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BANDAR SERI BEGAWAN – Brunei plans to ramp up manufacturing within the upstream and downstream oil and gasoline sectors after discovering 42 million barrels of oil at an undisclosed location final yr.
Vitality Minister YB Dato Hj Mat Suny Hj Md Hussein Wednesday mentioned a number of exploration wells have been deliberate for drilling this yr, whereas just a few oil blocks will likely be provided to new operators in Brunei.
Saying the vitality ministry’s proposed 2022/23 price range on the Legislative Council, he mentioned the federal government is aiming to provide 300 kilobarrels of oil equal a day in its upstream sector this yr.
Brunei’s hydrocarbon sector has been hit onerous by the COVID-19 pandemic, reporting its lowest crude oil output within the third quarter of 2021.
With the sultanate remains to be reliant on oil and gasoline to generate income, the sector’s poor efficiency in 2021 precipitated an financial recession.
Nonetheless, the oil and gasoline sector is anticipated to get well this yr, with Brent crude oil costs surging to a seven-year excessive at over $100 a barrel on Tuesday.
The vitality ministry can also be seeking to enhance downstream manufacturing to 14.6 million tonnes in FY 2022/23. The downstreamsector, spurred by the Hengyi Petrochemical plant, recorded an output of 14.35 million tonnes in 2021, price an estimated $10.7 billion in exports.
YB Dato Hj Mat Suny mentioned the ministry will proceed to help efforts in guaranteeing the nation’s financial system will change into extra resilient by way of the expansion of its downstream vitality sector.
“It’s hoped that this can place the nation as a number one downstream vitality trade hub for markets within the Asia-Pacific area sooner or later,” he mentioned.
He added that the ministry continued to prioritise improvement of downstream initiatives to diversify the financial system within the present fiscal yr, together with the export of urea merchandise from Brunei Fertilizer Industries in early February.
The in-country worth for the oil and gasoline sector accounted for 60 % of whole expenditure, equal to $ 1.79 billion.
Brunei begins transition to low-carbon vitality
As Brunei’s vitality sector is basically hydrocarbon-based, the minister mentioned the nation has begun to prioritise the transition to low-carbon vitality and vitality effectivity.
The ministry will implement new vitality effectivity requirements in June this yr.
The brand new legal guidelines goal to advertise the usage of extra energy-efficient home equipment, in addition to guarantee merchandise offered within the nation meet the minimal vitality efficiency requirements.
The shift to cleaner vitality sources ensures that the nation sticks to its dedication in tackling local weather change points, the minister mentioned.
“The Ministry of Vitality by way of the Nationwide Local weather Change Coverage will proceed to guide initiatives in decreasing carbon emissions from the vitality sector.
“On this regard, the Ministry of Vitality has established the Industrial Emissions Committee in July 2021, with members together with oil and gasoline operators, representatives of Brunei Darussalam establishments of upper studying and regulatory companies,” he added.
Aside from the photo voltaic vitality mission in Kampung Belimbing Subok, the ministry can also be contemplating floating photo voltaic panel expertise.
YB Dato Hj Mat Suny mentioned a number of appropriate areas across the nation’s waters in addition to water reservoirs have been recognized to make use of the photo voltaic expertise.
To encourage the usage of photo voltaic vitality by the general public and the non-public sector, the ministry will develop its web metering programme — which permits residents and firms to promote extra electrical energy generated from photo voltaic panels to the nationwide grid — and introduce “renewable portfolio requirements”.
Vitality sector eyes strengthening of native workforce
YB Dato Mat Suny mentioned the vitality sector goals to strengthen its workforce with 22,900 locals this yr. In 2021, 19,050 Bruneians had been employed within the vitality sector.
The minister mentioned the event of the vitality sector will create extra employment alternatives for locals and companies.
When it comes to native content material spending, the ministry is working with Darussalam Enterprise (DARe) to develop an vitality incubation centre at Sg Liang Industrial Park (SPARK).
The centre goals to be a platform that fosters a progress mindset amongst micro, small and medium enterprises within the vitality sector, he mentioned.
In the meantime, the I-Usahawan programme — a youth entrepreneurship improvement programme — has created employment alternatives for 317 locals and awarded contracts valued at $30 million.
“The youth entrepreneurs who participated on this programme have proven excessive dedication and talent, in addition to a robust aggressive spirit to safe contracts outdoors the i-Usahawan programme,” the minister mentioned.
Vitality ministry proposes price range of $240.8 million
The vitality ministry tabled a price range of $240.8 million for the 2022/23 fiscal yr, a 20.7 % rise from final yr.
The price range consists of an allocation of $162.6 million for recurring bills and $43.9 million for improvement initiatives.
A further $1.23 million has been earmarked for workforce improvement and digital transformation.
YB Dato Hj Mat Suny mentioned the Electrical energy Authority Brunei Darussalam (AENBD) will set up a regulatory framework in keeping with the event of the nation’s electrical energy sector.
The regulator may even introduce gear and manpower licenses to strengthen security within the electrical energy sector and amongst customers, he added.
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