The long-term outlook for oil and gas in Singapore remains positive, despite volatile oil prices and global uncertainties, said the country's Second Minister for Trade and Industry S. Iswaran.
Strong economic fundamentals in Asia-Pacific, along with rapid population growth and economic development, will continue to drive energy demand and thus expenditure on exploration and production activities.
As it stands, global oil and gas exploration and production expenditure is expected to hit a record US$723 billion in 2014, with Asia-Pacific economies accounting for nearly a quarter of that alone.
Speaking at the International Oil and Gas Industry Conference at Marina Bay Sands, the minister added that Singapore was in a good position to attract companies seeking to serve the growing offshore exploration and production activities in the region.
With the expected growth, Singapore will continue to invest in research and development and in talent, creating more opportunities for Singaporeans to engage in high-value research and engineering activities.
Currently, more than 20,000 Singaporeans are already employed in this industry, largely in skilled jobs such as design and system engineering, product engineering and project management.