(L-R) Paul Wan, Managing Director, UBM Singapore; with Dr Tan Wu Meng, Senior Parliamentary Secretary, Ministry of Foreign Affairs & Ministry of Trade and Industry; and Ian Roberts, Regional Executive Director, ASEAN Business, UBM Asia at the Opening Ceremony of OSEA2018.
SINGAPORE: Key strategies for new near-term growth opportunities are being spotlighted this week at OSEA2018 – Asia’s largest oil and gas industry event. Held over three days at Marina Bay Sands, Singapore, OSEA highlights the growing demand for gas and its outlook in Asia as well as the importance for businesses in the sector to embrace digitalisation and adopt new innovations, to drive business performance and move the oil and gas industry forward in this digital age.
Asia’s Gas Outlook
The Thought Leaders Panel at the OSEA2018 Conference, comprising LNG leaders from BP, Pavilion Energy and Norgas as well as energy consultants Wood Mackenzie will discuss the LNG market in Asia, and the outlook on key growth areas and challenges in commercialisation, distribution and financing.
“South East Asia will be the single largest regional growth market for LNG over the next 10 years and as such will continue to be a focus area for the global industry. One of the key themes for 2019 is the new wave of investment in global LNG supply which is imminent, with new projects chasing the growing market opportunity from 2022-2023 looking to take FID next year. These will offer new offtake and partnership opportunities for South East Asian buyers and NOCs,” said Chris Graham, VP – Energy Consulting, Wood Mackenzie, and moderator of the Thought Leaders Panel.
“While new LNG construction projects offer great opportunities for the engineering and service sector across South East Asia, reaching commercial close on new infrastructure will also require support from financiers and lenders, legal firms and eventually shipbuilders,” he added.
Taking a step forward to invest in downstream facilities and solutions for the growing LNG ecosystem, Singapore-based turnkey service provider and EPC company SSB Cryogenic Services (SSB) and Global Petro Storage (GPS) Singapore, a global investment firm specialising in asset management in the energy industry, inked a Collaboration Agreement valuing US$50 million to build and bring small-scale LNG supply chain solutions to South East Asia.
Commenting on the deal signed at OSEA2018, Eric Arnold, CEO of GPS said, “GPS believes that gas is the fuel of the future and thus is focused on developing optimal onshore and offshore infrastructure needed to allow suppliers to access the respective demand centres.”
“From LNG liquefaction, bunkering, intermediate storage and break-bulking solutions, to project financing support and investment of LNG-related opportunities, the execution in the LNG last mile solutions will provide a platform to enhance our capabilities and value propositions,” said Peh Lam Hoh, MD, SSB Cryogenic Services.
Embracing Innovation and Digital Strategies
With emerging technologies driving change in the operating landscapes of almost every sector, the digitalisation journey of the oil and gas industry to achieve increased productivity, better safety, and overall enhanced financial and operational performance also features strongly at OSEA2018.
Speaking at the OSEA2018 Conference on how oil and gas companies can achieve digital transformation with Alibaba Cloud’s AI and Big Data platform, Yang Kan, Regional Manager of Data Intelligence Business, Alibaba Cloud said, “We are committed to leveraging our knowledge and experience to build a strong ecosystem for our partners in the oil and gas industry to help them create more effective business models for the digital era.”
The conference will also feature a session by Sanjay Bakshi, Head of Digital Transformation & Ventures, Shell, on building a digital strategy for maximum ROI and how technologies and innovations in IoT, automation and AI can be leveraged to achieve cost and operational efficiencies for sustainable business. In addition, a panel discussion on cyber safety in oil and gas discussing practical and actionable considerations to safeguard critical IT and OT assets, and a masterclass on building a roadmap for the digital oilfield will follow.
On the showfloor, ST Engineering is showcasing innovative solutions that drive Smart Autonomous Vessels, Cybersecurity, Scrubber Retrofit, and LNG-powered vessels that could help operators meet stricter IMO regulations. Solutions for its Autonomous Underwater Vehicle (AUV), the NEPTUNE AUV, will also be showcased. The AUV is used to conduct a myriad of subsea operations such as seabed mapping, underwater pipeline and cable inspections, debris field inspections as well as search and salvage.
“It’s exciting for us to witness how solutions designed and developed by ST Engineering have created endless possibilities and led the way forward for the industry. The impetus for all of these innovations has stemmed from a fundamental need to optimise resources and improve overall safety, reliability and cost for ship owners and operators. We are proud to be an industry-transforming force,” said Chew Men Leong, Chief Marketing Officer, ST Engineering and Deputy President & President (Defence Business), Marine.
In addition, a virtual reality welding competition in collaboration with AllAlloy and Lincoln Electric demonstrates how using smart immersive technology for hands-on training can facilitate and speed up competency in welding, to help fill skills gaps in the industry. Also, additive manufacturing and design optimisation for Marine and Offshore applications will be demonstrated by Nanyang Polytechnic at their booth.
Summing up OSEA2018, Paul Wan, MD, of organiser UBM Singapore commented, “OSEA2018 comes at a time where the oil and gas landscape in Asia is changing, with a greater focus on LNG and a wave of digital disruptions transforming industry. It is trusted hallmark where industry professionals gather to network and share their insights on latest market trends, opportunities and challenges. Over the next three days, the industry as a whole will discuss, debate, share and learn from one another. I trust OSEA is a place for everyone to network and trade, to grow their businesses.”