A person working in Oil / Gas / Energy / Mining in Faroe Islands typically earns around 24,100 DKK per month. Salaries range from 8,760 DKK (lowest average) to 55,700 DKK (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.
|Job Title||Average Salary|
|Assistant Yard Manager||22,000 DKK|
|Associate Analyst||26,100 DKK|
|Associate Landman||11,000 DKK|
|Auxiliary Equipment Operator||9,330 DKK|
|Biomass Plant Technician||12,300 DKK|
|Biomass Power Plant Manager||34,200 DKK|
|Chemical Plant Operator||19,600 DKK|
|Chief Contract Compliance Engineer||23,800 DKK|
|Completions Engineer||23,200 DKK|
|Cost Controller||16,800 DKK|
|Crude Oil Marketing Representative||25,100 DKK|
|Distribution Manager||33,000 DKK|
|Dragline Operator||10,900 DKK|
|Driller Offsider||8,280 DKK|
|Dump Truck Driver||9,020 DKK|
|Electric and Gas Operations Manager||52,700 DKK|
|Energy Advisor||36,700 DKK|
|Energy Analyst||34,300 DKK|
|Energy Auditor||29,400 DKK|
|Energy Dispatch Director||42,600 DKK|
|Energy Technical Assistant||14,900 DKK|
|Energy Technical Manager||28,000 DKK|
|Energy Technical Trainer||21,200 DKK|
|Exploration Manager||42,000 DKK|
|Field Safety Auditor||26,200 DKK|
|Fluids Engineer||23,000 DKK|
|Fuel Cell Engineer||25,900 DKK|
|Fuel Cell Technician||12,000 DKK|
|Fuels Handler||10,900 DKK|
|Gas Compressor Operator||10,700 DKK|
|Gas Distribution Plant Operator||19,300 DKK|
|Gas Supply Manager||38,000 DKK|
|Geothermal Production Manager||42,600 DKK|
|Geothermal Technician||17,000 DKK|
|HSE Engineer||24,300 DKK|
|HSE Officer||14,400 DKK|
|HSEQ Administrator||16,200 DKK|
|Instrument Designer||18,400 DKK|
|Lead Technical Field Advisor||31,300 DKK|
|Logistics and Tool Coordinator||19,900 DKK|
|Maintenance Engineer||23,400 DKK|
|Maintenance Superintendent||21,800 DKK|
|Material Controller||16,200 DKK|
|Mine Engineer||22,900 DKK|
|Mine Surveyor||26,600 DKK|
|Mining Project Administrator||20,300 DKK|
|Mining Project Assistant||16,400 DKK|
|Mining Project Controls Consultant||27,800 DKK|
|Mining Project Coordinator||20,500 DKK|
|Mining Project Engineer||22,100 DKK|
|Mining Project Manager||29,600 DKK|
|Mining Site Manager||32,200 DKK|
|Mining Team Leader||26,600 DKK|
|NDT Technician||14,900 DKK|
|Oil Service Unit Operator||13,000 DKK|
|Oil Trader||30,000 DKK|
|Oilwell Pumper||8,630 DKK|
|Petroleum Engineer||27,500 DKK|
|Petroleum Geologist||44,300 DKK|
|Petroleum Pump System Operator||13,400 DKK|
|Pipeline Technician||9,200 DKK|
|Power Coordinator||14,700 DKK|
|Power Plant Operations Manager||45,600 DKK|
|Power Plant Operator||19,100 DKK|
|Radio Operator||10,600 DKK|
|Reliability Engineer||23,400 DKK|
|Reservoir Engineer||21,600 DKK|
|Risk Analyst||28,100 DKK|
|Shutdown Engineer||19,200 DKK|
|Solar Energy Installation Manager||35,700 DKK|
|Solar Energy Systems Engineer||24,400 DKK|
|Solar Photovoltaic Installer||15,000 DKK|
|Solar Thermal Technician||15,300 DKK|
|Supply Operations Manager||39,500 DKK|
|Sustainability Specialist||39,100 DKK|
|System Development Advisor||26,100 DKK|
|Tanker Truck Driver||9,070 DKK|
|Utility Operator||13,100 DKK|
|Wind Energy Project Manager||33,900 DKK|
Oil / Gas / Energy / Mining salaries in Faroe Islands range from 8,760 DKK per month (minimum average salary) to 55,700 DKK per month (maximum average salary, actual maximum is higher).
The median salary is 24,600 DKK per month, which means that half (50%) of people working in Oil / Gas / Energy / Mining are earning less than 24,600 DKK while the other half are earning more than 24,600 DKK. 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 people working in Oil / Gas / Energy / Mining are earning less than 15,000 DKK while 75% of them are earning more than 15,000 DKK. Also from the diagram, 75% of people working in Oil / Gas / Energy / Mining are earning less than 41,000 DKK while 25% are earning more than 41,000 DKK.
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 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.
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.
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.
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.
A Master's degree program or any post-graduate program in Faroe Islands costs anywhere from 134,000 Danish Krone(s) to 401,000 Danish Krone(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.
Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? Male employees in Faroe Islands who work in Oil / Gas / Energy / Mining earn 11% more than their female counterparts on average.
Oil / Gas / Energy / Mining professionals in Faroe Islands are likely to observe a salary increase of approximately 6% every 27 months. The national average annual increment for all professions combined is 4% granted to employees every 29 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 Faroe Islands 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.
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.
64% of surveyed staff in Oil / Gas / Energy / Mining reported that they haven't received any bonuses or incentives in the previous year while 36% 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 Oil / Gas / Energy / Mining is 10% less than that of All Jobs.
Where can you get paid more, working for a private company or for the government? Public sector employees in Faroe Islands earn 17% more than their private sector counterparts on average across all sectors.