Trends, cost and challenges of maritime, oil and offshore technology

Abstract

Maritime, oil and offshore industry has been essential driver in the advancement of technologies in the 21st century; from fuelling all sorts of vehicles, transporting ores, goods and heavy machines to places, to ensuring the safety of many nations. Being a nation without any natural resources, Singapore itself is undeniably sustaining itself for years partly from the Maritime (ports, shipyards), oil (refineries) and offshore (building offshore structures, conversions, seismic vessels) industry, thanks to its geographically strategic location. In early 2013, the “One Belt One Road (OBOR) initiative was started by China’s President Xi Jinping. The initiative is divided into two parts, firstly the New Silk Road which is overland route running through Central Asia to Europe and secondly the Maritime Silk Road plan which will connect the ports of Africa, South Asia and Southeast Asia. The goal of this initiative is to promote economic cooperation amongst countries along the “Belt” and “Road” routes. Targeted for completion in 2049, undoubtedly the future of the Singapore’s Maritime, Oil and Offshore industry will be impacted by this ambitious initiative in good and bad ways. This project study the history of Maritime, Oil and Offshore industry to first gain the relevant knowledge, subsequently will focus further into the industry in Singapore and then the OBOR initiative. Furthermore, as expected to shape the future trends of the industry, this project also will look into trends, cost and challenges in Singapore’s Maritime, Oil and Offshore industry due to the OBOR initiative in further years