Влияние общества на человека
Приготовление дезинфицирующих растворов различной концентрации
Практические работы по географии для 6 класса
Организация работы процедурного кабинета
Обработка изделий медицинского назначения многократного применения
Изменения в неживой природе осенью
Уборка процедурного кабинета
Сольфеджио. Все правила по сольфеджио
Балочные системы. Определение реакций опор и моментов защемления
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.
1. What stage in the production life of its petroleum resource has the U.S. reached?
2. Why have major oil companies sold off their properties?
3. How do independent companies appear?
4. What kind of independents are they?
5. What are the three ages in the life of U.S. oil industry?
6. What kind of companies prefer to work during the first exploration stage? Why?
7. What specialists do the companies mainly need during the second exploitation stage? Why?
8. Why does the author call the third depletion stage a stage of innovation?
9. What companies operate during depletion stage?
10. In your opinion, what companies get the greatest profit?
Exercise 11. Translate into English.
1. Производственный цикл месторождения имеет три стадии.
2. Крупные нефтяные компании обладают обширными средствами.
3. Крупные нефтяные компании сильно рискуют на стадии разведки месторождения.
4. Экономический риск на стадии эксплуатации не такой большой, как на стадии разведки.
5. Независимые компании ищут более дешевые и эффективные способы эксплуатации месторождений.
6. 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
Lehman Bros: E&P spending to see slower growth
After “extremely strong growths” of 20% in 2005 and 30% in 2006, global exploration and production spending is expected to rise slower: rate of 9% to $300 billion in 2007, with more emphasis on international rather than US projects, said analysts at Lehman Bros. Inc., New York. That’s based on the company’s latest E&P Spending Survey of some 300 public, private, and government-owned oil and gas companies, “the largest ever” such study since-Lehman-Bros began the semiannual surveys in 1982, said James Crandell, oil service analyst at the firm.
The surveyed companies said they plan to increase their international E&P spending by 13% to $200 billion in 2007, after a 28% growth in 2006 US spending will grow by 5.1% to $ 75 billion in 2007, following a 40% boost in 2006.
Canadian spending will be down 8% next year however, compared with a 19% increase in 2006. “Deteriorating economics are more pronounced in Canada”, Grandell said. He also noted “the impact of Anadarko [Petroleum Corp.] leaving the region” and “relatively large declines” in the operations of other large companies such as Apache Corp. Canadian Natural Resources Ltd. recently agreed to buy Anadarko Canada Cоrр. for $4.24 billion, but Anadarko maintains interests in the Mackenzie Delta and other Canadian arctic frontier, properties (OGJ Online, Sept., 14, 2006). In 2005 Apache and ExxonMobil Corp. completed a series of agreements for transfers and joint ventures across a broad range of properties in Western Canada, the Permian basin, Louisiana, and the Gulf of Mexico Outer Continental Shelf.
Companies significantly overspent their budgets in 2006; particularly on international projects, where 60% of the surveyed companies said they spent more than 10% over their original E&P budgets. National oil companies will lead the 2007 increase in international spending with the largest spending growth among the Russian companies, Crandell said. The five largest Russian companies are expected to hike their international spending by an average of 42% to $24.3 billion, he said.
Other companies estimated to have double-digit gains in international E&P spending include: Chevron Corp., up 34%; Apache, up 20%, India’s, state-owned Oil & Natural Gas Corp. and Petroleos Mexicanos, up 11% each; Petroleo Brasileiro SA (Petrobras), up 18%; Repsol YPF SA, up 19%; Woodside Petroleum Ltd., up 62%, PetroChina Co. Ltd., Statoil ASA, and Royal Dutch Shell PLC each up 10%. However, several other companies are moderating those international gains with “either small declines or small increases”, Crandell said Among those are: Anadarko, flat, BHP Billiton Ltd., up 4 %; BP PLC, down 2%; ConocoPhillips, up 5%; ЕххоnМоbil, up 7%; Eni SPA, up 8%; Petroleos de Venezuela SA, up 1%; and Total SA, up 7%.
The surveyed companies plan a substantial slowdown in the growth rate of their US E&P expenditures in 2007 due to concerns about cash flow and perception of lower gas prices. Companies responding to the survey said their plans are based on an average gas price of $ 6.72/Mcf in 2007, “and that’s going to increase concern regarding project economics”, Crandell said.
RepsolYPF, Eni, Murphy Oil Corp., and Quicksilver Resources Inc. will be making some of the larger cuts in US E&P spending, he said. Other companies indicating “above-average declines” in US spending include Anadarko, Cabot Oil&Gas Marathon Oil Corp., Newfield Exploration Co., and Plains Exploration & Production Co. Drilling economics are seen as attractive in the industry but the percentage is down from last year, said Lehman Bros, analysts. “For the long term, E&P companies were very positive on the outlook for oil and natural gas. Over half view the longterm real price, of oil at $ 50-70/bbl, with half expecting the рricе to be $ 50-70/bbl for the long term and half expecting crude to be $ 60-70/bbl. Companies also are overwhelmingly bullish on natural gas with roughly 85% of respondents saying longterm outlook for natural gas drilling is good or excellent” Sedita said.
1. What is the main tendency of global exploration and production spending?
2. Will growth rate be quicker or slower in 2007 as compared to that one in 2005 and 2006?
3. Who made E&P Spending Survey?
4. Does Canada keep to this growth tendency?
5. What companies will have the largest spending growth?
6. What companies showed insignificant change in E&P spending?
7. Why will US E&P expenditures slow down in 2007?
8. What is the expected oil price range?
Words and expressions
Exercise 15. Talking Point
Imagine that you are an oil and gas analyst. Prepare a short report on the problems and perspectives in oil and gas industry development.
Exercise 16. 9 Listening
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