Against the odds: Why Singapore is still upbeat on the volatile oil and gas industry

Hang in there, oil and gas players.

Singapore remains unfazed in the face of extreme oil price volatility in recent months. According to Second Minister for Trade and Industry S Iswaran, the long term outlook for the industry remains positive despite concerns over the impact on the oil and gas industry of short term global uncertainties and volatile oil prices.

Speaking at the 20th International Oil and Gas Industry Conference and Exhibition (OSEA 2014) yesterday, Iswaran said that strong economic fundamentals in the region will continue to drive energy demand and expenditure on exploration and production activities.

“This region alone accounts for nearly a quarter of global E&P expenditure, which is expected to hit a record US$723 billion in 2014. The continued growth in E&P activities in the region is expected to support the continued growth of our Marine & Offshore industry, in turn creating more opportunities for Singaporeans to engage in high-value research and engineering activities,” he said.

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