Hello,
To be honest, I'm also relatively new to this field. However, i hope that you can get something out of the following advice.
In my opinion, the main purpose of studying a Masters degree is to get a specific job in the oil industry that you really want, especially when you're currently working in a different industry. Hence, it doesn't make sense if you pursue a very general course such as MSc. in Mechanical Engineering. The rule of thumb is always to study something very specialized, something that will land you the specific job that you have been aiming all these while.
Thus, before you decide which course to take, ask yourself what do you aim to get out of the course? What is the specific position in the industry that you're currently aiming for?
Between subsea and petroleum, the opportunities depends.
If you're planning to go back to your home country and you're confident that you can get into an exploration & production company, then i would advice you to go for petroleum engineering.
But, if you prefer an internationally mobile type of occupation, i think it's better if you go for subsea engineering. The reason is because petroleum engineering jobs are slightly limited to E&P and service companies which normally prioritize the local workforce while subsea engineers can work in E&P, consultant, service companies, EPC contractors, inspection companies, drilling contractor, manufacturer and even certification body (DNV, Lloyd etc etc).
Please read the previous post to find out the different types of subsea engineer though.
Regarding the pay, I myself have no idea which one pays more.
If there's anything not right with my advice, i hope others (maybe Azad) can correct me.




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