Elective: Oil and Gas Management (Part -1)

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Elective: Oil and Gas Management  (Part -1)

Attend any 4 questions.  Each question carries 25 marks

(Each answer should be of minimum 2 pages / of 300 words)

1.            Explain Why Oil and Gas play a vital role in the global economy..

Answer:Oil has been the world’s major commercial energy source for many decades and the consensus view is that it will maintain this leading role well into the 21st century.

The pre-eminence of oil has run in parallel with the massive economic advances made in the 20th century and on into the 21st century. It is estimated that industrial production grew by around 50 times during the last century and that four-fifths of this growth happened in the second half of the century, starting with the reconstruction period after the second world war.

This resulted in an enormous increase in energy consumption.

Most of the consumption has been concentrated in the OECD

2.            Discuss the differences between publicly traded IOCs and state-controlled NOCs and their strategic goals.

Answer:

3.            Explain the role that the oil and gas industry plays in domestic politics.

Answer:shortage of functioning production equipments, lack of modern technology etc. as result of which over 16, 000 oil wells were lying idle in the USSR as a whole. The position of natural gas was somewhat better although in 1991 output had slightly declined. The Soviet Union had already emerged as the foremost with regard to natural gas reserves in the world. The CAS had also been identified as the most promising areas of natural gas reserves in the former USSR. According to a report of the Congressional Research Service, in 1991 Turkmenistan and Uzbekistan in Central Asia (that is excluding Kazakhstan) had 2 giant oil fields and 14 giant natural gas fields among the large number of oil-gas fields in the former USSR.

4.            Explain the marketing and sales of refined petroleum products.

Answer:Like other sectors of the oil and gas business, the marketing and distribution of petroleum products takes place on a vast, global scale. Every day, hundreds of millions of companies and individuals buy these products at wholesale or directly from retail outlets that number in the hundreds of thousands worldwide. If we include indirect users of petroleum products, the number of consumers runs into the billions.

Refined product markets are different from crude oil markets (see Petroleum Online module titled, “Marketing & Trading of Crude Oil”) in a number of ways. The scale is much smaller: a typical crude oil transaction involves 500,000 or even one million barrels of oil, while a typical refined product sale may involve only 5,000 to 10,000 bbls. Product

5.            Discuss the main elements of cost advantage in upstream  oil and gas production.

Answer:Upstream companies are witnessing revenues drying up and profit margins shrinking as a result of lower crude oil price realization. If the price of oil continues to drop or stays depressed for a long period, some of these companies may find it unprofitable to run their businesses.In this environment, it has become

6.            There are a number of additional risks that need to be considered in any prospective oil or gas development project, often separated into precompletion, postcompletion, and macroeconomic risk..  Explain the risks.

Answer:

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