Page 41 - ASPRI2223 eDirectory

DIRECTORY OF SINGAPORE PROCESS & CHEMICALS INDUSTRIES 2022/2023
In terms of transaction value, the upstream sector topped the list with transaction value of US$120 billion. It also recorded the highest growth of 48% compared to 2020.
“This growth in deal making was largely driven by the shale and subsea themes,” said Ravindra Puranik, Oil & Gas Analyst at GlobalData. “The US shale plays, particularly the Permian Basin, remained the most attractive target for oil and gas M&As in 2021. The oil and gas assets in the North Sea also witnessed several deals in the last year.”
chemical sector
Efforts are being taken to reduce carbon emissions to limit the adverse effects of climate change, possibly the single biggest threat to humanity, as it is amplifying extreme weather, including heatwaves, droughts and floods in many parts of the world. With its high carbon footprint, the Energy and Chemical (E&C) industry is key to the global drive to decarbonise. According to the Energy Studies Institute, the chemical industry is the third largest source of direct carbon dioxide emissions from industry worldwide and contributes to about 6% of
global greenhouse gas emission, a leading cause of global warming.
As part of the Singapore Green Plan 2030, the government aims to transform Jurong Island, home to more than 100 leading E&C companies, into a sustainable E&C park that operates sustainably and exports sustainable products globally.
The EDB has set aspirational targets for the E&C sector – to increase its output of sustainable products by four times from 2019 levels and achieve more than six million tonnes of carbon abatement per year from low-carbon solutions, all by 2050. To reach these long- term goals, the board has established several milestones, namely to increase the output of sustainable products by 1.5 times from 2019 levels, ensure that the refineries and crackers in Singapore are in the top quartile of the world in terms of energy efficiency, and realise at least two million tonnes of carbon capture potential, all by 2030.
“The global energy transition presents an opportunity for companies on Jurong Island to transform and innovate as they navigate towards a low carbon future. We look forward to working with the Energy and Chemicals industry to develop sustainable solutions for Singapore and beyond.” said EDB chairman Dr Beh Swan Gin.
To support the industry in its efforts to transform Jurong Island and achieve the targets the government is putting in place several infrastructure and support measures. High on the list is a joint study by the Agency for Science, Technology and Research, EDB and JTC Corporation on the potential of a carbon capture and utilisation (CCU) test-bedding facility on Jurong Island.
According to GlobalData, Aker BP, ConocoPhillips, Pioneer Natural Resources, Cabot Oil & Gas and Santos Ltd, were among the top companies in deal-making across the upstream oil and gas sector while Brookfield Infrastructure, Energy Transfer, Qatar Investment Authority, Stonepeak Partners and Altus Midstream were among the key dealmakers across other sectors.
Decarbonising
Singapore’s energy and
All regions except China, the Middle East and Africa reported an increase in deal value in 2021.
In terms of value, the largest deal involved Aker BP’s proposed US$13.9 billion acquisition of North Sea operator Lundin Energy. Announced in December 2021, it was concluded on 20 June 2022. The merged company is the second largest operating company on the Norwegian continental shelf. Its substantial resource base provides a sound foundation for future growth.
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