Last Updated: October 31, 2017
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Nine Alumni from the 2013 Edition of Young ADIPEC Will Return for 2017 to Share Their Experiences with Today’s High School Students

 

Over 1,500 High School Students Have Participated in the Young ADIPEC Programme Since Its Inception in 2013

 

Young ADIPEC Alumni Studying for University Degrees in Geoscience and Engineering 

 

Abu Dhabi, UAE – 28 September 2017 – Nine young Emiratis, who took part in the very first Young ADIPEC Programme of the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC), will be returning to this year’s event to encourage others to follow in their footsteps as they launch their careers.

The students, who were all part of the first edition of Young ADIPEC in 2013, will attend the 2017 edition as part of a new Young ADIPEC Alumni initiative. They will speak at the Young ADIPEC Forum – a series of TED-style talks designed to engage and inspire young people to pursue energy-related careers – with panellists sharing the experiences that influenced their educational choices, as well as their hopes for the future.

Each of the students credits Young ADIPEC with helping them make a positive choice at a time when they were unsure about which path to take in life.

“In 2013, before participating in the Young ADIPEC programme, I had no idea what engineering was,” said Alreem Alhammadi, who is now a chemical engineering student at the Petroleum Institute. “I never thought I would end up where I am today, so I am truly thankful to this programme. It directed me towards this path which I certainly like and enjoy.”

More than 1,500 school students from across the UAE have passed through the programme since its launch four years ago, and many have chosen a career in the petroleum sector after attending the event. Notably, two-thirds of them are girls, a positive sign for an industry in which women are significantly underrepresented worldwide.

Young ADIPEC features a comprehensive programme of field trips, talks and game-based activities, to help participants discover the range of career paths available to them in the oil and gas industry. Participants are UAE nationals aged 14 to 17, and the programme is built around the concept of ‘edutainment’ and encouraging students to ‘learn by doing’.

Of the nine university students giving ADIPEC Alumni talks, six are studying at the Petroleum Institute in Abu Dhabi, pursuing degrees in geoscience, mechanical, chemical and petroleum engineering. Another is taking mechanical engineering at Khalifa University of Science and Technology. The remaining participants are studying chemical engineering in North America: one in the United States at Northeastern University in Boston, and the other at Canada’s University of Ottawa.

“I was late choosing my degree major when Young ADIPEC 2013 gave me the opportunity to go on a field trip to Schlumberger,” said Saeed Khoury, who is studying chemical engineering at Northeastern University. “I was enlightened about the future requirements in UAE, and the focused vision toward engineering and technologies. The Young ADIPEC Programme directed me to my future career. Now, I am doing my best to learn some skills and gain knowledge which I can use to serve my country.”

Returning for its fifth edition in 2017, Young ADIPEC is built on close collaboration between educators and business leaders. Support from the industry has been critical to its success, with oil and gas companies demonstrating the range of opportunities available to young Emiratis.

“Young ADIPEC is a valuable opportunity for oil and gas firms to engage talented recruits – today,” said Ali Khalifa Al Shamsi, CEO of Al Yasat Petroleum Operations Company and ADIPEC 2017 Chairman.

“Feedback from past participants proves the scheme is an effective motivational tool, with many saying the scheme opened their eyes as to the breadth and diversity of careers within the sector. For firms that recruit recent graduates or offer internships, the programme is very worthwhile.”

International companies taking part in Young ADIPEC include ExxonMobil and Shell; oilfield services companies Schlumberger, Weatherford International, and Ali & Sons Oilfield Supplies and Services; and plastics producer Borouge.

Abu Dhabi-based companies include oil refiners Abu Dhabi Oil Refining Company (Takreer); engineering firm Almansoori; and exploration, development and production specialist Abu Dhabi Company for Onshore Petroleum Operations Ltd., (ADCO). The public sector is also represented by the UAE Ministry of Energy, and Mubadala Petroleum, the exploration and production subsidiary of government-owned global investment firm Mubadala Investment Company.

Young ADIPEC takes place annually under the patronage of His Excellency Sheikh Nahyan Bin Mubarak Al Nahyan, Minister of Culture and Knowledge Development, with support from the Department of Education and Knowledge – previously Abu Dhabi Education Council (ADEC).

Held under the patronage of His Highness Sheikh Khalifa Bin Zayed Al Nahyan, President of the UAE, hosted by the Abu Dhabi National Oil Company (ADNOC), and organised by the Global Energy division of dmg events, ADIPEC is one of the world’s leading oil and gas events, and the largest in Africa and the Middle East.

ADIPEC will be held at Abu Dhabi National Exhibition Centre from 13 to 16 November 2017.


– ENDS –


To learn more about The Young ADIPEC Photography Competition, email [email protected]


About ADIPEC

Held under the patronage of the President of the United Arab Emirates, His Highness Sheikh Khalifa Bin Zayed Al Nahyan, and organised by the Global Energy division of dmg events, ADIPEC is the global meeting point for oil and gas professionals. Standing as one of the world’s top energy events, and the largest in the Middle East and North Africa, ADIPEC is a knowledge-sharing platform that enables industry experts to exchange ideas and information that shape the future of the energy sector. The 19th edition of ADIPEC 2016 took place from 7-10 November at the Abu Dhabi National Exhibition Centre (ADNEC). ADIPEC 2016 was supported by the UAE Ministry of Energy, Masdar, the Abu Dhabi National Oil Company (ADNOC), the Abu Dhabi Chamber, and the Abu Dhabi Tourism & Culture Authority (TCA Abu Dhabi). dmg Global Energy is committed to helping the growing international energy community bridge gaps by bringing oil and gas professionals face to face with new technologies and business opportunities.


For media enquiries, please contact:

Nour Soliman

Senior Marketing Manager, DMG Events Global Energy

Twofour54, Park Rotana Offices, 6th Floor

PO Box 769256, Abu Dhabi, UAE

T: +971 (0)2 6970 515


Wallis 

[email protected]

T: +971 4 275 4100

Mark Robinson (English):  +971 (0)55 127 9764

Feras Hamzah (Arabic):     +971 (0)50 798 4784


For more info: http://www.adipec.com/

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High Oil Prices and Indonesia’s Ban on Oil Palm Exports

Supply chains are currently in crisis. They have been for a long time now, ever since the start of the Covid-19 pandemic reshaped the way the world works. Stressed shipping networks and operational blockages – coupled with China’s insistence on a Covid-zero policy – means that cargo tanker rates are at an all-time high and that there just aren’t enough of them. McDonalds and KFCs in Asia are running out of French fries to sell, not because there aren’t enough potatoes in Idaho, but because there aren’t enough ships to deliver them to Japan or to Singapore from Los Angeles. The war in Ukraine has placed a particular emphasis on food supply chains by disrupting global wheat and sunflower oil supply chains and kicking off distressingly high levels of food price inflation across North Africa, the Middle East and Asia. It was against this backdrop that Indonesia announced a complete ban on palm oil exports. That nuclear option shocked the markets, set off a potential new supply chain crisis and has particular implications on future of crude oil pricing and biofuels in Asia.  

A brief recap. Like most of Asia, Indonesia has been grappling with food price inflation as consequence of Covid-19. Like most of Asia, Indonesia has been attempting to control this through a combination of shielding its most vulnerable citizens through continued subsidies while attempting to optimise supply chains. Like most of Asia, Indonesia hasn’t been to control the market at all, because uncoordinated attempts across a wide spectrum of countries to achieve a similar level of individual protectionism is self-defeating.

Cooking oil is a major product of sensitive importance in Indonesia, and one that it is self-sufficient in as a result of its status as the world’s largest palm oil producer. So large is Indonesia in that regard that its excess palm oil production has been directed to increasingly higher biodiesel mandates, with a B40 mandate – diesel containing 40% of palm material – originally schedule for full implementation this year. But as palm oil prices started rising to all-time highs at the beginning of January, cooking oil started becoming scarcer in Indonesia. The government blamed hoarding and – wary of the Ramadan period and domestic unrest – implemented a Domestic Market Obligation on palm oil refineries, directing them to devote 20% of projected exports for domestic use. Increasingly stricter terms for the DMO continued over February and March, only for an abrupt U-turn in mid-March that removed the DMO completely. But as the war in Ukraine drove prices even further, Indonesia shocked the market by announcing an total ban on palm oil exports in late April. Chaotically, the ban was first clarified to be palm olein only (straight refining cooking oil), but then flip-flopped into a total ban of crude palm oil as well. Markets went haywire, prices jumped to historical highs and Indonesia’s trading partners reacted with alarm.

Joko Widodo has said that the ban will be indefinite until domestic cooking oil prices ‘moderate’. With the global situation as it is, ‘moderate’ is unlikely to be achieved until the end of 2022 at least, if ‘moderate’ is taken to be the previous level of palm oil prices – roughly half of current pricing. Logistically, Indonesia cannot hold out on the ban for more than two months. Only a third of Indonesia’s monthly palm oil production is consumed domestically; the rest is exported. An indefinite ban means that not only fill storage tanks up beyond capacity and estates forced to let fruit rot, but Indonesia will be missing out on crucial revenue from its crude palm oil export tax. Which is used to fund its biodiesel subsidies.

And that’s where the implications on oil come in. Indonesia’s ham-fisted attempt at protectionism has dire implications on biofuels policies in Asia. Palm oil prices within Indonesia might sink as long as surplus volumes can’t make it beyond the borders, but international palm oil prices will remain high as consuming countries pivot to producers like Malaysia, Thailand, Papua New Guinea, West Africa and Latin America. That in turn, threatens the biodiesel mandates in Thailand and Malaysia. The Thai government has already expressed concern over palm-led food price inflation and associated pressure on its (subsidised) biodiesel programme, launching efforts to mitigate the worst effects. Malaysia – which has a more direct approach to subsidised fuels – is also feeling the pinch. Thailand’s move to B10 and Malaysia’s move to B20 is now in jeopardy; in fact, Thailand has regressed its national mandate from B7 to B5. And the reason is that the differential between the bio- and the diesel portion of the biodiesel is now so disparate that subsidy regimes break down. It would be far cheaper – for the government, the tax-payers and consumers – to use straight diesel instead of biodiesel, as evidenced by Thailand’s reversal in mandates.

That, in turn, has implications on crude pricing. While OPEC+ is stubbornly sticking to its gentle approach to managing global crude supply, the stunning rebound in Asian demand has already kept the consumption side tight to match that supply. Crude prices above US$100/b are a recipe for demand destruction, and Asian economies have been preparing for this by looking at alternatives; biofuels for example. In the past four years, Indonesia has converted some of its oil refineries into biodiesel plants; in China, stricter crude import quotas are paving the way for China to clamp down on its status of a fuels exporter in favour of self-sustainability. But what happens when crude prices are high, but the prices of alternatives are higher? That is the case for palm oil now, where the gasoil-palm spread is now triple the previous average.

Part of this situation is due to market dynamics. Part of it is due to geopolitical effects. But part of it is also due to Indonesia’s knee-jerk reaction. Supply disruption at the level of a blanket ban is always seismic and kicks off a chain of unintended consequences; see the OPEC oil shocks of the 70s. Indonesia’s palm oil export ban is almost at that level. ‘Indefinite’ is a vague term and offers no consolation to markets looking for direction. Damage will be done, even if the ban lasts a month. But the longer it lasts – Indonesian general elections are due in February 2024 – the more serious the consequences could be. And the more the oil and refining industry in Asia will have to think about their preconceived notions of the future of oil in the region.

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Market Outlook:

  • Crude price trading range: Brent – US$110-1113/b, WTI – US$105-110/b
  • As the war in Ukraine becomes increasingly entrenched, the pressure on global crude prices as Russian energy exports remain curtailed; OPEC+ is offering little hope to consumers of displaced Russian crude, with no indication that it is ready to drastically increase supply beyond its current gentle approach
  • In the US, the so-called NOPEC bill is moving ahead, paving the way for the US to sue the OPEC+ group under antitrust rules for market manipulation, setting up a tense next few months as international geopolitics and trade relations are re-evaluated

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