- •Introduction to Economics and management
- •Terms and Vocabulary
- •What does economics study?
- •The economy and economic systems
- •Unit 2 Finance
- •Terms and Vocabulary
- •Financial institutions
- •Financial management
- •Unit 3 stock
- •Terms and Vocabulary
- •3. Read the text, do the exercises securities markets
- •How to make money in the stock market
- •Unit 4 the economy of petroleum industry
- •Terms and Vocabulary
- •Oil and Gas in Russia. Development and Financing of Large Projects
- •Opportunities Await u.S. Independents willing to Change
- •Independent types
- •Lehman Bros: e&p spending to see slower growth
- •International spending
- •Halliburton
- •Rosneft
- •Unit 5 Taxation and audit
- •Terms and Vocabulary
- •Taxation
- •Kazakhstan’s New Oil Tax Regime Two types of contracts
- •Different fiscal systems complicate reserve values
- •Term uncertainty
- •Fiscal systems
- •Definitions of reserves “Booked”
- •Auditors and their reports
- •Independent Auditor’s Report
- •Consolidated Balance sheet derived from the consolidated financial statements – year ended 31 December 2003
- •Unit 6 Production and Costs
- •Terms and Vocabulary
- •Production and Costs
- •The Benefits of Being Small: Balancing Economies of Scale Against the Advantages of Intimacy Is a Delicate Task
- •Сущность и структура издержек производства
- •Unit 7 business plan
- •What does the model structure of business plan look like?
- •1.0 Executive Summary
- •Investment
- •3.0 Services
- •3.1 Service Description
- •3.2 Competitive Comparison
- •3.3 Sales Literature
- •3.4 Fulfillment
- •3.5 Technology
- •3.6 Future Services
- •4.0 Market Analysis Summary
- •4.1 Market Segmentation
- •4.2 Service Business Analysis
- •4.2.1 Business Participants
- •4.2.2 Competition and Buying Patterns
- •4.2.3 Main Competitors
- •5.0 Strategy and Implementation Summary
- •5.3 Sales Strategy
- •5.3.1 Sales Forecast
- •5.4 Milestones
- •6.0 Management Summary
- •6.1 Management Team
- •6.2 Management Team Gaps
- •6.3 Personnel Plan
- •7.0 Financial Plan
- •7.1 Important Assumptions
- •7.2 Key Financial Indicators
- •7.3 Break-even Analysis
- •7.4 Projected Profit and Loss
- •7.5 Projected Cash Flow
- •7.6 Projected Balance Sheet
- •7.7 Business Ratios
- •International Business Etiquette and ethics
- •Terms and Vocabulary
- •Business Etiquette
- •Business Ethics
- •Big Oil’s Dirty Secrets
- •References
Independent types
The exploitationist has a full staff of engineers, geologists, landmen, and accountants. He is familiar with and has participated in most of the new technology: 3D seismic, horizontal drilling, CO2 flooding, and so forth. In addition, he is capable of drilling wells very cheaply and has very low overhead. I like to think that my company, Henry Petroleum Corp., is an exploitationist. The exploitationist is willing to take some risks but does very little pure exploration.
The second type of company, the depletionist, is much different from the exploitationist. A depletionist has virtually no technical staff. With his low overhead he is able to operate wells much cheaper than either the major oil companies or the exploitationist. He will nurse wells along and pay close attention to them but does not have the technical staff to operate waterfloods and CO2 floods or to conduct 3D seismic. The depletionist is risk-averse. Independent operators must decide whether they will be exploitationists or depletionists. There is little room for compromise between the types. You can be either an exploitationist with a large technical staff or a depletionist with very little, if any, technical staff; you can’t be both.
O&G Journal, November 2007
Words and expressions
trend to prosper to wither on the vine to reflect cycle mature low-return properties to shift core properties division void long-running curve approximately to coincide to favor to waterflood to install depletion plugging efficiently widespread to be adapted to overhead
landmаn virtually nurse risk-averse |
направление, тенденция преуспевать, процветать остаться нереализованным отражаться цикл высокоразвитый
менять, перемещать основная собственность отдел, подразделение пустота долго играющий кривая приблизительно совпадать помогать, содействовать заводнять устанавливать уменьшение, истощение (ресурсов) тампонирование, закупоривание эффективно, рационально широко распостраённый быть адаптированным к чему-либо отбираемый с верха (колонны) ; надземный (о трубопроводе) рабочий фактически, в сущности экономно вести хозяйство; беречь не расположенный к риску |
Exercise 9. Comprehension check
- Did you find the explanation of the terms “the exploitationist”, “the depletionist” in the text? What were you right/wrong in?
- Can you state the difference between these companies now? Give a detailed answer.
Exercise 10. Answer the following questions.
What stage in the production life of its petroleum resource has the U.S. reached?
Why have major oil companies sold off their properties?
How do independent companies appear?
What kind of independents are they?
What are the three ages in the life of U.S. oil industry?
What kind of companies prefer to work during the first exploration stage? Why?
What specialists do the companies mainly need during the second exploitation stage? Why?
Why does the author call the third depletion stage a stage of innovation?
What companies operate during depletion stage?
In your opinion, what companies get the greatest profit?
Exercise 11. Translate into English.
Производственный цикл месторождения имеет три стадии.
Крупные нефтяные компании обладают обширными средствами.
Крупные нефтяные компании сильно рискуют на стадии разведки месторождения.
Экономический риск на стадии эксплуатации не такой большой, как на стадии разведки.
Независимые компании ищут более дешевые и эффективные способы эксплуатации месторождений.
Независимые компании имеют более низкие общие расходы производства, чем крупные нефтяные компании.
Exercise 12. Give English equivalents for the following words and phrases from the text.
Пользоваться преимуществом чего-то, переводить активы, нефтедобывающие страны, деловая практика, производственный цикл, широкое применение новых технологий, трехмерные сейсмические исследования, горизонтальное бурение, технический персонал.
Exercise 13. Think of the nouns from the text which can be used with these verbs. Make up some sentences.
ex: to change – to change trends.
Major trends of business in oil and gas industry are changing.
To take advantage of, to reach, to sell, to shift, to divide, to favor, to take, to waterflood, to find, to apply, to participate in, to conduct, to pay attention to.
Exercise 14. Quick reading
Read the text quickly to find answers for the questions below.
You may need some terms to grasp the main ideas of the text.
E&P spending (spending on exploration and production) – затраты на поиск и добычу
to overspend – потратить больше, чем было запланировано
a survey – опрос, обследование, обзор
growth rate – темп роста