I work in an oil major, so I hope I can help provide some insights since I see some healthy discussions about O&G here.

Not everyone working in O&G industry will be drawing obscenely high salary. The bulk of the employees will retire with a last drawn salary of ~$150-200k/year as a mid level manager (based on the company I work in and not referring to the technician roles). I think that's more than sufficient to live a good life in Singapore. There will be a small handful (around 5% of the population) who are deemed to have higher capacity and will end up with more senior roles (department managers for huge manufacturing sites; regional managers etc). These people end their career drawing ~$3-400k/year. There is this other special group of people (<1%) who are over achievers and they are promoted to senior roles early in their career and eventually end up as senior executive leaders (general managers of manufacturing sites, product lines, VPs, directors and what nots etc). I do not know their remuneration packages but it is definitely some heavenly figures.

So no, O&G starting salaries are not as fantastic as some of the banking jobs that are described in this thread but the potential to rival some of the best banking jobs is there if you are a high flyer. Even if you aren't a high flyer, you would still live a comfortable life in Singapore. I do not think there is such a big difference in life style between someone earning $200k/year and $300k/year. At the end of the day, we should just be happy doing what we are doing (be it banking or other industries).