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COPAS APA Exam Study > Study Set 1 > Flashcards

Study Set 1 Flashcards

1
Q

What is the standard measurement of crude oil?

A

Barrels

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2
Q

What are the three main fluids that make up hydrocarbons?

A

Gas, Oil, and Water

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3
Q

What are the five components that describe the life cycle of an oil and gas E&P company?

A

exploration, land acquisition, drilling, production, and abandonment

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4
Q

What is the overall objective of the E&P production department?

A

Delivering maximum production with ultimate optimum recovery of oil and gas reserves at minimum cost

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5
Q

What is the standard measure for gas volume at the wellsite?

A

MCF

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6
Q

What is a common disposition of natural gas produced?

A
  1. Piped and used on another lease operations
  2. Flared into the atmosphere due to economic marketing conditions
  3. Sold to third parties or affiliate at contract prices
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7
Q

What is the primary component of dry natural gas?

A

Methane

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8
Q

What is the primary difference between sour crude and sweet crude?

A

Sour crude contains sulfur

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9
Q

What factors into the pricing of crude oil and condensate?

A
  1. Location
  2. Current economic conditions
  3. Physical quality
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10
Q

What is a British Thermal Unit? (BTU)

A

Amount of heat to raise the temperature of one pound of water one-degree Fahrenheit

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11
Q

What chemical is added to gas before it is delivered for fuel in homes or occupied facilities?

A

Mercaptan

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12
Q

According to the inorganic theory, why are hydrocarbons found in the subsurface?

A

They were part of the Earth’s original formation

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13
Q

What are the three distinct and dependent business sectors that comprise the oil and gas value chain?

A

Upstream, Midstream, and Downstream

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14
Q

What sector of the oil and gas industry is related to your local service station?

A

Downstream

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15
Q

What is a company called that produce oil from a well, transport the oil to the refinery, and manufactures crude oil into various products?

A

Integrated

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16
Q

Which oil and gas sector consists primarily of gathering facilities and transmission pipelines?

A

Midstream

17
Q

What is an organization called that is owned exclusively by the government?

A

National Oil Company (NOC)

18
Q

What is the company called that deals exclusively in oil and gas exploration and production activities?

A

Independent

19
Q

What attestations by the company’s external auditors are required by the SEC under the SOX act of 2022?

A

The Company’s effectiveness of the system of internal control over financial reporting

20
Q

What are three US EPA regulations that impact the oil industry?

A

Safe Drinking Water Act
Oil Pollution Act
Migratory Bird Treaty Act

21
Q

What drilling based fluid has the greatest environmental impact of disposed onsite?

A

Oil-based mud

22
Q

What do recordable work-related injuries include?

A

Death
Days away from work cases
Restricted activity or job transfer

23
Q

What is the leading cause of serious injuries in the oilfield?

A

Vehicle accidents

24
Q

What is the main cause of maritime tanker accidents?

A

Human error

25
Q

What is a skimmer?

A

Huge vacuum cleaner to clean oil floating on top of the water

26
Q

What are the three main elements to reduce risk to workers and the environment?

A

Designing safe equipment
Enforcing controls
Wearing protective gear

27
Q

What items are considered personal protective equipment (PPE)?

A

Hard Hat
Flame Resistant Clothing
Earplugs
Boots

28
Q

Where does safety and incident prevention start within an organization?

A

Executive and senior management

29
Q

What are two common methods to check for and prevent job site hazards?

A

Preparing a job safety analysis and inspection checklist

30
Q

What is the purpose of a blowout preventer?

A

To prevent uncontrolled release of gas and fluids after pressure control systems have failed

31
Q

List the categories of oil and gas reserves

A

Proved Developed
Proved Undeveloped (PUD)
Unproved Probable
Unproved Possible

32
Q

Describe Ultimately Recoverable Reserves

A

All petroleum that remains and is expected to be producible including what has not yet been discovered

33
Q

Oi55.122 provides guidance on whether to expense or defer exploratory well costs when the well’s success is not determinable at the time drilling of the well has been completed. What is a factor not to be used to support the deferral of expensing the drilling costs?

A

Management is optimistic of increases to commodity prices next year, which will allow for additional drilling in the field

34
Q

What is an indication of impairment for an undeveloped property?

A

A dry hole has been drilled on the property and there are no firm plans to continue drilling

35
Q

Under SFAS 121 what would not be considered an indication of impairment?

A

Due to a busy hurricane season the production of an offshore field was shut-in for 2 weeks during the summer

COPAS APA Exam Study (1 decks)

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