[Borneo Bulletin, reporting by Hakim Hayat on July 11, 2017]
POLITEKNIK Brunei marked another milestone when it forged its first international partnership with Singaporean oil and gas industry training provider PetroEDGE to provide internship, career and networking opportunities for Politeknik Brunei’s students and lecturers.
The Memorandum of Understanding (MoU) was signed between Politeknik Brunei and Singapore’s Asia Edge Pte Ltd, the holding company of PetroEDGE and also NrgEdge Pte Ltd, a professional networking platform for the energy industry, at a ceremony held at Politektnik Brunei in Jalan Ong Sum Ping in the capital yesterday.
The guest of honour was Pehin Orang Kaya Indera Pahlawan Dato Seri Setia Awang Haji Suyoi bin Haji Osman, the Minister of Education.
The MoU was aimed at establishing a formal collaboration and cooperation for training opportunities and access to the online platform created by Asia Edge Pte Ltd and NrgEdge Pte Ltd for the mutual benefit in training students. The collaboration hopes to provide worldwide internship opportunities for Politeknik Brunei students to apply and also to encourage career and growth opportunities outside Brunei.
This collaboration will allow Politeknik Brunei students and lecturers to network with various worldwide recognised industries in seeking jobs as well as participating in online forums and discussions, looking into digital technical learning through the company’s dedicated learning platform at www.nrgedge.net/learning.
Politeknik Brunei Director, Denis Ho Mun Tai in his speech said the realisation of the collaboration reflects their commitment towards continuously improving the relevancy and effectiveness of the teaching and learning provided to the students.
“The blended platform provided by PetroEDGE and NrgEdge blends well with the innovative teaching and learning process desired by Politeknik Brunei which is aimed at promoting the continuous use of technology in teaching and learning via eLearning and Virtual Reality platforms,” he added.
Pehin Orang Kaya Indera Pahlawan Dato Seri Setia Awang Haji Suyoi bin Haji Osman, the Minister of Education (C) witnessing the signing of the MoU between Politeknik Brunei represented by its Director, Denis Ho Mun Tai and Anas Asalem, Growth and Partnership Specialist of NrgEdge Pte Ltd, Singapore. –
In further establishing this collaboration and cooperation, two students from Politeknik Brunei’s Diploma in Petroleum Engineering programme were elected as NrgEdge student ambassadors and they will act as point of contacts between students and NrgEdge.
Asia Edge Pte Ltd envisions blended learning by having both traditional and digital learning onboard and currently has about 50,000 user activity in its network, which is available on mobile applications and through its dedicated website.
NrgEdge in a press release expressed hope that with their presence in Politeknik Brunei, students can explore the energy world beyond this region as NrgEdge cares about their network, career and journey through the path of the energy industry.
NrgEdge added that the ambassador aims to encourage students to volunteer and learn networking skills while being a student. Their role will be as a campus influencer for NrgEdge and also channelling information about the energy industry to their friends. With the fluctuating phenomenon of the industry, NrgEdge Ambassador Programme promotes soft skills development where student will benefit from their onsite volunteering opportunities at NrgEdge booth, networking events, speaking engagements session and also premium career coaching for their future undertakings with their internal talent advisor faculty.
Signing on behalf of Politeknik Brunei was its Director while Asia Edge Pte Ltd and NrgEdge Pte Ltd, Singapore was represented by its Director, Malina Raman. Witnessing the signing were Alias bin Haji Abu Bakar, Acting Assistant Director of Politeknik Brunei and Anas Asalem, Growth and Partnership Specialist of NrgEdge Pte Ltd, Singapore.
Also present during the signing ceremony was Pengiran Dato Paduka Haji Bahrom bin Pengiran Haji Bahar, Deputy Minister of Education as well as other senior officials from the Ministry of Education.
[This article was first published on Borneo Bulletin on July 11, 2017]
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Headline crude prices for the week beginning 11 February 2019 – Brent: US$61/b; WTI: US$52/b
Headlines of the week
Midstream & Downstream
Global liquid fuels
Electricity, coal, renewables, and emissions
2018 was a year that started with crude prices at US$62/b and ended at US$46/b. In between those two points, prices had gently risen up to peak of US$80/b as the oil world worried about the impact of new American sanctions on Iran in September before crashing down in the last two months on a rising tide of American production. What did that mean for the financial health of the industry over the last quarter and last year?
Nothing negative, it appears. With the last of the financial results from supermajors released, the world’s largest oil firms reported strong profits for Q418 and blockbuster profits for the full year 2018. Despite the blip in prices, the efforts of the supermajors – along with the rest of the industry – to keep costs in check after being burnt by the 2015 crash has paid off.
ExxonMobil, for example, may have missed analyst expectations for 4Q18 revenue at US$71.9 billion, but reported a better-than-expected net profit of US$6 billion. The latter was down 28% y-o-y, but the Q417 figure included a one-off benefit related to then-implemented US tax reform. Full year net profit was even better – up 5.7% to US$20.8 billion as upstream production rose to 4.01 mmboe/d – allowing ExxonMobil to come close to reclaiming its title of the world’s most profitable oil company.
But for now, that title is still held by Shell, which managed to eclipse ExxonMobil with full year net profits of US$21.4 billion. That’s the best annual results for the Anglo-Dutch firm since 2014; product of the deep and painful cost-cutting measures implemented after. Shell’s gamble in purchasing the BG Group for US$53 billion – which sparked a spat of asset sales to pare down debt – has paid off, with contributions from LNG trading named as a strong contributor to financial performance. Shell’s upstream output for 2018 came in at 3.78 mmb/d and the company is also looking to follow in the footsteps of ExxonMobil, Chevron and BP in the Permian, where it admits its footprint is currently ‘a bit small’.
Shell’s fellow British firm BP also reported its highest profits since 2014, doubling its net profits for the full year 2018 on a 65% jump in 4Q18 profits. It completes a long recovery for the firm, which has struggled since the Deepwater Horizon disaster in 2010, allowing it to focus on the future – specifically US shale through the recent US$10.5 billion purchase of BHP’s Permian assets. Chevron, too, is focusing on onshore shale, as surging Permian output drove full year net profit up by 60.8% and 4Q18 net profit up by 19.9%. Chevron is also increasingly focusing on vertical integration again – to capture the full value of surging Texas crude by expanding its refining facilities in Texas, just as ExxonMobil is doing in Beaumont. French major Total’s figures may have been less impressive in percentage terms – but that it is coming from a higher 2017 base, when it outperformed its bigger supermajor cousins.
So, despite the year ending with crude prices in the doldrums, 2018 seems to be proof of Big Oil’s ability to better weather price downturns after years of discipline. Some of the control is loosening – major upstream investments have either been sanctioned or planned since 2018 – but there is still enough restraint left over to keep the oil industry in the black when trends turn sour.
Supermajor Net Profits for 4Q18 and 2018
- 4Q18 – Net profit US$6 billion (-28%);
- 2018 – Net profit US$20.8 (+5.7%)
- 4Q18 – Net profit US$5.69 billion (+32.3%);
- 2018 – Net profit US$21.4 billion (+36%)
- 4Q18 – Net profit US$3.73 billion (+19.9%);
- 2018 – Net profit US$14.8 billion (+60.8%)
- 4Q18 – Net profit US$3.48 billion (+65%);
- 2018 - Net profit US$12.7 billion (+105%)
- 4Q18 – Net profit US$3.88 billion (+16%);
- 2018 - Net profit US$13.6 billion (+28%)