One of the largest oilfield service providers in the world, Halliburton, officially opened a new centre in Jurong Industrial Park on Monday.
Deputy Prime Minister Teo Chee Hean, who was the guest of honour at the event, said that opening of this centre was yet another step another step towards cementing Singapore's position as the leading hub in Asia for oil and gas equipment manufacturing and innovation.
The new facility for the American company will create around 800 jobs by year-end with positions as managers, engineers and skilled production craftsmen opening up. Mr Teo noted that Singapore's oil and gas industry has grown rapidly over the last five years with a compound annual growth rate of 10 per cent and currently employs over 8,500 persons in Singapore.
Currently, 80 per cent of careers offered by the industry are skilled, and the remuneration per worker is $62,000, 37 per cent higher than the manufacturing average of $45,000 in 2011.
Over the next three decades, global energy demand is expected to increase by about 30 per cent, said Mr Teo, "driven by the rapid growth of emerging markets in Asia".
"Despite having no oil and gas resources, Singapore has become a leading hub in Asia for oil and gas equipment manufacturing and innovation," said Mr Teo. "To stay ahead of these changes, Singapore must continue to invest in research and development in this sector."