In Asia, Singapore is regarded as a significant oil shipping center that in turn results in many opportunities and oil and gas jobs. Besides, the country is among the top five oil trade-offs and refining hubs globally. Singapore has also risen to be a market leader for floating production, offloading (FPSOs) conversion as well as offshore jack-up rig and storage. The liquid natural gasses (LNG) terminals are getting expanded in phases to enrich Singapore’s positions as premier regional centers for oil and gas industries.
In view of the experienced rising oil prices, this industry is predicted to become more promising in the next two years compared to the past 24 months. Nonetheless, hesitations in the world economy due to the politics and trade wars are distressing the new projects that are underway. Due to the friendly business environment of these regional hubs of Southeast Asia, there exist opportunities for the U.S. exporters in Singapore. Mainly, chances are available if there are increases in oil and gas price and offshore exploration.
The shipping leader offers numerous opportunities for American companies Including:
- The supply of equipment like the boring and sinking machinery for upstream or downstream gas and oil. Moreover, they supply, marine, mechanical as well as electrical constructions, oxidation additives, shipbuilding, and various control systems.
- Oilfields equipment including the instrumentation like drilling information system, drilling monitor, mud logging unit, mud monitoring system, torque gauge, pressure gauge, weight indicator, deadline anchor, valves/actuator, performance testing, or design control system
- Supply of the tubular product. For example, casing, tubing, carbon steel line pipe, drill pipe, heavy wall pipe, drill collar, drill stem accessory, as well as mechanical steel tube of alloy used on the derrick.
The Available Opportunities that can be Utilized
Singapore is regularly listed as leading oil and gas job search and trading hub in Asia. It’s also among the top five global oil refining centers. It’s however important to note that the region is the third-largest globally after New York and London. The centers have refining capacities of nearly double the rates of petroleum products consumption. Moreover, the region is a global leader in the construction of the exploration as well as a production platform, FPSO conversions and the jack-up rig.
Nevertheless, with expected industry downturns over the last two to three years, fewer projects were undertaken. In spite of the hiccups. The industry outlooks are now improving and it is expected that the new project will be complete in the next one to two years. Thus, oil and gas jobs in Singapore are also expected to increase.
Considering the report from industry sources or feedback given by Singapore firms, stability, and the economics of oil and gas prices are essential. Additionally, cash flows have huge impacts on new projects like the construction of new rigs in the project.
Many companies have consolidated, restructuring, and adopted new innovative tech to become more efficient. An example of new projects that are proceeding is a US$200 million worth semi-submersible floating production unit. The company Shells USA is constructing another multi-million-dollar project in Singapore. Eventually, the company will locate 150 miles from southeast of New Orleans in nearly 4000ft depth of the water in the Gulf of Mexico.
Engineering, procurement, as well as the construction of US$700 million LNG terminals, were awarded to the Korean consortium, which is led by Samsung in the year 2009. The subdivided first phase was finalized in 2013, which came with the arrival of the first shipments of LNG from Qatar. Future expansion works expected include the second LNG terminals which are already proposed. The project is expected to cost more than US$500 million and is expected to create thousands of jobs. Already, the second phase is on course as Singapore aims to become the future center for natural gas trading and trans-shipments in Asia. Once the proposed steps get completed, probably by the year 2020, the first terminals will handle approximately 9 million metric tons of petroleum products annually.
Oil and Gas Industry Outlook – Singapore’s Most In-Demand Jobs in the Next Few Years
After the industry low moments, like the price downfall in the year 2013 and significant environmental catastrophes, for instance, the Deep-water Horizon Gulf Of Mexico Oil Spills in 2014, the oil & gas sectors have now recovered.
The worldwide dependence on oil and petroleum products is escalating as world economies and transport infrastructure continue to depend on the products heavily. Deliberations on when oil and gas production can peak globally appear to be on the periphery, even amid weakened global economies and the decreasing availability of gas and oil. The oil industries continue to wield an incredible influence when it comes to international economics as well as politics, especially in reflection on employment levels in these sectors, with U.S IT jobs in oil and gas supporting more than 10 million people.
The recovery has been achieved because of various reasons. However, the leading case among them is the success of the signed production restraint agreement between the OPEC and the non-OPEC countries. Furthermore, developing countries like China, Brazil, as well as Russia continue to increase exploration besides production efforts. Nonetheless, geopolitical considerations like the continuing economic and political crisis in Venezuela, Qatar, and Iran’s exit from OPEC may sway latest oil and gas jobs and supply.
The trends seen towards renewable and alternative energies are other threats to entry level oil & gas jobs. Coupled with the upsurge of pro-eco legislation as well as political pressure, the oil and gas jobs are currently under scrutiny than ever before.
Generating electrical power from solar systems or offshore wind is turning out to be increasingly cheap and also cost-effective. Therefore, according to IRENA, nearly 80% of the recently commissioned renewable energy sources will become less expensive than oil and thus directly affecting employment in petroleum industries and jobs in the oil and gas industry.
More recently, the resurgence of confidence has been experienced in the petroleum sectors as they enter the third year after recovery. Hence, the growth experienced is remarkable, as amplified upstream productions continue to have positive knock-on effects for midstream industries. The prices of crude have also stabilized and steadying at roughly $50 per barrel. Moreover, 100,000 entry level oil and gas jobs are anticipated to be generated in the next years since a number of the active drilling rig in the U.S has risen to 780 compared to 590 one years back.
The major UK continental shelf company appears to get back into jobs in the oil and gas industry. This has the potential of unlocking dozens of undeveloped discoveries since drilling prospects are on the rise. Besides, we may expect improved outlooks for the U.K. upstream productions. The U.K. sectors are expected to advance after the historical low in the past years as 16 planned Greenfield projects are available with on motion identified development plans. Twenty-nine announced green fields are also expected to commence production. Therefore, with such projects, oil and gas job opportunities are expected to increase significantly. It is projected that thirty billion barrels get consumed worldwide annually primarily by the developed countries.
Since Singapore is among the significant players in petroleum shipping, oil and gas jobs in the region are heavily influenced by the recent developments in the petroleum industry. Thus, since expansion and positive signs of the business are experienced, the entry level jobs for oil and gas have started to increase steadily. The anticipated increase is evident from the statistics of the past two years and the projects already rolling to expand the business.
Oil and Gas Jobs – Singapore Jobs in Demand