Op, your post is not totally correct. No multinational Coop. charges 20% interest on loans.
Secondly, the experience of one person cannot be used to generalize.
Thirdly, the multinationals still pay stupendously well that an average oil worker can CONVENIENTLY buy land without borrowing, and build houses with very little loan, and still live a very good and charmed life. I know because I work for a multinational oil company.

An oil worker who is disciplined, and invests well, can NEVER be poor or live an average life. Those who struggle are those who squander their resources on mistresses or irrelevancies.

The salaries and allowances paid are pretty good. I won't say more. I will rather work for a multinational a million times over than engage in "hating" or "beefing" oil workers.

And by the way, there is job security too. And if for any reason, you want to be laid off, it is usually with some very good severance packages.

OP, pray you get into one.

Cheers!

joedams:
 Depending on the company, average industry salaries starts at $45,000 to $140,000 per annum...

Who have these people been talking to? Except you are a manager with one of the IOCs or an offshore guy with a servicing company that has a well paying contact (who cares enough to consider their staff) there is no way in hell you can earn this much. Never!

Please get me one bro and see for yourself how I plan myself.

That's 100% her headache...a retrospection of her mismanaged life cnt be a yardstick to exemplify evri oil worker..
I knw oil workers(mobil & shell) who are financially reasonable nd not disillusioned wit living a lifestyle evri1 expects of u juz coz u av a supposed "dream job"..
They weren't coerced into squanderous lifestyles by churches in d name of religious appointments..etc..
This is wah u get from impatience by putting carts b4 horses

Sacluxpaint:


I have tried going into business partnerships along with my job, but the problem I have is fraudulent partners.

that's one serious problem Bro. ..I think you need to search well for sincere persons to partner with....you married?

goodluckebi:
.. Do oil worker's still make money, taught dy had a lot of problems

dey r still flourishing oo.. deir allowances na badoo

yes there are. JOB RITUAL ND ARMED ROBBERY

joedams:

Yeah, everyone does. But then, there are so many other silent money spinning jobs out there.

Izonpikin:
that's one serious problem Bro. ..I think you need to search well for sincere persons to partner with....you married?

Not yet Sir

Sacluxpaint:


I have tried going into business partnerships along with my job, but the problem I have is fraudulent partners.

Kindly take ur time to ansa dese questns sir wit a plausible reason if u r gon ansa in the non-affirmative..

1. Can u go into business partnership with som1 whose financial status is way below urs?
2. If som1 acquaints u with a business idea dat seems promisin to u...wud u invest in it?(Provided d person is convincin enuf to earn ur trust)

Izonpikin:
its easy for you to make this comment...jump on an IOC job and face the realities..tell me you wouldn't want to procure that new huyuandai santafe that was recently advertised....


E no easy oo...One has to be careful like you said sha....relatives would beg the hell out of your money...

Guy! Truth is relatives will always be there to beg for one favor or the other once they hear u're working even if u are a bartender. But u ve to find a balance , plan n be self disciplined. Thats my point brov

If oil workers can complain, what do u expect of bankers or teachers ? Abeg oil is still the best.

I grew up around oil n gas workers, the wise onces didn't live above their means and made good investments. The foolish once went on vacation every summer, bought a new car every three years and retired without a house or business to call their own, refer to them as having worked for a multinational but not for themselves. The good thing is that the wise out numbered the foolish.

alphamodel1:

Guy! Truth is relatives will always be there to beg for one favor or the other once they hear u're working even if u are a bartender. But u ve to find a balance , plan n be self disciplined. Thats my point brov

that's very correct...

Sacluxpaint:


Not yet Sir

as a single person it's much easier to invest with less responsibilities...

Once married wahala increases...

Goddygee:
Biko, i deserve an explanation frm my muslim brodas and sisters...


you mean dem no day kill ram for dis celebration

yess ooooooo

I have worked in the oil and gas sector all my post-NYSC career of over 8 years. I think what the OP said is largely true.

A number of points I want to make

1, There is tendency to be ostentatious among oil and gas workers to live up to societal expectation of "oyel" worker. But personal discipline makes a difference. I have a junior colleague that was earning less than me and living in a 2.5m rented apartment in Lekki Phase 1, while I lived in a 500k per annum house in inner Ajah while doing projects.Although we can argue these are personal choices, convenience comparison etc. Unfortunately, the friend was affected by a recent job cut.

2, There is pressure from friends and family, but this is the case for every working person irrespective of sector. In fact, maybe bankers even have more pressure (well, until recently).

3, Banks chase you with personal loans because they know you have a means to pay back.

4, Many oil and gas worker feel too arrogant to engage in side businesses. I spent the first 6 years of my career having that mentality too. It was only recently that I converted. Despite working in the industry, I run 2 small businesses (career consulting and a barbing salon), whose combined annual turnover is less than my 2 months salary. But I know I have something by the side.

Many oil workers "pity" me. A colleague, an HR person that knows my pay, reading my personal text (on my career consulting) saw where I sent sms to someone to pay 3k for CV review service and was shocked. She doesn't know what the little drops from side business can do.

Overall, I think if you get a good job in an oil and gas company, especially upstream, with proper discipline, you can do wonders with your life in few years.

Why should i spend 5million bills on wedding? Where am from, 100k is enough if you plan well, no be by force to make noise for weddings abeg.

And, if i can be earning 1 million naira per month, i will have no second tought about obtaining loan from anybody, i knw the way i manage and spend the little i have for now, not to talk of millions.
In the end, with my savings, its to start my own bussiness and make more cash

The poster painted a true picture of the life of an oil coy worker in Nigeria. Weather you like it or not, this is the average life style of most oil workers. Very few are wise and real.

Afritop:

I have been hustling for long so to overcome this challenges is simple discipline and discretion. One person's palaver does not mean it will happen to his neighbours. Infact it is Because they spoilt you that you have to paste rubbish. Because you earn N1m per month does not imply you buy land worth N15m when there are affordable lands scattered all over the country.
and you don't have to rent a mansion to show you are an oil worker.
As for spiritual demand, I don't know which witch still dey follow you and wey still allow you to dey remain as oil worker

i didnt boda reading,cos i no wot the op will be saying is dat,oil work is nt as lucritive as wot pple think wich is a lie......
all na lie,u can still tink of Land of 15m go and ask ur colluages working in the bank that u started together they cant dear tink wot u r tinking,u beta sit down in ur oil company and be thankfull for the job God gave u...........#It is only a great fool that is not gratefull

/
I don't think anyone thinks that oil workers make a lot of money.
But considering that they earn such in Nigeria where most people will be glad to earn N200k/month, then it becomes clearer why they feel like kings.

From the OP's assertion, it seems that the illusion and mirage are self-inflicted. There is no rule that says that the timeline stated must be followed. Anyone earning such in Nigeria and still broke will still be broke even if earning N10m/month. It is known as living above one's means or worse, competing with the Jones.
\

Femich18:
Issorite...Thanks for the info, all those one wey u talk nah for your pocket. I'll gladly jump at it if offered a job with a Oil MNC

i wish i could like ur comment 10 times.......

kokosheen:
In addition to the OP, with the erratic oil price, layoffs are rampant and catch most people unawares as they still have that big loan running, they still have to pay the crazy school fees, even though they own the house, as it's in a posh estate, the service charge is enough to rent a 5 bed house in Ajah, they still need to maintain the Benz and range rovers that 1 tyre cost 150k and a shock cost 200k.
It would be worse if the oil worker's is sacked due to an infraction which means no terminal benefit to offset some of these loans and no referal opportunity as the person has wasted all his/her years of employment with that company.

must dey buy range rover and benz....wot happened to toyota and honda.....

please any oil and gas person should help me out here... how much does welding engineers earn in an oil and gas servicing company, entry level??

I am having an interview soon. thanks
@jarus

Jarus:
I have worked in the oil and gas sector all my post-NYSC career of over 8 years. I think what the OP said is largely true.

A number of points I want to make

1, There is tendency to be ostentatious among oil and gas workers to live up to societal expectation of "oyel" worker. But personal discipline makes a difference. I have a junior colleague that was earning less than me and living in a 2.5m rented apartment in Lekki Phase 1, while I lived in a 500k per annum house in inner Ajah while doing projects.Although we can argue these are personal choices, convenience comparison etc. Unfortunately, the friend was affected by a recent job cut.

2, There is pressure from friends and family, but this is the case for every working person irrespective of sector. In fact, maybe bankers even have more pressure (well, until recently).

3, Banks chase you with personal loans because they know you have a means to pay back.

4, Many oil and gas worker feel too arrogant to engage in side businesses. I spent the first 6 years of my career having that mentality too. It was only recently that I converted. Despite earning a seven digit figure per month , I run 2 small businesses (career consulting and a barbing salon), whose combined annual turnover is less than my 2 months salary. But I know I have something by the side.

Many oil workers "pity" me. A colleague, an HR person that knows my pay, reading my personal text (on my career consulting) saw where I sent sms to someone to pay 3k for CV review service and was shocked. She doesn't know what the little drops from side business can do.

Overall, I think if you get a good job in an oil and gas company, especially upstream, with proper discipline, you can do wonders with your life in few years. To God be the glory, in just 8 years of work, I'm a proud owner of 2 houses .

you are always 'dropping' your salary at any given opportunity. alfa, who asked you how much you earn grow up dude. this is getting boring.

i was expecting you to come and fart on this thread and you didnt dissapoint.

Nothing could be truer! The OP just described the life of not just an oil worker but anyone with fat earnings. I saw it work first hand. Lesson: No matter your earnings, try to keep life simple. Get a simple car, build a simple house and keep your kids in nice but inexpensive schools. It will help you enjoy the money more rather than massive expansion of your expenditure profile to suit your high taste. Borrowing from the banks is really the bit that suffocates many. Enough said already!

Izonpikin:
its easy for you to make this comment...jump on an IOC job and face the realities..tell me you wouldn't want to procure that new huyuandai santafe that was recently advertised....


E no easy oo...One has to be careful like you said sha....relatives would beg the hell out of your money...

ephi123:

my dear you go tire for the begging.... ...All your relatives we no know you before go know you...and something punish u u come go drive fine car go ya home town ...Cheiii. ..

AnakinSkywalker:
Hard Truth. We all thought we could do better. Yes while some are very disciplined, you still have to do a lot of things based on financial power and status. You want the best schools for kids, you want the best areas to live at. You dont want to be driving a range rover home in Ajegunle.

And, wow, 20 % interest on cooperative Loan? Which Oil Company is that? They must have raised their own capital. No, boss. In ours they get it for that from the bank and add their own interest of about 2-5 percent. Making it between 22 to 25 per cent for the loan.

While, I will not discourage anyone from getting a job in the industry whether as Regulator, Contractor or Operator, they must plan their lives properly.

At the beginning you buy clothes and sew new natives,you buy shoes etc. After a few years you wear 1 shirt for 2 years. You spend more on people than on your self. It is to take solace in the fact that one has helped people in need at least.

It is why I swore I must delve into business. A lot of workers have damned the conflict of interest bla bla bla and gone ahead to set up business establishments. "We cannot come and go and die"

Without mincing words, this is a very irrational post.
Are you kidding me? Do you know how many people will kill to have an oil job.
All that money and they choose to live a lavish and reckless lifestyle?
Any oil worker that finds him/herself in the situation you've just painted will be in the same situation even if they're Bill Gates. The money will never be enough because the more money they make, the more lavish their lifestyle
People are crying for a $5000 annual income and somebody with a $40000 -$120,000 annual income is crying.
Oya na. Let's switch places. I make N100k monthly and I still have dependents.

Izonpikin:
my dear you go tire for the begging.... ...All your relatives we no know you before go know you...and something punish u u come go drive fine car go ya home town ...Cheiii. ..

Haha! Na so o, no be small thing!

The truth is managing money is not dependent on the amount you earn. He who is faithful in little will be faithful in much and vice versa. As income increases, expenses rise to the level of the income. I have a friend whose salary doubled and yet almost a year into the new job she has not saved anything. So I have realized that ultimately how you choose to manage your financial life is your choice, along with the consequences of course.

Starting a business will not help you if you don't learn the difference between needs and wants. Also, why loan 50m for house, car and wedding? It's ok to do these things one at a time. If some O&G workers are struggling to maintain the 'too much money' lifestyle that they chose, that's their business. Don't discourage people from seeking those opportunities because not everyone is a spendthrift.

Anyone can receive money but the real deal lies in what you do wit the money. If you are an Oil worker earning 1m & in atleast 2yrs of working. You cannot boast of even a plot of land, you need serious financial education.
The mistake people mak is rushing to build thier personal house whereas they could build/buy something for rent purpose that will generate money over time to acquire your dream house.
Your job will not always be there o, your health may not always be sound. No one knows whats gon happen the nxt minute, so therefore provide a 2nd source of income asap.