15. Changing patterns of energy consumption Flashcards
Proved oil reserves
quantities of oil that geological and engineering information indicates with reasonable certainty can be recovered in the future from known reservoirs under existing economic and operating conditions.
Reserves-to-production (R/P) ratio
the reserves remaining at the end of any year are divided by the production in that year. The result is the length of time that those remaining reserves would last if production were to continue at that level.
Supply shock
a significant interruption to supply due to an environmental, economic or political event.
Organisation of the Petroleum Exporting Countries (OPEC)
the current members are: Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates and Venezuela.
Peak oil production
the year in which the world or an individual oil-producing country reaches its highest level of production, with production declining thereafter.
Geopolitics
political relations among nations, particularly relating to claims and disputes pertaining to borders, territories and resources.
Energy crisis
a serious shortage of energy which interrupts domestic supplies and has an impact on all sectors of the economy.
Strategic Petroleum Reserve
the USA’s reserve supply of oil, which should last for abut three months in the event of severe interruptions to imported oil.
Energy pathways
supply routes between energy producers and consumers which may be pipelines, shipping routes or electricity cables.
Environmental impact assessment
a document required by law detailing all the impacts on the environment of an energy or other project above a certain size.
Oil sands
also known as tar sands or extra heavy oil: naturally occurring mixtures of sand or clay and water which form an extremely dense and viscous form of petroleum called bitumen.
Resource nationalisation
when a country decides to place part (or all) of one or a number of natural resources (e.g. oil and gas) under state ownership.
