Kuala Lumpur, 20 July - A memorandum of Understanding (MOU) signing ceremony was held today between Universiti Teknologi PETRONAS (UTP) and PetroEdge Pte. Ltd. (AsiaEdge Pte. Ltd.) and NrgEdge Pte. Ltd. for the development of student digital learning and career progress in the energy industry. The event was held at UTP’s Centre for Advanced and Professional Education (CAPE), Kuala Lumpur.
This international MOU marks UTP as being one of the earliest adopters to such strategic partnership in this region.
The collaboration between UTP and PetroEdge, a specialist in oil and gas training provider entity of AsiaEdge Pte. Ltd., and NrgEdge Pte. Ltd., a professional networking platform for the energy industry, will be in effect for three years. It aims to establish a formal collaboration between the companies in providing training and networking opportunities specifically within the oil and gas, energy industry.
This will allow UTP students and lecturers to network with various worldwide recognised organisations in seeking internships and jobs, participate in online forums and discussions, as well as immerse themselves in digital technical learning such as webinars and virtual reality modules through the company’s dedicated learning platform at www.nrgedge.net/learning.
The MOU was signed by Datuk Ir (Dr) Abdul Rahim Hashim, Vice Chancellor of UTP and Malina Raman, Director of AsiaEdge Pte. Ltd. and NrgEdge Pte. Ltd., Singapore. The signing was witnessed by Associate Professor Dr Fawnizu Azmadi Hussin, Director of Strategic Alliances Office, UTP and Mohammad Khalid, Chief Technology Officer, NrgEdge Pte. Ltd.
About Universiti Teknologi PETRONAS
Universiti Teknologi PETRONAS (UTP) was established in 1997 and has grown to be one of the most prominent private universities in Malaysia. This year marks the 20th anniversary of the university. UTP offers a wide range of industry-relevant engineering, science and technology programmes at undergraduate and postgraduate levels and aims to produce well-rounded graduates with excellent leadership qualities and communication abilities. UTP has produced more than 14,000 graduates and currently has an enrollment of over 1,200 foundation, 6,000 undergraduates and 1,200 postgraduates from more than 66 countries around the world. The university conducts extensive research activities in collaboration with PETRONAS and other institutions and industries locally and abroad focusing on nine niche areas. They are Enhanced Oil Recovery, Carbon Dioxide Management, Deepwater Technology, Nanotechnology, Green Technology, Biomedical Technology, Hybrid Energy Systems, Intelligent Cities and Sustainable Resources. UTP is the first and only private university to be awarded a six-star rating (the highest performance level) by Ministry of Higher Education Malaysia for its research, development and commercialisation efforts. For more information, visit www.utp.edu.my.
About AsiaEdge and NrgEdge
AsiaEdge Pte. Ltd. is the holding company of PetroEdge. PetroEdge is the training entity in the AsiaEdge group for the oil and gas industry. NrgEdge is a professional networking platform dedicated to the energy industry. NrgEdge has about 15,000 members and growing daily. It is available on iOS and Android applications besides its dedicated website www.nrgedge.net.
PetroEdge and NrgEdge collaboration with UTP
PetroEdge and NrgEdge hope that their collaboration with UTP will allow students to better themselves through various learning and networking opportunities and explore the energy industry beyond this region. As part of this objective, NrgEdge will select two students from UTP to be NrgEdge Ambassadors.
The NrgEdge Ambassador programme aims to encourage students to volunteer and learn networking skills while they are still pursuing their education. The NrgEdge Ambassador will play the role as a campus influencer, channelling information about the energy industry and career development opportunities to their cohort. The Ambassador programme will help students enhance their soft skills development from on-site volunteering opportunities at networking events and speaking engagements sessions. The Ambassadors will also be able to access premium career coaching with our internal talent advisory faculty for their future undertakings.
PetroEdge Pte. Ltd. (AsiaEdge Pte. Ltd.)
& NrgEdge Pte. Ltd.
+65 6741 9927
University Teknologi PETRONAS
+6 05 368 8000
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This winter, natural gas prices have been at their lowest levels in decades. On Monday, February 10, the near-month natural gas futures price at the New York Mercantile Exchange (NYMEX) closed at $1.77 per million British thermal units (MMBtu). This price was the lowest February closing price for the near-month contract since at least 2001, in real terms, and the lowest near-month futures price in any month since March 8, 2016, according to Bloomberg, L.P. and FRED data.
In addition, according to Natural Gas Intelligence data, the daily spot price at the Henry Hub national benchmark was $1.81/MMBtu on February 10, 2020, the lowest price in real terms since March 9, 2016. Henry Hub spot prices have ranged between $1.81/MMBtu and $2.84/MMBtu this winter heating season (since November 1, 2019), generally because relatively warm winter weather has reduced demand for natural gas for heating. Natural gas production growth has outpaced demand growth, reducing the need to withdraw natural gas from underground storage.
Dry natural gas production in January 2020 averaged about 95.0 billion cubic feet per day (Bcf/d), according to IHS Markit data. IHS Markit also estimates that in January 2020 the United States saw the third-highest monthly U.S. natural gas production on record, down slightly from the previous two months.
IHS Markit estimates that U.S. natural gas consumption by residential, commercial, industrial, and electric power sectors averaged 96 Bcf/d for January, which was about 4.4 Bcf/d less than the average for January 2019, largely because of decreases in residential and commercial consumption as a result of warmer temperatures.
However, IHS Markit estimates that overall consumption of natural gas (including feed gas to liquefied natural gas (LNG) export facilities, pipeline fuel losses, and net exports by pipeline to Mexico) averaged about 117.5 Bcf/d in January 2020, an increase of about 0.2 Bcf/d from last year. This overall increase is largely a result of an almost doubling of LNG feed gas to about 8.5 Bcf/d.
Because supply growth has outpaced demand growth, less natural gas has been withdrawn from storage withdrawals this winter. Despite starting the 2019–20 heating season with the third-lowest level of natural gas inventory since 2009, by January 17, 2020, working natural gas inventories reached relatively high levels for mid-winter. The U.S. Energy Information Administration’s (EIA) data on natural gas inventories for the Lower 48 states as of February 7, 2020, reflect a 215 Bcf surplus to the five-year average. In EIA’s latest short-term forecast, more natural gas remains in storage levels than the previous five-year average through the remainder of the winter.
According to the National Oceanic and Atmospheric Administration (NOAA), January 2020 was the fifth-warmest in its 126-year climate record. Heating degree days (HDDs), a temperature-based metric for heating demand, have been relatively low this winter, which is consistent with a warmer winter. During some weeks in late December and early January, the United States saw 25% to 30% fewer HDDs than the 30-year average. This winter, through February 8, residential natural gas customers in the United States have seen 11% fewer HDDs than the 30-year average.
Source: U.S. Energy Information Administration, based on National Oceanic and Atmospheric Administration Climate Prediction Center data
Headline crude prices for the week beginning 10 February 2020 – Brent: US$53/b; WTI: US$49/b
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