Singapore's oil and gas sector is worth USD 80 Billion, but it's actively pursuing "climate change" strategies-Is anyone in its ruthlessly pragmatic administration thinking of the costs, to the industry and other related parts of the Singapore economy?

by Ganesh Sahathevan

Singapore Prime Minister Lee Hsien Loong delivers a speech during the Climate Action Summit at the United Nations headquarters in New York on Sept 23, 2019.PHOTO: PRIME MINISTER'S OFFICE

Singapore's ruthlessly  pragmatic PAP Government has jumped on the climate change bandwagon.
Speaking at the UN PM Lee Hsien Loong declared that Singapore will do its full part to mitigate climate change.Speaking at the 2019 National Day Rally Lee declared that climate change was one of the 

'gravest challenges facing mankind'.

"Doing its full part" will mean curbing the oil and gas sector which in 2019 is estimated to be worth USD 80 Billion (see table below)

The oil industry makes up 5 per cent of Singapore's GDP, with Singapore being one of the top three export refining centres in the world. In 2007 it exported 68.1 million tonnes of oil. The oil industry has led to the promotion of the chemical industry as well as oil and gas equipment manufacturing.^[80] Singapore has 70 per cent of the world market for both jack-up rigs and for the conversion of Floating Production Storage Offloading units. It has 20 per cent of the world market for ship repair, and in 2008 the marine and offshore industry employed almost 70,000 workers.^[81]

The sector provides cash for the financial services industry, so the impact of doing its "full part" would be in excess of what has been described above.

Clearly, the loss of luxury homes in Sentosa Cove at some point in the future is not the only cost that Singaporeans need to be concerned about:

Source: Climate Central

The immediate costs of jumping on the climate change bandwagon are likely to cause greater damage.

END

Singapore - Oil and Gas

This is a best prospect industry sector for this country. Includes a market overview and trade data.

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Last Published: 6/13/2019

Overview

	2016	2017	2018	2019 (estimated)
Total Market Size	72,149	77,126	81,984	80,000
Local Production	43,938	57,362	51,734	50,000
Exports	52,483	62,954	56,629	55,000
Imports	60,827	82,719	86,879	85,000
Import from U.S.	1,809	2,758	3,834	3,300
Exchange Rate: 1USD	1.38	1.38	1.35	1.35

$US millions (total market size = (total local production + imports) - exports)
Data Sources: Singapore Government Trade Statistics