India

Salary package for a petroleum engineer:
http://www.payscale.com/research/IN/Job=Petroleum_Engineer/Salary
There will be huge scope for petroleum engineering in India and abroad.
I would like to suggest some of the reasons to support the aforementioned statement:
After coal, it forms the 2nd most used energy source. Henceforth, the government will take every toll to secure its existence.
Some of the privately owned companies have suffered a huge decline in its net worth. For example, Cairn India whose net worth decreased drastically resulting in its alliance with Vedanta. As a result, the number of students hired was affected. But the PSUs, despite such trend went at its usual pace. Although, they incurred losses, but the percentage loss was minimal. With this, it can be inferred that as long as the PSUs do not succumb to the harsh conditions of industry, the future scope of petroleum engineering in India is secured.
India being an importer of the majority of crude oil will only be benefitted with decreased oil prices. But the same could be disheartening for any petroleum engineer.
The predicament of the O&G is not new. The similar situation arose twice in the past.
Considering the placements of the newly admitted students in different colleges, to name a few, IIT (ISM), UPES and PDPU. There is nothing to worry about as you have sufficient opportunities to get yourself into some of the highly reputed companies. The only requisite is to contribute few hours of your precious time to the subject. Furthermore, the introduction of the petroleum engineering in GATE reduces the intricacy of students who aspire for PSUs.