SPEECH BY MR LIM HNG KIANG MINISTER FOR TRADE & INDUSTRY AT THE OPENING CEREMONY OF HALLIBURTON’S MANUFACTURING AND TECHNOLOGY CENTRE ON THURSDAY 30 OCTOBER 2008, 11.10 AM AT 315 JALAN AHMAD
Mr. David Lesar, Chairman, President and CEO of Halliburton,
Distinguished Guests,
Ladies and Gentlemen,
Introduction
Good morning. I am very glad to be here today for the Grand Opening Ceremony of the new Halliburton Manufacturing and Technology Centre.
Good morning. I am very glad to be here today for the Grand Opening Ceremony of the new Halliburton Manufacturing and Technology Centre.
Singapore warmly welcomes the establishment of this state-of-the art facility by a global leader like Halliburton. It underlines Singapore’s position as a leading location for the oil and gas industry. At the same time, it also demonstrates the breadth and depth of our manufacturing and engineering capabilities.
Singapore is a major oil & gas equipment and services hub for the region
Oil and Gas exploration and production activities have undergone a remarkable period of growth in the last few years. Indeed, the Oil & Gas Equipment and Services industry in Singapore grew at a compounded annual rate of 17% for the past five years. Just last year, it registered a record manufacturing output of S$2.5 billion, an increase of 23% from 2006.
Like most sectors, the oil and gas equipment industry has also been affected by the current economic turmoil. Oil prices have shown great volatility, having gone down by more than half, after hitting a high of US$147 per barrel just barely three months ago. With the softening of the global economy, the industry faces some uncertainty in the short term. However, the long term outlook of the industry remains positive, with sustained demand for energy from both the major and emerging economies.
Singapore’s central geographical location and unparalleled connectivity to the world have already made it an important hub for the oil and gas industry. We may not have our own oil or gas fields, but Singapore is able to leverage its strong manpower capabilities, comprehensive supplier base and extended supply chain networks, to support this sector strongly by exporting world-class equipment and services to the fields around the world.
Singapore continues to strengthen its key competitiveness advantages
We believe that Singapore’s reputation for good governance, strong regulatory and legal framework as well as stable pro-business policies will continue to make Singapore an attractive and competitive location for investments. We also continue to invest in the infrastructure and manpower needed for long-term growth, in particular to support knowledge and innovation.
This new Halliburton Manufacturing and Technology Centre marks a significant milestone for our industry. It is Singapore’s first foray into the manufacture of oil and gas tools made up of both high-performance mechanical as well as electronic systems, which are able to withstand extremely harsh conditions underground. The Centre will be Halliburton’s first such facility outside of the United States that is able to manufacture these sophisticated tools, and will employ up to 400 highly-trained personnel in science, engineering, finance, logistics and procurement.
We recognize that as we attract such complex engineering and manufacturing projects from the oil and gas industry, the availability of research capabilities and a technology-driven workforce will be
These efforts are paying off. At the universities and polytechnics, Oil and Gas industry-related courses are attracting strong interest. For example the Offshore Oil and Gas Technology course at NUS is one of the most popular specializations in Mechanical Engineering.
Conclusion
We are indeed very privileged to have Halliburton establish this advanced manufacturing facility in Singapore, coupled with a world-class technology Centre. We thank you for your trust and confidence in Singapore’s capabilities and will give you our full support to ensure the success of this facility.
Congratulations to the management and staff of Halliburton on achieving this milestone, and I look forward to a rewarding long-term partnership between Halliburton and Singapore.
Oil and Gas exploration and production activities have undergone a remarkable period of growth in the last few years. Indeed, the Oil & Gas Equipment and Services industry in Singapore grew at a compounded annual rate of 17% for the past five years. Just last year, it registered a record manufacturing output of S$2.5 billion, an increase of 23% from 2006.
Like most sectors, the oil and gas equipment industry has also been affected by the current economic turmoil. Oil prices have shown great volatility, having gone down by more than half, after hitting a high of US$147 per barrel just barely three months ago. With the softening of the global economy, the industry faces some uncertainty in the short term. However, the long term outlook of the industry remains positive, with sustained demand for energy from both the major and emerging economies.
Singapore’s central geographical location and unparalleled connectivity to the world have already made it an important hub for the oil and gas industry. We may not have our own oil or gas fields, but Singapore is able to leverage its strong manpower capabilities, comprehensive supplier base and extended supply chain networks, to support this sector strongly by exporting world-class equipment and services to the fields around the world.
Singapore continues to strengthen its key competitiveness advantages
We believe that Singapore’s reputation for good governance, strong regulatory and legal framework as well as stable pro-business policies will continue to make Singapore an attractive and competitive location for investments. We also continue to invest in the infrastructure and manpower needed for long-term growth, in particular to support knowledge and innovation.
This new Halliburton Manufacturing and Technology Centre marks a significant milestone for our industry. It is Singapore’s first foray into the manufacture of oil and gas tools made up of both high-performance mechanical as well as electronic systems, which are able to withstand extremely harsh conditions underground. The Centre will be Halliburton’s first such facility outside of the United States that is able to manufacture these sophisticated tools, and will employ up to 400 highly-trained personnel in science, engineering, finance, logistics and procurement.
We recognize that as we attract such complex engineering and manufacturing projects from the oil and gas industry, the availability of research capabilities and a technology-driven workforce will be
These efforts are paying off. At the universities and polytechnics, Oil and Gas industry-related courses are attracting strong interest. For example the Offshore Oil and Gas Technology course at NUS is one of the most popular specializations in Mechanical Engineering.
Conclusion
We are indeed very privileged to have Halliburton establish this advanced manufacturing facility in Singapore, coupled with a world-class technology Centre. We thank you for your trust and confidence in Singapore’s capabilities and will give you our full support to ensure the success of this facility.
Congratulations to the management and staff of Halliburton on achieving this milestone, and I look forward to a rewarding long-term partnership between Halliburton and Singapore.