“We’re seeing a healthy inflow of oil and gas into Singapore, which allows us to sustain our needs without dipping into our reserves,” confirmed Gan, who is in the Ministry of Trade and Industry team responsible for Singapore’s energy resilience.
Still, the system depends on continued global flows, which is where the risks lie. “We’re watching … how other countries are responding,” she said. “Perhaps some countries, out of their own self-interest, might start curbing exports of oil and gas.”
To mitigate the risk, Singapore has been working on bilateral agreements to secure essential supplies. Last week, Singapore and New Zealand signed the world’s first legally binding pact to keep critical goods, including fuel, flowing even during crises.
For now, the problem is not the supply flow but the prices, Gan noted. “We aren’t endowed with our own natural gas or fuel or oil, so we have to import every drop.
“It means that we’re also subject to global prices.”