Oil & Gas Industry
As an integral part of Singapore’s economy, the Oil industry currently accounts for 5% of the nation’s GDP.
By 2015, Singapore will account for 3.87% of Asia Pacific’s regional oil demand despite having zero natural resources of oil and gas. The recent Oil and Gas Report from Business Monitor International speaks volumes about the active downstream segment and dynamic ecosystem that exist in Singapore.
Singapore boasts the world’s third largest oil refining centre, and is one of the top three bulk liquid ports in the world. Today, Singapore is the undisputed oil hub in Asia. The oil and gas industry accounts for 5% of the country’s GDP and has been a key part of its economy since 1891.
Singapore’s home-grown marine and offshore conglomerates Keppel Offshore & Marine and SembCorp Marine are the world leaders in the manufacture of jack-up rigs and FPSO construction. SembCorp Marine has commenced construction of a new, state-of-the-art integrated yard facility, while Keppel has underlined its intent to invest in R&D with its state-of-the-art Keppel O&M Technology Centre. Ezra Holdings, another major Marine Oil and Gas contractor, recently launched a S$10 million maritime training academy to facilitate the booming industry.
Leveraging Singapore’s world-class infrastructure and excellent global connectivity, renowned international companies such as Schlumberger, Halliburton, Baker Hughes and Weatherford have established their presence here. Honeywell, a diversified global technology and manufacturing leader, has had Singapore as its corporate HQ for the Asia-Pacific since 2003.
Leading petrochemical companies such as Chevron, ExxonMobil, and Shell help to build a vibrant and competitive oil industry with their strong presence here. ExxonMobil’s new petrochemical complex, due for completion in 2011, will be the corporation’s largest integrated chemical and refining site in the world.
To support the Oil and Gas industry’s breakneck growth, professional services provider WorleyParsons has established its regional headquarters-cum-engineering centre in Singapore. Emerson Process Management (EPM) has located both its centralised International Procurement Office and its Distribution Centre for control systems here in Singapore. Vopak’s regional headquarters in Singapore also reinforces Singapore’s reputation as the Oil and Gas and Chemicals distribution hub for the region.
Read more about Singapore’s Oil & Gas Industry here.
Read more about Singapore’s Marine & Offshore Engineering Industry here.
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