Rigzone Ranks the Top 10 Oil & Gas Cities in the World
Located on the southern tip of the Malay Peninsula near the Straits of Malacca, Singapore has played a significant role in international trading. The island nation – which offers strategic advantages of a natural deep harbor, fresh water supplies and wood for repairing ships – first rose to prominence in the 14th century as a trading post that drew seafarers from as far away as Europe. Sir Stamford Raffles' establishment in 1819 of a British port in Singapore marks the birth of the modern city-state. The nation's importance as a trading hub grew with the opening of the Suez Canal in 1869 and the invention of the telegraph and steamship, as well as a free trade policy that drew merchants from across the globe.
Energy Impact
Singapore began evolving in the 1960s from a third-world status nation with poor infrastructure and limited capital to a global manufacturing and business hub for a number of industries, including electronics, biotechnology and marine and offshore engineering. This transformation resulted from Singapore's effort to create jobs and build a manufacturing base following the establishment of Singapore as a republic independent of Malaysia. The Singapore Economic Development Board (EDB) was also established during this time to attract foreign investment to the island nation. Singapore has prospered under its free-market approach combined with economic planning.
The oil and gas industry has also played an integral role in Singapore's economy since oil trading began in 1891. Singapore is one of the world's top three export refining centers, according to the EDB. A number of drilling rig and offshore support vessel manufacturers, including Keppel Corporation and SembCorp Marine Ltd., call Singapore home.
In 2013, these companies are expected to continue reaping the benefits of higher oil prices, growing offshore exploration and production investments worldwide and demand for high-specification drilling rigs. Singapore's marine and offshore sector is expected to benefit from investments by Asian companies in deepwater exploration, drilling and production. Last year, Douglas Westwood forecast that, from 2011 to 2016, Asian companies will invest $28.8 billion in these activities, more than double the $11.6 billion spent in the previous five-year period of 2007 to 2011.
Singapore is also home to a number of companies that provide marine-related services such as classification services, maritime and insurance services, as well as offshore support services. The EDB reports that Singapore is the largest manufacturer of jackups and commands 70 percent of the world market. Singapore also holds 70 percent of the global market for the conversion of floating production storage and offloading units and a 20-percent share of the world's ship repair business.
City Highlights
Singapore's establishment as a British port in the early nineteenth century drew immigrants from across Asia. Home to nearly 5 million people, Singapore's culture reflects the diversity of its population, a blend of mainly Chinese, Indian, Eurasian and Malay cultures, languages, cuisine, arts, customs, architecture and festivals. Singapore's population today also includes a large number of expatriates from North America, Australia, Europe, China and India.
Residents and visitors of Singapore will find no shortage of things do in this cosmopolitan city-state. This roster of things to do includes museums such as the Peranakan Museum that showcases Singapore's history and culture. The city also offers abundant and diverse dining options and high-end shopping, as well as the chance to see Singapore's past through strolls in its historical sections such as Chinatown, Kampong Glam, Little India and its colonial district. Visitors can also take a spin on the 541-foot (165-meter) high Ferris wheel known as the Singapore Flyer or a view of the Merlion statue, the iconic mythical lion-fish creature that represents Singapore.
They also can tour the city-state's many historical landmarks dating back to early migrants to Singapore, memorials commemorating heroes of World War II such as the Changi Chapel and Museum, nature trails that include the Bukit Timah Nature Reserve and gardens such as the Singapore Botanical Gardens.
Author: Karen Boman
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