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Oil / Gas / Energy / Mining Average Salaries in Faroe Islands 2020

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


Average Monthly Salary
24,100 DKK
( 289,000 DKK yearly)

LOW
8,760
DKK
AVERAGE
24,100
DKK
HIGH
55,700
DKK

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.

Salaries for specific jobs

Job TitleAverage Salary
Assistant Yard Manager22,000 DKK
Associate Analyst26,100 DKK
Associate Landman11,000 DKK
Auxiliary Equipment Operator9,330 DKK
Biomass Plant Technician12,300 DKK
Biomass Power Plant Manager34,200 DKK
Chemical Plant Operator19,600 DKK
Chief Contract Compliance Engineer23,800 DKK
Completions Engineer23,200 DKK
Cost Controller16,800 DKK
Crude Oil Marketing Representative25,100 DKK
Dispatcher10,100 DKK
Distribution Manager33,000 DKK
Dragline Operator10,900 DKK
Driller Offsider8,280 DKK
Dump Truck Driver9,020 DKK
Electric and Gas Operations Manager52,700 DKK
Energy Advisor36,700 DKK
Energy Analyst34,300 DKK
Energy Auditor29,400 DKK
Energy Dispatch Director42,600 DKK
Energy Technical Assistant14,900 DKK
Energy Technical Manager28,000 DKK
Energy Technical Trainer21,200 DKK
Exploration Manager42,000 DKK
Field Safety Auditor26,200 DKK
Fluids Engineer23,000 DKK
Fuel Cell Engineer25,900 DKK
Fuel Cell Technician12,000 DKK
Fuels Handler10,900 DKK
Gas Compressor Operator10,700 DKK
Gas Distribution Plant Operator19,300 DKK
Gas Supply Manager38,000 DKK
Geologist43,800 DKK
Geophysicist42,600 DKK
Geothermal Production Manager42,600 DKK
Geothermal Technician17,000 DKK
HSE Engineer24,300 DKK
HSE Officer14,400 DKK
HSEQ Administrator16,200 DKK
Inspector21,600 DKK
Instructor19,000 DKK
Instrument Designer18,400 DKK
Lead Technical Field Advisor31,300 DKK
Logistics and Tool Coordinator19,900 DKK
Maintenance Engineer23,400 DKK
Maintenance Superintendent21,800 DKK
Material Controller16,200 DKK
Mine Engineer22,900 DKK
Mine Surveyor26,600 DKK
Mining Project Administrator20,300 DKK
Mining Project Assistant16,400 DKK
Mining Project Controls Consultant27,800 DKK
Mining Project Coordinator20,500 DKK
Mining Project Engineer22,100 DKK
Mining Project Manager29,600 DKK
Mining Site Manager32,200 DKK
Mining Team Leader26,600 DKK
NDT Technician14,900 DKK
Oil Service Unit Operator13,000 DKK
Oil Trader30,000 DKK
Oilwell Pumper8,630 DKK
Petroleum Engineer 27,500 DKK
Petroleum Geologist44,300 DKK
Petroleum Pump System Operator13,400 DKK
Pipeline Technician9,200 DKK
Power Coordinator14,700 DKK
Power Plant Operations Manager45,600 DKK
Power Plant Operator19,100 DKK
Radio Operator10,600 DKK
Reliability Engineer23,400 DKK
Reservoir Engineer21,600 DKK
Risk Analyst28,100 DKK
Roughneck25,500 DKK
Scaffolder16,000 DKK
Shutdown Engineer19,200 DKK
Solar Energy Installation Manager35,700 DKK
Solar Energy Systems Engineer24,400 DKK
Solar Photovoltaic Installer15,000 DKK
Solar Thermal Technician15,300 DKK
Supply Operations Manager39,500 DKK
Sustainability Specialist39,100 DKK
System Development Advisor26,100 DKK
Tanker Truck Driver9,070 DKK
Utility Operator13,100 DKK
Wind Energy Project Manager33,900 DKK

Oil / Gas / Energy / Mining Jobs Salary Distribution in Faroe Islands

Median and salary distribution monthly Faroe Islands 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 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).

  • Median Salary

    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.

  • 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 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.


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 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.

Oil / Gas / Energy / Mining Salary Comparison By Gender

Salary comparison by gender monthly Faroe Islands 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 Faroe Islands who work in Oil / Gas / Energy / Mining earn 11% more than their female counterparts on average.

Male
25,100 DKK
Female-10%
22,500 DKK
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Faroe Islands for all Careers

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

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

Oil / Gas / Energy / Mining

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.

Annual Salary Increment Rate Faroe Islands 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.

Faroe Islands / 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 Faroe Islands is 2%.

Annual Increment Rate By Industry 2019

Banking
8%
Energy
7%
Information Technology
6%
Healthcare
5%
Travel
4%
Construction
3%
Education
2%

Listed above are the average annual increase rates for each industry in Faroe Islands for the year 2019. 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 Faroe Islands

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Faroe Islands 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.

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.

Received Bonus
36%
No Bonus
64%

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 Faroe Islands


140 DKK per hour

The average hourly wage (pay per hour) in Faroe Islands is 140 DKK. This means that the average person in Faroe Islands earns approximately 140 DKK 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 Faroe Islands
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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 Faroe Islands earn 17% more than their private sector counterparts on average across all sectors.

Private Sector
24,900 DKK
Public Sector+17%
29,200 DKK
Percentage increase and decrease are relative to the previous value

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