SINGAPORE’s hard-fought status as one of the world’s top energy and chemicals (E&C) hubs could be in for a shakedown, as multinationals adjust their ambitions in traditional fuels and work on an energy transition.

Experts say that journey could take at least two decades, however, and oil and gas will play an important role in the global energy mix through 2050.

“The traditional energy sources – such as oil and gas or hydrocarbons – are not going away any time soon,” said Sanjeev Gupta, EY’s Asia-Pacific oil & gas leader.