S’pore opens Brazil embassy amid oil deals

Singaporean firms have won significant oil drillship contracts in Brazil

Singapore has chosen to establish its first embassy in Latin America in Brasilia, the capital of Brazil. The new diplomatic focus comes weeks after Singaporean ship building companies Keppel Corp and Sembcorp Marine won $9 billion worth of drillship contracts from oil exploration firms in Brazil.

The oil-rich seas off of Brazil have proven to be a blessing in recent weeks with a new discovery in mid-August.

The Santos Basin’s rich resources will continue providing work for both Singaporean countries, analysts predict. Industry insiders have also forecast that over the next decade Brazilian oil fields could supports as many as 38 more production platforms worth $20 billion.

However, a weak supply chain and lack of a pool of skilled human capital could stymie this growth.

Keppel Corp won a $4.1 billion contract in August for five additional semi-submersible drilling rigs, as well as a $950 million contract for floating production storage and offloading vessels, reported Channel News Asia.

Relations between the two nations began maturing in 2011, when Singapore signed a free trade agreement with Brazil at the G20 summit.

Earlier this May, Singapore’s minister of trade and minister of transport visited Brazil, now one of Singapore’s top trading partners in Latin America, with trade worth $3.3 billion in 2011.

 



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[caption id="attachment_4415" align="alignleft" width="240"] Singaporean firms have won significant oil drillship contracts in Brazil[/caption] Singapore has chosen to establish its first embassy in Latin America in Brasilia, the capital of Brazil. The new diplomatic focus comes weeks after Singaporean ship building companies Keppel Corp and Sembcorp Marine won $9 billion worth of drillship contracts from oil exploration firms in Brazil. The oil-rich seas off of Brazil have proven to be a blessing in recent weeks with a new discovery in mid-August. The Santos Basin’s rich resources will continue providing work for both Singaporean countries, analysts predict. Industry insiders have also...

Singaporean firms have won significant oil drillship contracts in Brazil

Singapore has chosen to establish its first embassy in Latin America in Brasilia, the capital of Brazil. The new diplomatic focus comes weeks after Singaporean ship building companies Keppel Corp and Sembcorp Marine won $9 billion worth of drillship contracts from oil exploration firms in Brazil.

The oil-rich seas off of Brazil have proven to be a blessing in recent weeks with a new discovery in mid-August.

The Santos Basin’s rich resources will continue providing work for both Singaporean countries, analysts predict. Industry insiders have also forecast that over the next decade Brazilian oil fields could supports as many as 38 more production platforms worth $20 billion.

However, a weak supply chain and lack of a pool of skilled human capital could stymie this growth.

Keppel Corp won a $4.1 billion contract in August for five additional semi-submersible drilling rigs, as well as a $950 million contract for floating production storage and offloading vessels, reported Channel News Asia.

Relations between the two nations began maturing in 2011, when Singapore signed a free trade agreement with Brazil at the G20 summit.

Earlier this May, Singapore’s minister of trade and minister of transport visited Brazil, now one of Singapore’s top trading partners in Latin America, with trade worth $3.3 billion in 2011.

 



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

 

 

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