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Last Updated: July 24, 2017
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Press Release
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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.

CONTACTS:
PetroEdge Pte. Ltd. (AsiaEdge Pte. Ltd.)  
& NrgEdge Pte. Ltd.  
                                       
Eileen Tan                                                        
[email protected]                                      
+65 6741 9927

University Teknologi PETRONAS

Suhaila Sharaini
[email protected]
+6 05 368 8000

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November, 15 2018
Your Weekly Update: 12 - 16 November 2018

Market Watch

Headline crude prices for the week beginning 12 November 2018 – Brent: US$71/b; WTI: US$60/b

  • Crude prices continue their retreat from recent highs, as a bear market engulfed sentiment last week over fears of oversupply from frantic OPEC+ pumping offsetting the loss of Iranian crude volumes, which itself was mitigated by the US handing out waivers to eight key crude importers
  • After stating that OPEC was in a ‘pump as much as you can’ mode, the quick fall in prices has caused alarm across the cartel, with Saudi Arabia reversing gear to curb its exports by 500,000 b/d in December to shore up prices
  • With the OPEC meeting in Vienna imminent, it is possible that a new output cut agreement could be reached within OPEC+, to counter an oversupply situation stemming from declining demand, as well as surging US shale production – which will rise to a record 7.94 mmb/d across seven major shale basins in December, according to the EIA
  • However, beyond Saudi Arabia, there is not much appetite within the OPEC+ alliance to reduce output, with Iraq happy with its record production and Russia dismissing the oversupply situation as a ‘seasonal glitch’
  • Saudi Arabia’s plan to cut its oil production was criticised by US President Donald Trump, stung by losses in midterm elections that Trump chalks up to, in part, high fuel prices
  • News that Saudi Arabia was researching the topic of breaking up OPEC rattled the markets, but the Kingdom moved to quash rumours as Aramco raised the pricing for its medium and heavy crudes sold to Asia
  • Despite this, trends have turned bearish for crude prices over this week, propelled by large jumps in US crude output and worries over a global economic slowdown, particularly in China; Brent and WTI fell by over US$4/b on Tuesday alone, falling below the US$70/b and US$60/b levels again
  • After several weeks of caution, US drillers added 14 new rigs this week – up by 12 oil rigs and 2 gas rigs to 1,081 in total – with the most gains once again coming from the prolific Permian Basin
  • Crude price outlook: After the large drop on Tuesday, crude prices appear to have stabilised somewhat around the US$65-66/b level for Brent and the US$55-56/b level for WTI


Headlines of the week

Upstream

  • Another setback for TransCanada’s beleaguered Keystone XL pipeline, as a judge in Montana halted the project over two lawsuits filed asserting that its environmental impact assessment required further review
  • Phillips 66 and Bridger Pipeline are launching two new crude pipelines connecting Rockies and Bakken oil to the Texas Gulf Coast; the Liberty Pipeline will carry 350 kb/d from Bakken/Rockies to Corpus Christi, while the 400 kb/d Red Oak Pipeline connects Corpus Christi to Houston
  • Magellan Midstream Partners is looking to build a new pipeline connecting Cushing to Houston, with the 250 kb/d Voyager pipeline targeted at end-2020
  • The Kurdistan Regional Government in Iraq has increased capacity of its oil pipeline from Kirkuk to Ceyhan, Turkey, from 700,000 b/d to 1 mmb/d
  • After previously fleeing from Canadian oil sands, ExxonMobil is investing again, with its Imperial Oil unit earmarking some US$2 billion for the new Aspen project in northern Alberta
  • Senrica Energy continues its buying spree in the North Sea, acquiring Marubeni Oil & Gas’ 3.75% and 8.33% interest in the Bruce and Keith fields
  • ADNOC is implementing a comprehensive hydrocarbons strategy that will increase its crude output capacity to 4 mmb/d by 2020 and 5 mmb/d by 2030
  • Croatia has launched the country’s second onshore licensing round, offering seven blocks in the prolific Pannonian basin
  • Eni and Lukoil have signed a farm-out deal, transferring participating interests in three shallow-water offshore Mexican licenses, including Area 10, 12 and 14
  • Buoyed by recent gas successes, Israel has announced its second offshore licensing round, offering up 19 blocks in its southern waters
  • Senegal is overhauling its own code, with plans to raise royalties and have the state take a bigger stake in projects after a string of major discoveries
  • CNOOC is kickstarting a development drive aimed at eking out additional volumes from several marginal fields in Bohai Bay and the South China Sea

Downstream

  • Nigeria’s ambitious overhaul of its state-owned refineries has been pushed back to end-2019 over slow progress in NNPC’s attempt to seek joint financing
  • NNPC is looking to sign crude-for-product swap deals with Shell and ExxonMobil, after signing one with BP, to acquire crude for its refineries
  • France is pushing ahead with its attempt to introduce a new fuel tax, despite a series of major blockades and protests planned to oppose the measure

Natural Gas/LNG

  • Total and Sempra Energy have signed a new MoU on LNG cooperation, covering the Cameron LNG in Louisiana, USA and Energía Costa Azul in Baja California, Mexico, with Total potentially taking up to 9 mtpa of LNG for its global portfolio from both projects
  • Cuadrilla has had first shale gas flow at its exploration well in the UK’s Preston New Road site, sparking optimism for the commercialisation of Bowland Shale
  • Croatia has picked Golar Power to deliver an FSRU for a planned floating LNG terminal in the northern Adriatic Sea
  • Tellurian confirms that construction on its Driftwood LNG terminal Louisiana will begin in 2H2019, which operations planned to begin in 2023
  • Japan’s Toshiba Corp is exiting the US LNG business, selling off its assets to China’s ENN Ecological Holdings for over US$800 million
November, 15 2018