Mia Lyons, Country Manager for Fircroft Singapore, discusses our presence in the region and the oil and gas industry in Southeast Asia.
The Oil Hub of Asia
Ideally positioned between the Indian and Pacific Oceans, Singapore has a history in the Oil and Gas industry reaching back to 1891. The industry holds an integral position in the economy of the city-state, accounting for approximately 5% of the GDP and in 2008 it contributed S$57 billion to the total manufacturing output. Singapore is amongst the world’s top three oil-refining centres and is the world’s largest oil-rig producer. Both its output and refineries mean that Singapore is considered to be the undisputed oil hub of Asia. All this has been achieved despite the fact that the nation is less than half the size of London with very limited natural resources of its own.
Investing in Liquefied Natural Gas
Singapore opened its first LNG terminal in May 2013 on the artificially-built Jurong Island and it is Southeast Asia’s largest LNG receiving terminal which has three tanks processing up to 6 million metric tonnes a year. Jurong Island is home to many of the world’s big petroleum companies, and plans are currently being put forward to open a second terminal as a floating facility by SLNG
, the company running the current terminal.
Natural gas is responsible for generating about 90% of Singapore’s electricity. Satisfying demand is critical to Singapore’s future, and the LNG terminal has allowed freedom to import LNG from anywhere in the world, where previously it had to be piped from Malaysia and Indonesia.
Our office in Singapore
We are located in Raffles Place, Singapore’s world famous central business district. There are eight people currently based in the office with a mixture of local, Indian, European and Filipino nationalities. We work hard to maintain our relationships with our clients – both new and old – as we constantly connect, network and socialise with them. The office only opened a year ago (September 2013) and we currently have approximately 230 contractors on our books. The amazing connections, formed by being part of a global agency like Fircroft, means that we have access to the best people in the world for our roles.
The future for Singapore
The strategic location and stable economic infrastructure means that Singapore can look forward to becoming a powerful player in the global LNG flow and is working to establish itself as a LNG trading hub. A floating storage and regasification unit could be a sensible choice as building on land is next to impossible, and these floating units are simpler to enlarge. Singapore has established itself as having the only LNG terminal in Asia, which allows cargoes to reload from storage, and as a result traders can store gas during periods of low-consumption and sell them during peak demand. For a country with very limited land and resources, Singapore has already maximised potential and this looks set to continue in the future.
You can learn more about the opportunities that we currently have available here