Singapore can lead the change in rewriting the hydrocarbon narrative

FEW would dispute Singapore's leading role in the Asian and global oil and gas (O&G) industry. Of course, that is a good thing - but it also means that the country's O&G sector, like the industry itself globally, must contend with shifting fundamentals and an increasingly hostile narrative.

Heightened concerns about the environment and the negative impact of carbon dioxide (CO2) emissions have hit the hydrocarbon sector hard, causing instability and threatening the future of many O&G producers. With the shadow of emission targets looming large, renewable energy and electric vehicle (EV) investments are tackling our dependence on hydrocarbon-based fuels.

National and international oil companies (NOCs and IOCs) are struggling to stem the tide of negativity. To have a future, they must create a new understanding of the industry. Singapore can be a critical component in refocusing this story.