Oil  / Gas / Energy / Mining
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The figures provided here are averages of numbers. Those figures should be taken as general guidelines. Salary increments will vary from person to person and depend on many factors, but your performance and contribution to the success of the organization remain the most important factors in determining how much and how often you will be granted a raise.

Panama / All Professions

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.

How to calculate the salary increment percentage?

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

The average salary increase in one year (12 months) in Panama is 4%.

Annual Increment Rate By Industry 2020

Banking
5%
Energy
1%
Information Technology
6%
Healthcare
2%
Travel
7%
Construction
3%
Education
8%

Listed above are the average annual increase rates for each industry in Panama for the year 2020. 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.


Worldwide Salary Raises: All Countries and All Jobs

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Oil / Gas / Energy / Mining Bonus and Incentive Rates in Panama

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Panama Oil  / Gas / Energy / Mining
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Oil / Gas / Energy / Mining is considered to be a moderate bonus-based field 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.

48% of surveyed staff in Oil / Gas / Energy / Mining reported that they haven't received any bonuses or incentives in the previous year while 52% 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.

Received Bonus
52%
No Bonus
48%

Types of Bonuses Considered

Individual Performance-Based Bonuses

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.

Bonuses Are Not Commissions!

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.


What makes a position worthy of good bonuses and a high salary?

The main two types of jobs

Revenue GeneratorsSupporting 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.

Example:
A graphics designer working for a graphics designing company.

Example:
A graphic designer in the marketing department of a hospital.


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.

Try to work for companies where your skills can generate revenue. We can't all generate revenue and that's perfectly fine.

Bonus Comparison by Seniority Level

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.

Oil / Gas / Energy / Mining Hourly Average Wage in Panama


11 PAB per hour

The average hourly wage (pay per hour) in Panama is 11 PAB. This means that the average person in Panama earns approximately 11 PAB for every worked hour.


Hourly Wage = Annual Salary ÷ ( 52 x 5 x 8 )

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.

Oil / Gas / Energy / Mining VS Other Jobs

Salary Comparison Between Oil  / Gas / Energy / Mining and Oil  / Gas / Energy / Mining monthly Panama
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The average salary for Oil / Gas / Energy / Mining is 10% less than that of All Jobs.

Government vs Private Sector Salary Comparison

Where can you get paid more, working for a private company or for the government? Public sector employees in Panama earn 5% more than their private sector counterparts on average across all sectors.

Private Sector
2,060 PAB
Public Sector+5%
2,170 PAB
Percentage increase and decrease are relative to the previous value

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