Oil and gas is not the sunset industry you think it is
Even as climate change intensifies the call for decarbonisation, the oil and gas sector will play a pivotal role in Singapore, say EY consultants.
The oil and gas sector is widely seen as a sunset industry.
Write-downs of around US$145 billion (S$193.7 billion) in asset values globally over the first three quarters in 2020 have added to that perspective.
Singapore, while not a domestic oil producer, has high stakes in this sector. The country is a global oil trading hub and a major global refining and petrochemicals center, accounting for 1.5 million barrels a day or 1.5 per cent of the global refining volume, and 25 million tonnes per annum or 1.2 per cent of the global petrochemicals capacity.
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Commentary: Oil and gas is not the sunset industry you think it is Even as climate change intensifies the call for decarbonisation, the oil and gas sector will play a pivotal role in Singapore, say EY consultants.
FILE PHOTO: An oil worker walks toward a drill rig after placing ground monitoring equipment in the vicinity of the underground horizontal drill in Loving County, Texas, U.S., November 22, 2019. REUTERS/Angus Mordant/File Photo
06 May 2021 11:45AM) Share this content
SINGAPORE: The oil and gas sector is widely seen as a sunset industry.