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Oil / Gas / Energy / Mining Average Salaries in Iceland 2024

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

Average Monthly Salary
645,000 ISK
( 7,740,000 ISK yearly)

All salary figures displayed here are per month except when noted otherwise.
All salary and compensation figures displayed here are gross salary figures, that is the salary before tax deductions. Because taxes may differ across sectors and locations, it is difficult to accurately calculate the net salary after tax for every career.

A person working in Oil / Gas / Energy / Mining in Iceland typically earns around 645,000 ISK. Salaries range from 225,000 ISK (lowest average) to 1,430,000 ISK (highest average, actual maximum salary is higher).

Salary Variance

The provided figure represents the median compensation that encompasses housing, transportation, and other perks. The salaries within the Oil / Gas / Energy / Mining domain in Iceland exhibit significant discrepancies across various professions. In case you seek information about the remuneration of a specific position, please refer to the salaries listed below for respective job titles.

Salaries for specific jobs

Job TitleAverage Salary
Oil / Gas / Energy / Mining
Assistant Yard Manager576,000 ISK
Associate Analyst679,000 ISK
Associate Landman285,000 ISK
Auxiliary Equipment Operator252,000 ISK
Biomass Plant Technician296,000 ISK
Biomass Power Plant Manager847,000 ISK
Carbon Capture and Storage Specialist641,000 ISK
Chemical Plant Operator476,000 ISK
Chief Contract Compliance Engineer616,000 ISK
Chief Renewable Energy Officer1,120,000 ISK
Chief Sustainability Officer1,070,000 ISK
Completions Engineer592,000 ISK
Cost Controller430,000 ISK
Cost Engineer579,000 ISK
Crude Oil Marketing Representative630,000 ISK
Deep-sea Mining Engineer735,000 ISK
Dispatcher258,000 ISK
Distribution Manager848,000 ISK
Dragline Operator276,000 ISK
Driller Offsider211,000 ISK
Dump Truck Driver238,000 ISK
Electric and Gas Operations Manager1,340,000 ISK
Energy Advisor888,000 ISK
Energy Analyst872,000 ISK
Energy Auditor767,000 ISK
Energy Dispatch Director1,010,000 ISK
Energy Efficiency Auditor647,000 ISK
Energy Efficiency Consultant757,000 ISK
Energy Modeler605,000 ISK
Energy Policy Analyst625,000 ISK
Energy Storage Engineer644,000 ISK
Energy Technical Assistant373,000 ISK
Energy Technical Manager732,000 ISK
Energy Technical Support Manager727,000 ISK
Energy Technical Trainer513,000 ISK
Engineering Geologist1,110,000 ISK
Exploration Manager1,020,000 ISK
Field Safety Auditor673,000 ISK
Fluids Engineer590,000 ISK
Fuel Cell Engineer621,000 ISK
Fuel Cell Technician296,000 ISK
Fuels Handler273,000 ISK
Gas Compressor Operator256,000 ISK
Gas Distribution Plant Operator474,000 ISK
Gas Supply Manager889,000 ISK
Geologist1,050,000 ISK
Geophysicist1,140,000 ISK
Geothermal Engineer641,000 ISK
Geothermal Production Manager982,000 ISK
Geothermal Technician402,000 ISK
HSE Engineer576,000 ISK
HSE Officer350,000 ISK
HSE Supervisor419,000 ISK
HSEQ Administrator435,000 ISK
Hydrogen Fuel Cell Engineer681,000 ISK
Inspector572,000 ISK
Instructor509,000 ISK
Instrument Designer480,000 ISK
Lead Technical Field Advisor809,000 ISK
Lithium Ion Battery Engineer564,000 ISK
Logistics and Tool Coordinator525,000 ISK
Maintenance Engineer615,000 ISK
Maintenance Superintendent538,000 ISK
Material Controller386,000 ISK
Methane Detection and Mitigation Specialist558,000 ISK
Mine Engineer565,000 ISK
Mine Surveyor676,000 ISK
Mining Project Administrator551,000 ISK
Mining Project Assistant437,000 ISK
Mining Project Controls Consultant691,000 ISK
Mining Project Coordinator546,000 ISK
Mining Project Engineer596,000 ISK
Mining Project Manager786,000 ISK
Mining Site Manager798,000 ISK
Mining Team Leader641,000 ISK
Natural Gas Engineer629,000 ISK
NDT Technician381,000 ISK
Net Zero Energy Consultant772,000 ISK
Oil Service Unit Operator309,000 ISK
Oil Trader771,000 ISK
Oilwell Pumper219,000 ISK
Petroleum Engineer 664,000 ISK
Petroleum Geologist1,050,000 ISK
Petroleum Pump System Operator320,000 ISK
Petroleum Technician344,000 ISK
Photovoltaic Engineer647,000 ISK
Pipeline Technician224,000 ISK
Power Coordinator374,000 ISK
Power Plant Operations Manager1,140,000 ISK
Power Plant Operator463,000 ISK
Radio Operator275,000 ISK
Reliability Engineer603,000 ISK
Renewable Energy Consultant924,000 ISK
Renewable Energy Engineer695,000 ISK
Renewable Energy Policy Analyst714,000 ISK
Reservoir Engineer542,000 ISK
Risk Analyst737,000 ISK
Roughneck612,000 ISK
Scaffolder373,000 ISK
Shutdown Engineer505,000 ISK
Smart Grid Analyst646,000 ISK
Smart Grid Engineer655,000 ISK
Solar Energy Installation Manager853,000 ISK
Solar Energy Systems Engineer600,000 ISK
Solar Photovoltaic Installer378,000 ISK
Solar Thermal Technician359,000 ISK
Supply Operations Manager972,000 ISK
Sustainability Analyst794,000 ISK
Sustainability Architect803,000 ISK
Sustainability Specialist913,000 ISK
Sustainable Energy Consultant824,000 ISK
System Development Advisor705,000 ISK
Tanker Truck Driver225,000 ISK
Unconventional Oil and Gas Engineer623,000 ISK
Utility Operator335,000 ISK
Waste-to-Energy Specialist824,000 ISK
Wind Energy Project Manager843,000 ISK
Wind Farm Technician417,000 ISK
Wind Turbine Technician484,000 ISK

Oil / Gas / Energy / Mining Jobs Pay Scale and Salaries in Iceland

Median and salary distribution Iceland Oil / Gas / Energy / Mining monthly
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Salary Structure and Pay Scale Comparison

5% of people earn
736,000 ISK or more
10% of people earn
610,000 to 736,000 ISK
20% of people earn
334,000 ISK or less
65% of people earn
334,000 to 610,000 ISK
Minimum Salary

Median Salary, maximum and minimum salary, minimum wage, starting salary, and the salary range

All salary figures displayed here are per month except when noted otherwise.
  • Salary Range, Minimum Wage, and Starting Salary

    Salaries in Oil / Gas / Energy / Mining in Iceland range from 225,000 ISK (starting average salary) to 1,430,000 ISK (maximum average salary, actual maximum is higher). To clarify, the number presented is not the legally mandated minimum wage. Rather, it represents the lowest figure reported in a salary survey that involved thousands of participants and professionals from across the entire country.

  • Median Salary

    The median income in the field of Oil / Gas / Energy / Mining is 605,000 ISK, implying that half of the workforce in Iceland earns less than this figure, and the other half earns more. It represents the central value of salaries. As a rule of thumb, you would prefer to be part of the group earning above the median wage, situated on the right-hand side of the salary distribution chart.

  • Percentiles and Salary Scale

    Two values that are highly correlated with the median are the 25th and 75th percentiles. By examining the salary distribution diagram, it is possible to determine that 25% of individuals employed in Oil / Gas / Energy / Mining in Iceland earn less than 461,000 ISK, while 75% of them earn more. Additionally, the diagram reveals that 75% of individuals earn less than 752,000 ISK, while 25% earn more than that.

  • Pay Scale Structure

    Data was regrouped into brackets to provide a better understanding of what salaries can be expected. This approach was deemed more accurate than relying solely on the average salary, as it offers greater insights into the distribution of salaries in the field of Oil / Gas / Energy / Mining in Iceland. The analysis revealed that roughly 65% of all reported salaries fell within the range of 334,000 ISK to 610,000 ISK. Approximately 20% of salaries were below the 334,000 ISK mark, while 10% ranged from 610,000 ISK to 736,000 ISK. Only 5% of individuals earned a gross salary of 736,000 ISK or higher.

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 in Oil / Gas / Energy / Mining in Iceland 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.

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.
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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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.

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 degree levels across many jobs in Oil / Gas / Energy / Mining in Iceland, 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 certificate 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 Iceland costs anywhere from 3,450,000 ISK to 10,300,000 ISK and lasts approximately two years. That is quite an investment.

Employees can't expect any salary increases during the study period, assuming they 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 to 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 the situation and experience among many other factors. Putting all variables aside, if a person can afford the costs of higher education then the return on investment is definitely worth it. Degree costs can be recovered roughly in a year or so.

Salary and Compensation Comparison By Gender / Oil / Gas / Energy / Mining / Iceland

Salary comparison by gender Iceland Oil / Gas / Energy / Mining monthly
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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? In the field of Oil / Gas / Energy / Mining in Iceland, the average difference between the salary of male and female employees is 5%.

659,000 ISK
630,000 ISK
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Iceland for all Careers

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

How much are annual salary increments in Iceland for individuals working in Oil / Gas / Energy / Mining? How often do employees get salary raises?

Professionals working in Oil / Gas / Energy / Mining in Iceland 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 Iceland 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.

Iceland / All Professions

Annual Salary Increment Rate Iceland
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The term Annual Salary Increase usually refers to the increase in 12 calendar month period, but because it is rare 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 Iceland is 2%.

Worldwide Salary Raises: All Countries and All Jobs

World Average Annual Salary Increment
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Salary Packages and Schemes

Not all compensation increases are reflected directly in the salary. Some companies offer upgraded packages to their staff instead of cash money. The figures displayed here account only for direct increments to the base salary.

Bonus and Incentive Rates / Oil / Gas / Energy / Mining / Iceland

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Iceland Oil / Gas / Energy / Mining
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61% of surveyed staff in Oil / Gas / Energy / Mining reported that they haven't received any bonuses or incentives in the previous year while 39% said that they received at least one form of monetary bonus.

Those who got bonuses reported rates ranging from 2% to 7% of their annual salary.

Received Bonus
No Bonus

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.

A graphics designer working for a graphics designing company.

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.

Hourly Average Wage / Oil / Gas / Energy / Mining / Iceland

3,720 ISK per hour

The average hourly wage (pay per hour) in Oil / Gas / Energy / Mining in Iceland is 3,720 ISK.This is the rate they get paid for every worked hour.

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

About The Hourly Pay Rate

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 fixed 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.

What is the minimum hourly rate of pay?

The minimum pay rate per hour for people working in Oil / Gas / Energy / Mining in Iceland is 1,300 ISK. This is the minimum as per the gathered data in the salary survey not the minimum hourly rate mandated by law.

Salary Comparison By City

CityAverage Salary
Reykjavik680,000 ISK

Government vs Private Sector Salary Comparison

Where can you get paid more, working in a private company or the government? The difference between the public or government sector salaries and the private sector salaries in Iceland is 25% on average across all career fields.

Private Sector
614,000 ISK
Public Sector+25%
765,000 ISK
Percentage increase and decrease are relative to the previous value

Salary Statistics and Calculation Guide

What is considered to be a good and competitive salary in Oil / Gas / Energy / Mining in Iceland?

A good and competitive compensation would range anywhere between 605,000 ISK and 752,000 ISK. This is a very rough estimate. Experience and education play a very huge part in the final earnings.

Gross Salary (before tax) and Net Salary (after tax)

All salary and compensation figures displayed here are gross salary figures, that is the salary before tax deductions. Because taxes may differ across sectors and locations, it is difficult to accurately calculate the net salary after tax for every career.

Base / Basic Salary

The base salary for jobs in Oil / Gas / Energy / Mining in Iceland ranges from 225,000 ISK to 461,000 ISK. The base salary depends on many factors including experience and education. It is not easy to provide a figure with very little information, so take this range with a grain of salt.

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

Both are indicators. If your salary is higher than both the average and the median then you are doing very well. If your salary is lower than both, then many people earn 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

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