Boston, MA -- (SBWire) -- 08/07/2013 --Petrochemicals and refining remain the lifeblood of Singapore, with strong regional demand growth meaning there is potential for capacity expansion - although investment in countries such as China and Vietnam has led to increasingly fierce competition. Growing gas demand means liquefied natural gas imports are needed to augment pipeline volumes from Indonesia and Malaysia.
The main trends and developments we highlight in the Singaporean Oil & Gas sector are:
- Singapore's first liquefied natural gas (LNG) import terminal, expected to be ready in Q213, will be expanded to ensure it can meet all of the island-state's gas demand, raising the possibility that existing pipeline gas supply contracts with Malaysia and Indonesia may not be renewed. Chee Hong Tat, the chief executive of Singapore's Energy Market Authority (EMA), told an industry conference on March 5 2012 that the government would 'ensure sufficient capacity to import LNG to meet all of [Singapore's] gas demand'.
- The terminal, which will cost approximately SGD1.7bn (US$1.39bn), will have an initial capacity of 3.5mn tonnes per annum (tpa) - equivalent to 4.8bn cubic metres (bcm) of gas. The government announced in October 2012 that it would expand capacity to 9mn tpa with the addition of a SGD500mn fourth gas storage tank, likely to be complete by 2017.
- In January 2013, Second Minister for Trade and Industry S Iswaran stated at an industry conference that the LNG import terminal's first two tanks remain on schedule to open in Q213, with the facility's third tank scheduled to open before the end of the year. The facility's fourth storage tank remains on target to be completed within the previously stated 2016-2017 timeframe.
- Interest in the new terminal had nearly outstripped supply as of April 2013, at which point Singaporean power supply firms as well as other industries had committed to at least 2.7mn tpa. BG Group owns the franchise rights to supply the first 3.0mn tpa; a level which, given current demand trends, may be breached within the next few quarters.
- Singapore imports all of its natural gas, which is mainly used for power generation and petrochemical production, exclusively via pipelines. In 2012, Singapore consumed an estimated 9.3bcm of gas - a rise of almost 522.1% since 2000. Gas use is rising rapidly, as the government promotes policies aimed at reducing carbon dioxide and sulphur emissions, ensuring energy security, and promoting the country as a regional hub for an integrated gas pipeline network. Our forecast is for gas consumption to reach at least 13.3bcm in 2017, rising further to 19.1bcm by 2022.
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Singapore Oil & Gas Report Q3 2013 - New Market Research Report
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