if have first class honors can go for Oil and Gas ....

Bro, I doubt anybody could give you a clear answer on the effect of the Fair Consideration Framework. There could be many factors at play during an application. One thing I can tell you tho is NUS and NTU chem engg grad will almost always have a higher chance of getting into high tier company. I think it is a good idea to apply for ALL the chem engg related position instead of a specific industry. Try sending out 50 to 80 resumes if you haven't already. Check out any upcoming career fairs and find people who might be able to give you internal referral. For the industry you mentioned, Abbott, Novartis, MSD, Alcon, GSK, Baxter are some companies I can think of right now (you are probably more knowledgeable on this than me). I would advise AGAINST starting as a technician regardless of how good the company is, as a degree holder. There could be as big as 1k in terms of the basic pay difference and that will seriously affect your subsequent leverage to nego for higher pay. Most HR don't care about how much OT allowance you have in your previous job.

Just my 2 cents. You are in a far better situation then I was last year as it is still March. I graduated from UK uni with the same degree and result like yours. However, I only started to find work in the later half of the year. It was hell. Most of the chem engg related jobs were gone. In the end I jumped industry and funny enough, i met quite a few fellow chem engg graduate who did the same thing.

As for the workpass, the salary is not the only criteria and 3.3k is only a guideline. Your qualification, position, industry and the company foreigner quota will also determine if you get E or S pass. From what i have seen, engineering position will generally get E Pass without problems.

Good luck and stay positive during the job hunting!