The History of Standard Oil

Standard Oil was a huge, integrated, oil- producing, transporting, refining and marketing company. Established in 1870, it operated as a major company trust and was one of the world’s first and largest multinational corporations until it was dissolved by the United States Supreme Court in 1911. John D. Rockefeller was a founder, dominant partner and major shareholder, and the company made him a billionaire and eventually the world’s richest man.

Standard Oil’s market position was initially established through an emphasis on efficiency and responsibility. While most companies dumped gasoline in rivers, Standard used it to fuel its machines. While other companies’ refineries piled up mountains of heavy waste, Rockefeller found ways to sell it.

In response to state laws trying to limit the scale of companies, Rockefeller and his partners developed new ways of organizing, to manage their fast – growing enterprise effectively. In 1882, they combined their disparate companies, spread across dozens of states, and created a single group of trustees. This organization proved so successful that other giant enterprises adopted this ‘trust’ form.

Task 2. Match the following events with data below. If you don’t know find this information on www.geohelp.net/world.html:

Задание 2.Соотнесите следующие события с датами, указанными ниже. Если не знаете ответ, обратитесь за информацией на сайт www.geohelp.net/world.html :

1 Anglo-Persian Oil Company was renamed British Petroleum.

2 Colonel Edwin Drake struck oil 69 feet below the surface of the ground in Titusville, Pennsylvania.

3 Conrad and Marcel Schlumberger successfully identified the presence of oil in a formation by measuring resistivity.

4 Exxon Valdez ran aground in Prince William Sound, Alaska

5 Ford Motor Company was founded.

6 J.D. Rockefeller formed Standard Oil (Ohio), controlling 10% of American oil refining.

7 Oil prices quadrupled from $2.90 a barrel to $11.65 a barrel, following an Arab oil embargo on oil exports to the US.

8 Oil was discovered in Kuwait and Saudi Arabia.

9 The combustion engine was invented.

10 The Kyoto agreement was made with the aim of limiting greenhouse gases.

11 Thomas Edison invented the electric light bulb.

Task 3. Explain the meaning of the following numbers:

Задание 3. Объясните значение следующих цифр:

a. 3 years

b. €150 million

с. €750 million

d. €600 million

e. €226 million

Task 4. Put phrases below in the correct box according to the activities of these organizations:

Задание 4. Распределите фразы по 3 колонкам в соответствии с деятельностью этих организаций: lend money, borrow money, obtain a financing package, provide financing, sign a loan agreement, raise money, offer funding, give a loan, secure a loan, get financing, negotiate a loan, set interest rates

Bank	Oil and gas company	Both parties

Задание 5. Заполните пропуски соответствующими глаголами. Предложите синонимы из имеющихся глаголов: achieve, adhere to, comply with, ensure, fulfil, maintain, meet, reach, satisfy

1 If you _____ your sales targets, you will get a good bonus.

2 Hopefully, we can _____ the objective we discussed at our last meeting.

3 We need to _____ a good level of profitability in the UAE.

4 He was sacked because he did not _____ the safety regulations.

5 The goals I would like us to _____ are as follows…

6 The company has a legal duty to _____ the environmental standards of the oil and gas industry.

7 Unfortunately, this equipment does not _____ all our criteria.

Практическое занятие 7

Rig Location

Расположение вышки

concession концессия на разведку

exploration разведка месторождения

pipeline труба

stretch удлинять, тянуть

ice-free port незамерзающий порт

hurricane ураган, взрыв

regain получать обратно, восстанавливать

flooding заводнение пласта, нефтяного месторождения

Task 1. Read and translate the text:

Задание 1. Прочитайте и переведите текст: