E&P Consultants Earning 27% Less than in 2013
Consultants currently working in the exploration and production sector are earning, on average, 27 percent less than they did in 2013, according to consultancy firm OPC.
The average day rate of consultants is now $1,109 compared to an average day rate of $1,520 in 2013, OPC found in its E&P Consultant Market Report 2016. The report from OPC obtained data from nearly 500 consultants throughout the world in October last year.
"I don't know any consultant who hasn't had to reduce day rates over the last two years,” OPC Managing Director Piers Johnson said.
“The pressure on costs from operators has been pushed onto the consultant community and everyone has needed to reduce rates,” he added.
Only 45 percent of those surveyed currently have work within the oil industry, and just over a half of those have consultancy contracts within the exploration and production sector, OPC said. Those not currently working would accept an average day rate of just $790, which is 39 percent lower than the $1,285 that they were charging in 2013, OPC added.
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