Oil & Gas Companies in Singapore: Investable Stocks Guide

By
Syfe Singapore
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For many Singapore investors, oil & gas companies in Singapore can feel like a black box. You hear about big refineries on Jurong Island and global trading houses setting up here, but you may only see a handful of energy-related counters on SGX. Most of the top petroleum companies operating here are either listed overseas or privately held, which makes it harder to see what you can realistically invest in.

This guide narrows that gap. It looks specifically at oil & gas companies in Singapore that you can actually buy shares in—from upstream explorers and coal producers to lubricant makers and offshore service providers—then extends out to major global oil and gas stocks available through US and Hong Kong markets. Along the way, you’ll get a practical framework to analyse these businesses, understand their risks, and decide how (and whether) they should fit into a Singapore-focused investment portfolio.

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Table of Content

Singapore’s Oil & Gas Market vs. Investable Universe

A Major Physical Hub with Limited Local Listings

Singapore is one of the world’s top three oil trading and refining hubs, with the country’s three main refineries having a combined crude oil refining capacity of roughly 1.3–1.5 million barrels per day. These refineries sit within a broader ecosystem of storage terminals, LNG infrastructure and petrochemical complexes primarily clustered around Jurong Island.

However, most of the high-profile oil & gas companies in Singapore that run refineries or trading businesses—such as the local arms of ExxonMobil and others—are subsidiaries of foreign-listed parents rather than standalone listings on the Singapore Exchange.

In other words, Singapore is huge in the global oil trade, but the number of energy stocks you can actually buy on SGX is relatively small.

A Smaller Set of Tradable Stocks

Because of this, retail investors who want direct equity exposure to the sector tend to focus on a compact SGX oil & gas companies list, commonly including:

  • Geo Energy Resources (RE4) – Indonesian coal producer
  • Mermaid Maritime (DU4) – subsea and offshore services
  • Rex International (5WH) – upstream exploration & production
  • RH Petrogas (T13) – independent upstream oil & gas
  • AP Oil International (5AU) – lubricants & specialty chemicals

To build exposure beyond these Singapore oil and gas stocks, investors typically turn to top petroleum companies listed overseas, especially in the US and Hong Kong.

How Singapore Investors Can Buy Oil & Gas Stocks

Two Main Routes

Route 1: SGX-listed energy and related companies

  • Traded in SGD under Singapore regulation.
  • Operationally straightforward for local investors.
  • However, the universe is small and many counters are small- or mid-cap, with higher volatility and thinner liquidity compared with global majors.

Route 2: Global oil & gas majors via US and Hong Kong

  • Access to some of the largest oil and gas companies by market capitalisation globally, such as ExxonMobil, Chevron, Shell, BP, TotalEnergies, PetroChina, CNOOC and Sinopec.
  • These top petroleum companies tend to have integrated operations, stronger balance sheets and more diversified earnings than small-cap SGX names.
  • Requires a multi-market broker, and some comfort investing in overseas markets.

Broker Access & Key Considerations

To buy US or Hong Kong–listed oil & gas companies as a Singapore-based investor, you will typically:

  • Open a brokerage account that supports US (NYSE/Nasdaq) and HKEX.
  • Fund in SGD, then convert to USD or HKD within the platform.

With Syfe Brokerage, it’s even simpler: Syfe’s auto-FX functionality converts your SGD to USD or HKD at order time to complete the trade — no extra manual conversion step required.

Key things to be aware of:

  • Withholding tax applies on dividends from some markets (for example, 30% standard on US dividends before treaty effects).
  • You take on both stock risk and currency risk.

Role in a Singaporean Portfolio

Because of their cyclical nature, oil & gas companies in Singapore and overseas are usually better treated as a tactical or thematic allocation, rather than the foundation of a long-term portfolio.

They can:

  • Benefit from periods of tight supply or geopolitical disruption,
  • Provide attractive dividends, especially among global majors in strong commodity cycles,
  • Add diversification versus tech- or consumer-heavy equity portfolios.

But they are also exposed to:

  • Significant commodity price swings,
  • Changing regulations and climate policies, and
  • Longer-term energy transition pressures.

Below are key SGX counters that most directly relate to the energy sector. Note that these are not recommendations, always do your own due diligence before investing.

Rex International (SGX: 5WH) – Upstream Exploration & Production

Business overview

Rex International Holding is an oil exploration and production company listed on SGX’s mainboard. The group has interests in exploration and production licences in Oman, Norway, Germany and Benin, and holds operatorship for several of these assets.

Investment angle

  • Offers direct leverage to crude oil prices through upstream production.
  • Additional upside if exploration success adds new reserves or extends field life.
  • Technology-driven story (Rex Virtual Drilling) differentiates its exploration approach.

What to evaluate

  • Production volumes and lifting costs per barrel in key fields.
  • Reserve replacement and exploration track record.
  • Balance sheet strength and how new drilling is financed (cash flow vs. equity dilution).

RH Petrogas (SGX: T13) – Independent Upstream Oil & Gas

Business overview

RH Petrogas Limited is an independent upstream oil and gas company headquartered in Singapore and listed on SGX’s mainboard. It is the operator of two producing upstream assets in Indonesia, held under production-sharing contracts (PSC).

Investment angle

  • A pure upstream play similar in spirit to Rex, but concentrated in Indonesian fields.
  • Share price can be highly sensitive to oil prices, reserve updates and PSC developments.

What to evaluate

  • Remaining reserves and decline rates in existing fields.
  • PSC terms and country risk (Indonesia).
  • Historical capital discipline and track record around shareholder dilution.

Geo Energy Resources (SGX: RE4) – Coal Producer Linked to Energy Demand

Business overview

Geo Energy Resources Limited is a major Indonesian coal producer, listed on SGX’s Mainboard since 2012 (stock code: RE4). It has production operations primarily in Kalimantan and Sumatra, and operates through three segments: Coal Mining, Coal Trading and Mining Services.

Investment angle

  • Not an oil & gas company technically, but often grouped with energy commodities stocks in Singapore and discussed alongside Singapore oil and gas stocks.
  • High sensitivity to thermal coal prices and regional policy trends on coal-fired power.

What to evaluate

  • Cash cost per tonne, reserves and life of mine.
  • ESG pressures on coal that may affect access to capital and valuation.
  • Exposure to Indonesian regulatory changes affecting mining and exports.

AP Oil International (SGX: 5AU) – Lubricants & Specialty Chemicals

Business overview

AP Oil International, originally Huan Chew Oil Trading, is a lubricants and specialty chemicals manufacturer. It operates three lubricant blending plants—two in Singapore and one joint-venture plant in Vietnam—producing automotive, industrial and marine lubricants under brands such as AP Oil and SIN-O.

Specialty chemicals are produced by wholly-owned subsidiaries in Singapore, complementing the core lubricants operations.

Investment angle

  • Revenue is driven more by volume growth and industrial activity than by short-term crude price movements.
  • Potentially more stable gross margins than upstream producers, but still influenced by base oil and additive costs.

What to evaluate

  • Margin trends as input costs and selling prices move.
  • Capacity utilisation and geographic diversification (Singapore, Vietnam, regional exports).
  • Dividend policy and overall balance sheet strength.

Mermaid Maritime (SGX: DU4) – Subsea & Offshore Services

Business overview

Mermaid Maritime Public Company Limited is a leading international subsea and offshore services company, listed on SGX. It focuses on inspection, repair and maintenance (IRM), transportation and installation (T&I), remotely operated vehicle (ROV) support and cable-laying services for offshore oil and gas projects.

The company has operational bases in Southeast Asia, the Middle East, Africa and the UK, serving oil & gas majors and their contractors.

Investment angle

  • A “services and infrastructure” play rather than a direct commodity producer.
  • Earnings are driven by utilisation of subsea vessels and demand for offshore work, which usually lags the broader oil price cycle.

What to evaluate

  • Vessel and asset utilisation rates, day rates and contract backlog.
  • Debt levels and ability to withstand downturns in offshore activity.
  • Customer concentration and regional exposure.

Global Oil & Gas Majors Available to Singapore Investors

Because the SGX energy universe is limited, many investors look to global oil and gas blue chip stocks to gain diversified exposure to top petroleum companies.

Industry rankings of the largest oil and gas companies by market cap consistently feature ExxonMobil, Chevron, Shell, PetroChina, CNOOC and Sinopec, among others. This section focuses on those accessible via common US and Hong Kong trading routes used by Singapore investors.

US-Accessible Integrated Majors (via NYSE / US ADRs)

These companies can typically be accessed through US markets (either as primary listings or via ADRs):

  • ExxonMobil (XOM) – Large integrated oil and gas company with upstream, refining, chemicals and emerging low-carbon businesses.
  • Chevron (CVX) – Global integrated operations with a strong upstream and refining footprint, recognised as one of the biggest US oil majors.
  • ConocoPhillips (COP) – Primarily an upstream exploration and production company, increasingly grouped with “Big Oil” due to its market value and shale exposure.
  • Shell (SHEL) – UK-based integrated major; its shares are accessible via US-traded ADS as well as European venues.
  • BP (BP) – UK-based integrated energy company with a global refining and marketing network.
  • TotalEnergies (TTE) – French major with a strategy spanning oil, gas, LNG and lower-carbon energy.

These top petroleum companies often position themselves as core income holdings, using strong free cash flow in favourable cycles to fund dividends and share buybacks.

Hong Kong–Listed Chinese Oil & Gas Giants

For investors comfortable with China risk, HKEX offers access to large, state-linked oil & gas companies in Asia:

  • PetroChina (0857.HK) – Integrated oil & gas company involved in exploration, production, refining and marketing, and regularly ranked among the world’s largest energy companies by market cap.
  • CNOOC (0883.HK) – China’s main offshore-focused upstream producer, with record output and low production costs in recent years.
  • Sinopec (0386.HK) – Dominant Chinese refiner and marketer of petroleum products and petrochemicals.

These names provide leverage to Asian energy demand, but also carry policy and governance risks specific to China.

How to Research Oil & Gas Companies: An Investor Checklist

Before allocating capital to any oil & gas companies in Singapore or overseas, it helps to use a simple framework.

Position in the Value Chain

Start by identifying where the company sits:

  • Upstream – exploration and production (e.g., Rex, RH Petrogas, ConocoPhillips, CNOOC).
  • Coal and other energy commodities – e.g., Geo Energy Resources.
  • Downstream / refining / lubricants – AP Oil, integrated majors and refiners such as Sinopec.
  • Services & infrastructure – Mermaid Maritime and other subsea contractors.

Rule of thumb:

  • Upstream and coal typically offer higher torque to commodity prices but higher risk.
  • Downstream and lubricants can provide more margin-based, volume-driven returns.
  • Services depend on project and maintenance cycles rather than spot prices alone.

Resource Base and Production Economics

For producers (oil, gas or coal), focus on:

  • Reserves and reserve life – how many years of production at current rates; for example, CNOOC reports around 10 years of reserve life at current production.
  • Unit operating costs – lifting costs per barrel or per tonne of coal.
  • Production trends – whether output is growing, flat or declining.

For refiners and lubricant manufacturers:

  • Track gross margins between feedstock (crude/base oils) and finished products.
  • Note refining margin cycles; for instance, regional reports show that margins can remain resilient even when exports dip, if crude falls faster than product prices.

Balance Sheet, Dividends and Capital Discipline

Because energy is capital-intensive:

  • Check net debt levels and interest coverage—highly leveraged producers are vulnerable when prices fall.
  • Review capex plans; heavy spending at the top of the cycle can destroy shareholder value if prices normalise.
  • Look at dividend and buyback history, particularly for global top petroleum companies that market themselves as income and total-return names.

For smaller SGX energy stocks, repeated equity raisings or heavily dilutive deals are warning signs.

ESG and Energy Transition Readiness

Global and regional policies increasingly push for:

  • Lower carbon intensity,
  • Growth in LNG and gas as transition fuels, and
  • Development of low-carbon fuels and renewables.

Singapore itself is aiming to stay relevant as an energy hub by expanding LNG, petrochemicals and greener initiatives.

Questions to ask:

  • How is the company adapting to decarbonisation trends?
  • Are there credible plans in LNG, carbon capture or lower-carbon energy, or is it mainly legacy fossil assets?
  • Could ESG constraints limit access to financing or dampen investor appetite?

Key Risks and Portfolio Considerations

Commodity Price Volatility

Oil, gas and coal prices are volatile due to:

  • Geopolitical events,
  • OPEC+ or other supply decisions,
  • Global demand swings.

This volatility directly affects:

  • Revenue and earnings for upstream producers and coal miners, and
  • Margins for refineries and chemicals producers.

Local examples such as Rex International, RH Petrogas and Geo Energy have shown sharp share-price moves in response to commodity swings and sector sentiment.

Regulatory, Country and ESG Risks

Many oil & gas companies in Singapore operate assets overseas:

  • Rex in Oman, Norway, Germany and Benin,
  • RH Petrogas and Geo Energy in Indonesia.

Risks include:

  • Changes in fiscal regimes, mining laws or PSC terms,
  • Environmental regulations that raise costs or restrict operations,
  • ESG-driven shifts in global capital that may favour lower-carbon assets.

Liquidity and Small-Cap Exposure on SGX

Several SGX energy stocks are small-cap names with thinner trading liquidity. This can lead to:

  • Wider bid–ask spreads,
  • Larger price impact when entering or exiting positions,
  • More pronounced swings around company news.

Practically, that means these counters are usually better as smaller “satellite” positions rather than major portfolio anchors.

Portfolio Fit and Sizing

From a Singapore investor’s point of view:

  • Treat energy exposure as a tactical or thematic slice, not the entire portfolio.
  • Consider a mix of SGX energy stocks (for local and higher-beta exposure) and global integrated majors (for scale, diversification and dividend potential).
  • Size positions conservatively relative to your risk tolerance and investment horizon.

Quick Takeaways

  • Singapore is a major oil refining and trading hub with about 1.3–1.5 million barrels per day of refining capacity, but only a small subset of energy-related companies is listed on SGX.
  • Core SGX energy names include Rex International, RH Petrogas, Geo Energy Resources, AP Oil International and Mermaid Maritime, spanning upstream, coal, lubricants and offshore services.
  • For scale and diversification, investors commonly turn to global oil & gas majors listed on US and HK exchanges, such as ExxonMobil, Chevron, Shell, BP, TotalEnergies, PetroChina, CNOOC and Sinopec.
  • A structured checklist—value-chain position, resource base, margins, balance sheet and transition readiness—helps compare different energy sector stocks.
  • Oil & gas exposure is best treated as a tactical or thematic allocation, given volatility, country and ESG risks, and the small-cap nature of many SGX energy stocks.

Conclusion

Singapore plays a major role in the global oil and gas value chain, with refining capacity of about 1.3–1.5 million barrels per day and strong supporting infrastructure. But for investors, the tradable universe is more limited. On SGX, your options include upstream players like Rex International and RH Petrogas, energy-linked names like Geo Energy, and downstream or services stocks such as AP Oil and Mermaid Maritime. To gain scale and diversification, you’ll likely need to look at global majors such as ExxonMobil, Chevron, Shell, BP, TotalEnergies, PetroChina, CNOOC and Sinopec via US and Hong Kong markets.

Used selectively, these stocks can add diversification, inflation resilience and income potential to a portfolio. That said, they come with commodity, regulatory and ESG risks, so it’s best to treat oil & gas exposure as a targeted allocation within a broader investment strategy.

Ready to invest in oil & gas? Explore your options with Syfe today

  • Pick individual stocks across markets
    • You can build your own oil & gas portfolio by selecting stocks listed on SGX, US, or HKEX—whether it’s local names like Rex International and AP Oil, or global majors like ExxonMobil, Shell, and PetroChina. 
    • With Syfe Brokerage, you can access all three markets in one platform, fund in SGD, auto-convert to foreign currencies when needed, and take full control of your investment decisions. What’s more, enjoy odd-lot trading for SGX-listed stocks, unlimited free US trades for the first three months, as well as low commission fee from 0.04% – 0.06% for HKEX. No platform or hidden fees.
  • Invest through energy-focused ETFs
    • Prefer a more diversified approach without choosing individual companies? Consider energy-themed ETFs such as the Energy Select Sector SPDR Fund (XLE), which tracks leading US oil & gas giants. These ETFs give you broad exposure to the sector while spreading risk across multiple companies, making them a convenient way to tap into global energy trends.
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Frequently Asked Questions (FAQs)

1. What are the main oil & gas–related stocks listed on SGX?
Commonly referenced energy-related SGX names include Rex International (5WH) and RH Petrogas (T13) in upstream oil & gas; Geo Energy Resources (RE4) in coal; AP Oil International (5AU) in lubricants; and Mermaid Maritime (DU4) in subsea services.

2. Are there any large integrated oil & gas majors listed directly in Singapore?
No. The large integrated top petroleum companies with operations in Singapore—such as ExxonMobil, Shell and Chevron—are listed overseas. Investors typically access them via US exchanges (or ADRs and other international listings), not on SGX.

3. How can I buy ExxonMobil or Shell shares as a Singapore-based investor?
You can use any broker that offers US market access. Fund your account in SGD, convert to USD, and purchase ExxonMobil (XOM), Shell (SHEL) and other global oil and gas stocks on US exchanges, subject to the broker’s fees, and any applicable withholding tax on dividends.

4. Are SGX energy stocks suitable for long-term, conservative investors?
SGX energy stocks are often small-cap and more volatile, with earnings heavily influenced by commodity prices and project outcomes. They may suit investors who understand cyclical sectors and can tolerate drawdowns, but they are not typically positioned as “steady core” holdings for conservative, income-focused portfolios.

5. What are the biggest risks in investing in oil & gas companies?
Key risks include:

  • Commodity price volatility, which can swing earnings sharply.
  • Regulatory and country risk in host nations (e.g., changes in mining or petroleum laws).
  • ESG and climate policy pressures, which can affect financing costs, project approvals and investor sentiment.
  • For smaller SGX names, liquidity risk, wider spreads and higher volatility.

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