Petroleum Law Quiz

Identify Parties to Petroleum agreement?

• Host government Country (HGC) and Service Provider

• OPEC and International Oil Companies (IOCs)

What is crude oil?

• gaseous substance

• Liquid substance

• renewable source of energy

• Methane

Crude Oil trades in

• British Thermal Units

• West Texas Intermediate

• Henry Hubb

• Barrels

Petroleum is important because of

• the need of its products

• its price

KOC and Aramco are examples of

• HGCs

• IOCs

• NOCs

• LOCs

Gas Flaring is related to

• Associated Gas

• Non-Associated Gas

• Free Gas

• Just Gas

New and Emerging Technologies are used in

• Conventional Drilling

• Unconventional Drilling

Most of the Petroleum Production in the world is by

• Offshore Operations

• Onshore Operations

How oil barrel is priced for example 100$?

• Benchmarked by OPEC

• Bench marked by WEST TEXAS INTERMEDIATE (WTI)

• Bench marked by HENRY HUBB

• Benchmarked by IOCs and HGCs

When horizental drilling is used, then it is

• Unconventional Drilling

• Conventional Drilling