APA Study Guide from Copas
questions well answered graded A+
Barrels - correct answer ✔✔ What is the Standard measurement of crude oil?
Gas, Oil and Water - correct answer ✔✔ What are the three main fluids that make up
hydrocarbons?
Exploration, Land Acquisition, Drilling, Production and Abandonment - correct answer ✔✔
What are the five components that describe the life cycle of an oil and gas E&P company?
Delivering maximum production with ultimate optimum recover of oil and gas reserves at
minimum cost - correct answer ✔✔ What is the overall objective of the E&P production
department?
MCF - correct answer ✔✔ What is the standard measure for gas volume at the wellsite?
1. Piped and used on another lease
2. Flared into the atmosphere due to uneconomic marketing conditions
3. Sold to third parties or affiliates at contract prices - correct answer ✔✔ What is a common
disposition of natural gas produced?
Methane - correct answer ✔✔ What is the primary component of dry natural gas?
Sour crude contains sulfur - correct answer ✔✔ What is the primary difference between sour
crude and sweet crude?
,Location, Current Economic conditions and physical qualities - correct answer ✔✔ What factors
into the pricing of crude oil and condensate?
The amount of heat to raise the temperature of one pound of water one degree fahrenheit -
correct answer ✔✔ What is a british thermal unit?
Mercaptan - correct answer ✔✔ What chemical is added to gas before it is delivered for fuel in
homes or occupied facilities?
They were part of the earths original formation - correct answer ✔✔ According to the inorganic
theory, why are hydrocarbons found in the subsurface?
Upstream
Downstream
Midstream - correct answer ✔✔ What are the three distinct and dependent business sectors
that comprise the oil and gas value chain?
Downstream - correct answer ✔✔ What secor of the oil and gas industry is related to local
service stations?
Integrated oil and gas company- Contains Upstream, midstream and downstream sectors -
correct answer ✔✔ What is a company called that produces oil from a well, transports the oil to
the refinery and manufactures crude oil into various products?
Midstream - correct answer ✔✔ Which oil and gas sector consists primarily of gathering
facilities and transmission pipelines?
National Oil Company (NOC) - correct answer ✔✔ What is an organization called that is owned
exclusively by the government?
,Independent - correct answer ✔✔ What is a company called that deals exclusively in oil and gas
exploration and production activities?
The company's effectiveness of the system of internal control over Financial reporting - correct
answer ✔✔ Which of the following attestations by the Company's External auditors is required
by the SEC under the Sarbanes Oxley Act of 2002?
1. Safe Drinking Water Act
2. Oil Pollution Act
3. Migratory Bird Treaty Act - correct answer ✔✔ What are three US Environmental Protection
Agency regulations that impact the oil industry?
Oil-based mud - correct answer ✔✔ What drilling based fluid has the greatest environmental
impact if disposed onsite?
1. Death
2. Days way from work cases
3. Restricted activity/job transfer - correct answer ✔✔ What does recoverable work related
injuries include?
Vehicle accidents - correct answer ✔✔ What is the leading cause of serious injuries in the oil
field?
Human Error - correct answer ✔✔ What is the main cause of maritime tanker accidents?
A huge vacuum cleaner to clean oil floating on top of the water - correct answer ✔✔ What is a
skimmer?
, 1. Designing safe equipment
2. Enforcing Controls
3. Wearing protective gear - correct answer ✔✔ What are three main elements to reduce risk to
workers and the environment?
Hard hat, flame resistant clothing and ear plugs - correct answer ✔✔ Which items are typically
considered as personal protective equipment (ppe)?
Executive and Senior Management - correct answer ✔✔ Where does safety and incident
prevention start within an organization?
Preparing a job safety analysis and inspection checklist - correct answer ✔✔ What are two
common methods to check for and prevent job site hazards?
To prevent uncontrolled release of gas and fluids after pressure control systems have failed -
correct answer ✔✔ What is the purpose of a blow preventer?
Proved Developed, proved undeveloped, unproved probable, unproved possible - correct
answer ✔✔ Which of the following lists contains all categories of oil and gas reserves?
All petroleum that remains and is expected to be producible including what has not yet been
discovered - correct answer ✔✔ What describes ultimately recoverable reserves?
Management is optimistic of increases to commodity prices next year, which will allow for
additional drilling in the field - correct answer ✔✔ What is a factor that typically not taken into
consideration when management is trying to support the deferral of expensing drilling costs?
A dry hole that has been drilled on the property and there are no firm plans to continue drilling
- correct answer ✔✔ What is one of the primary indications of impairment of an undeveloped
property?
questions well answered graded A+
Barrels - correct answer ✔✔ What is the Standard measurement of crude oil?
Gas, Oil and Water - correct answer ✔✔ What are the three main fluids that make up
hydrocarbons?
Exploration, Land Acquisition, Drilling, Production and Abandonment - correct answer ✔✔
What are the five components that describe the life cycle of an oil and gas E&P company?
Delivering maximum production with ultimate optimum recover of oil and gas reserves at
minimum cost - correct answer ✔✔ What is the overall objective of the E&P production
department?
MCF - correct answer ✔✔ What is the standard measure for gas volume at the wellsite?
1. Piped and used on another lease
2. Flared into the atmosphere due to uneconomic marketing conditions
3. Sold to third parties or affiliates at contract prices - correct answer ✔✔ What is a common
disposition of natural gas produced?
Methane - correct answer ✔✔ What is the primary component of dry natural gas?
Sour crude contains sulfur - correct answer ✔✔ What is the primary difference between sour
crude and sweet crude?
,Location, Current Economic conditions and physical qualities - correct answer ✔✔ What factors
into the pricing of crude oil and condensate?
The amount of heat to raise the temperature of one pound of water one degree fahrenheit -
correct answer ✔✔ What is a british thermal unit?
Mercaptan - correct answer ✔✔ What chemical is added to gas before it is delivered for fuel in
homes or occupied facilities?
They were part of the earths original formation - correct answer ✔✔ According to the inorganic
theory, why are hydrocarbons found in the subsurface?
Upstream
Downstream
Midstream - correct answer ✔✔ What are the three distinct and dependent business sectors
that comprise the oil and gas value chain?
Downstream - correct answer ✔✔ What secor of the oil and gas industry is related to local
service stations?
Integrated oil and gas company- Contains Upstream, midstream and downstream sectors -
correct answer ✔✔ What is a company called that produces oil from a well, transports the oil to
the refinery and manufactures crude oil into various products?
Midstream - correct answer ✔✔ Which oil and gas sector consists primarily of gathering
facilities and transmission pipelines?
National Oil Company (NOC) - correct answer ✔✔ What is an organization called that is owned
exclusively by the government?
,Independent - correct answer ✔✔ What is a company called that deals exclusively in oil and gas
exploration and production activities?
The company's effectiveness of the system of internal control over Financial reporting - correct
answer ✔✔ Which of the following attestations by the Company's External auditors is required
by the SEC under the Sarbanes Oxley Act of 2002?
1. Safe Drinking Water Act
2. Oil Pollution Act
3. Migratory Bird Treaty Act - correct answer ✔✔ What are three US Environmental Protection
Agency regulations that impact the oil industry?
Oil-based mud - correct answer ✔✔ What drilling based fluid has the greatest environmental
impact if disposed onsite?
1. Death
2. Days way from work cases
3. Restricted activity/job transfer - correct answer ✔✔ What does recoverable work related
injuries include?
Vehicle accidents - correct answer ✔✔ What is the leading cause of serious injuries in the oil
field?
Human Error - correct answer ✔✔ What is the main cause of maritime tanker accidents?
A huge vacuum cleaner to clean oil floating on top of the water - correct answer ✔✔ What is a
skimmer?
, 1. Designing safe equipment
2. Enforcing Controls
3. Wearing protective gear - correct answer ✔✔ What are three main elements to reduce risk to
workers and the environment?
Hard hat, flame resistant clothing and ear plugs - correct answer ✔✔ Which items are typically
considered as personal protective equipment (ppe)?
Executive and Senior Management - correct answer ✔✔ Where does safety and incident
prevention start within an organization?
Preparing a job safety analysis and inspection checklist - correct answer ✔✔ What are two
common methods to check for and prevent job site hazards?
To prevent uncontrolled release of gas and fluids after pressure control systems have failed -
correct answer ✔✔ What is the purpose of a blow preventer?
Proved Developed, proved undeveloped, unproved probable, unproved possible - correct
answer ✔✔ Which of the following lists contains all categories of oil and gas reserves?
All petroleum that remains and is expected to be producible including what has not yet been
discovered - correct answer ✔✔ What describes ultimately recoverable reserves?
Management is optimistic of increases to commodity prices next year, which will allow for
additional drilling in the field - correct answer ✔✔ What is a factor that typically not taken into
consideration when management is trying to support the deferral of expensing drilling costs?
A dry hole that has been drilled on the property and there are no firm plans to continue drilling
- correct answer ✔✔ What is one of the primary indications of impairment of an undeveloped
property?
