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Oil & Gas Industry Operations and Markets Quiz Answers
Oil and Gas Exploration
1. What is the primary source of oil and gas?
- Eroded sediments
- Marine plankton
- Dinosaur remains
- Ancient swamps
2. What component of a hydrocarbon system must exist in order for there to be oil and/or gas?
- A trap
- A reservoir
- A source rock
- A migration pathway
3. Prior to the shale gas and shale oil revolution, shale was considered to be a poor reservoir rock because of its low ________________.
Enter answer here
4. What technology is used to image rock layering in the subsurface over regions extending many miles/kilometers?
- Seismic data
- Gravity data
- Well log data
- Magnetic data
5. A lease must first be obtained from the land company agent before drilling for oil and gas.
6. What isolates the interior of an oil/gas well from the surrounding rock and fluids?
- Drilling mud
- Drill cuttings
- Cemented casing
- The blowout preventer
7. The oil window is primarily defined by a range in which of the following?
- Liquid content
- Organic matter in rock
8. In which of the following geologic settings do oil and gas deposits first form?
- Large rivers
- Shallow seas
- Mountain ranges
9. Which of the following technological innovations has reduced the number of drilling rigs needed to find and extract oil and gas?
- Diamond tip drill bits
- High-speed drill rigs
- Horizontal drilling
1. In the oil and gas industry, what is a specific subsurface site where oil and gas might be found called?
- A prospect
- A structure
- A play
- A migration pathway
2. Production rates from an oil/gas well initially decline because of a loss of what?
- Reservoir pressure
3. What two substances are used to extract oil during the secondary recovery phase?
- Natural gas and water
- Carbon dioxide and water
- Soap and water
4. What is increasingly being used as an injection gas in tertiary oil recovery?
- Natural gas
- Carbon dioxide
5. After tertiary recovery methods have been applied to an oil field, how much oil is typically still left in the reservoir?
6. In tertiary recovery, the remaining oil is freed from its adhesion to sediment grains by…
- Fluid flow
- Reducing its viscosity
- Increased pumping
7. Drilling of what type of additional wells turn an economic well into an oil field?
8. What does the history of production rates for a large region or even country generally look like over a long time?
- Exponential decline
- Bell-shaped curve
- Box-shaped curve
- Linear rise
Processing and Refining
1. Wet gas is rich in what?
- Natural gas liquids
2. What is a very common contaminant that must be removed from both natural gas and oil?
- Carbon dioxide
- Particulate matter
3. Methane gas is almost pure after it has been processed.
4. What is the core process in refining crude oil into petroleum products?
5. Among other products, naphtha is used to produce diesel.
6. The lower the viscosity of the crude in a barrel of oil, the more of what can be produced from it?
7. In the U.S., roughly what fraction of a barrel of crude oil is refined into gasoline?
8. The cracking unit in a refinery will increase the production of diesel.
1. An oil distribution pipeline carries refined fuels.
2. Where is oil in the U.S. Strategic Petroleum Reserve stored?
- In large tanks surrounding refineries
- In oil fields that have not yet been pumped
- Underground in hollowed-out salt domes
- In saline aquifers
3. Compared to other hydrocarbons, the energy content of natural gas is low per unit
4. Natural gas is transferred from transmission pipelines to distribution pipelines at the…
- City gate
- Entrance to buildings
- Natural gas processing plant
5. A sour smelling odorant is added to natural gas before it is put into distribution gas lines to reduce gas use.
6. “Stranded” natural gas is gas that…
- Is associated with oil
- Cannot be moved to market
7. What is a LNG “train”?
- A chain of natural gas pipelines
- A train that carries compressed gas
- An LNG tanker
- A plant that liquifies natural gas
8. Before it can be used, imported LNG must first be…
- Cleaned of sulphur
Oil and Gas Markets – Costs
1. What has to be determined at the “casing point”?
- Whether to complete the well
- Whether to case the well
- Whether to log the well
2. Which of the following is a major cost in oil and gas exploration that occurs before the casing point?
- Lease costs
- Production casing costs
- Flow-line hook-up costs
- Water disposal costs
3. Who bears the drilling and production costs of an oil and gas well?
- The overriding interest owner
- The mineral rights owner
- The driller
- The working interest owner
4. In addition to a royalty, an overriding royalty may also need to be paid on sales of oil and gas production from a well if what?
- There is a burden on the lease
- The state requires it
- The royalty owner demands a higher royalty
- It is stipulated in the original mineral lease
5. What is the “payout” point?
- When the cumulative net profit from a well equals its drilling and completion costs
- When sales of oil and/or gas from a well produce a net profit
- When the well starts to produce oil and/or gas that can be sold
- When drilling and completion costs for a well must be paid
6. The “1” in the 3-2-1 crack spread refers to a barrel of diesel.
7. Variation in what leads to significant differences in the price of gasoline from one state to the next?
- State production of crude oil
- State taxes
- State production of refined petroleum products
- State distribution of costs for petroleum products
8. What is an important component to the cost of natural gas for residential customers but not for operators of natural gas power plants?
- Drilling and completion costs
- Transmission costs
- Distribution costs
Oil and Gas Markets – Prices
1. Demand for oil changes significantly with the price of oil; e.g., demand falls when the price of oil rises.
2. Crude oil prices in the U.S. are particularly sensitive to which of the following?
- Climate change
3. U.S. natural gas prices vary seasonally because…
- Demand is seasonal
- Total amount of storage capacity is seasonal
- Supply is seasonal
- Temperatures vary seasonally
4. When during the year do gasoline prices in the U.S. tend to be lowest?
5. A decrease in the production of oil from Saudi Arabia has often what?
- Decreased oil prices
- Increased oil prices
- Had no effect on oil prices
- Spurred increases in oil production elsewhere in the world
6. When futures prices for oil increase with increasing months into the future, the prices are said to be in what?
- Normal backwardation
7. Which is a factor that determines the spot price for a crude oil in the U.S.?
- Futures prices beyond one month out
- Its quality relative to West Texas Intermediate crude
- The world price for benchmark crudes from the Middle East
- The price for its delivery at Henry Hub
8. Over-the-counter contracts for oil and gas are…
- Unique futures contracts between buyers and sellers
- Standard futures contracts marketed by NYMEX and ICE
- Another term for spot transactions
- Futures contracts involving the U.S. Federal Government
Oil and Gas Markets – Future of O&G
1. Which of the following is the most important factor governing the market value of an oil/gas exploration company?
- Its current reserves
- Its projected acreage holdings
- Its volume of past production
- Its most recent revenues
2. The “net pay” of a reservoir differs from it “gross pay” in that the former is…
- One minus the water saturation in the reservoir
- The potential amount of revenue from oil/gas sales after cost and taxes
- The percentage of reservoir volume containing oil/gas
- The reservoir porosity divided by the formation volume factor
3. For an oil & gas company listed on a U.S. stock exchange, what type of reserves can the company claim as being producible in their financial reports?
4. A decrease in the price of oil does what?
- Decreases total resources
- Decreases technically recoverable resources
- Decreases undeveloped reserves
- Reduces economically recoverable reserves
5. When oil/gas prices are very low, a cost effective way for an exploration and production company to increase its oil/gas reserves may be to what?
- Merge with another company
- Increase its exploration for new oil and gas reservoirs
- Buy oil/gas on the open market
- Drill more wells into its developed oil and gas reserves
6. A national oil company like Saudi Aramco differs from an international oil company like Chevron in which of the following ways?
- Its majority owner is the national government
- It owns the the country’s oil and gas resources
- It is an integrated oil company
- It is technically more advanced in exploration and production
7. Shale gas can be considered a form of what?
- Coal-bed methane
- Gas hydrates
- Tight gas
8. What region of the world that may contain significant oil and gas resources remains poorly explored?
- The China Seas
- West Africa
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