Singapore: Australia’s Toll Group opened its redeveloped S$300m Offshore Petroleum Facility this afternoon in Singapore, describing it as “an effective interface between air, land and sea for companies in the marine, offshore, oil and gas industry”.
On hand was S Iswaran, Minister in Prime Minister's Office and Second Minister for Home Affairs and Trade and Industry, who noted: “This S$300m investment has upgraded Loyang Offshore Supply Base into a world-class facility which supports offshore oil and gas exploration and production.
“Global spending on deepwater is expected to double from over US$100bn in the last five years to over US$200bn in the next five years. Asia is expected to lead the growth in the number of deepwater wells drilled with a growth rate of 20%. This means companies will need an efficient base in Asia to undertake activities such as repair and maintenance of specialised offshore equipment, as well as re-supply and mobilisation of offshore vessels.” [17/05/13]
