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Exciting new projects reaffirm Singapore as one of the world’s largest Oil & Gas trading hubs
Confirming its position as the world’s largest Oil & Gas trading hub after New York and London, Singapore’s recent industry growth has cemented the country’s position within the world’s top five oil refining centres.
As world leaders in the construction of exploration and production platforms, as well as FPSO conversion, Singapore’s refining capabilities account for almost double that of its rate of petroleum products consumption.
|Singapore Skyline; ST PHOTO: KUA CHEE SIONG|
Economic growth of 2%
According to insights from Loh Khum Yean, Permanent Secretary for the Ministry of Trade and Industry, Singapore is projected to experience economic growth of 1.5 percent to 3.5 percent in 2019. The forecast reflects the year-on-year growth in Singapore’s total Oil & Gas market size, production and exports over the past three years.
Singapore’s Oil & Gas market has seen year on year increases, with a number of high profile projects expected to continue this growth over the next 2 years.
Signalling new approaches within the industry, many leading firms within the Oil & Gas industry are investing in the development of man-made offshore facilities. A number of Very Large Floating Structures (VLFS) are being planned globally, as the Oil & Gas industry continues to advance and Singapore looks primed to catch this wave of new activity.
New projects keep Singapore afloat
One notable new project is the US$200 million semi-submersible floating production topsides that Shell is building in Singapore, which will be eventually be located 150 miles southeast of New Orleans in 4000ft deep of water in the Gulf of Mexico.
First Recruitment Group’s Singapore Manager, Conny Tan, commented on one of the notable projects developing in Singapore saying, “We have been seeing an increase in Oil & Gas projects within the region. For example, Sembcorp Marine have secured new contracts worth an estimated $175 million to design and build a liquefied natural gas (LNG) bunker vessel, and for the repair and modernisation of 13 cruise ships. The LNG vessel will be built for a subsidiary of Mitsui OSK Lines (MOL) at the Sembcorp Marine Tuas Boulevard Yard and will be Asia’s largest LNG bunker vessel - deployed to the world’s largest bunker port.”
The future looks bright for hubs like Singapore’s Jurong Island, as a great deal of exploration is being done for the construction of VLFS for storage of oil and petroleum. Being established in this new form of offshore island could be highly advantageous to Singapore, as they look to bring on board new developments and projects over the coming years.
|Sembcorp Marine Tuas Boulevard Yard. SOURCE: sbr.com.sg|
First Recruitment Group support increased activity in Singapore
Looking to support the new projects and increase their activity in Singapore, First Recruitment Group opened a new office in the heart of the city in 2018.
Speaking about the office, First Recruitment Group’s Oil & Gas Client Services Manager, David Dixon, said, “The opening of our new office in Singapore signifies the growth of First Recruitment Group in South East Asia and builds on the support we have been offering clients in the region from our offices in Australia and Thailand.
“Located in the heart of the central business district, the office allows us to support our clients’ project activity more closely whilst providing the opportunity to access other exciting markets in the region.”
To discuss how First Recruitment Group can help with your Oil & Gas recruitment needs in Singapore and beyond, email us now at email@example.com, or call us on +44 (0)1925 907000.
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