Petroleum Industry Fundamentals Flashcards
7 cards from real CPA practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Petroleum Industry Fundamentals flashcards as text
What is 'enhanced oil recovery' (EOR) and when is it typically applied?
Answer: Advanced techniques like CO2 injection or thermal methods used after secondary recovery
EOR (tertiary recovery) uses advanced methods such as CO2 injection, steam flooding, or polymer flooding to extract oil that cannot be recovered by primary or secondary methods.
What does 'proved reserves' mean in petroleum resource classification?
Answer: Volumes of oil and gas estimated to be recoverable under existing economic and operating conditions with reasonable certainty
Proved reserves are estimated volumes of oil and gas that geological and engineering data demonstrate with reasonable certainty to be recoverable under current economic conditions and operating methods.
What is 'directional drilling' and why is it used?
Answer: Intentionally drilling at an angle to reach targets not directly below the surface location
Directional drilling steers the wellbore at controlled angles to reach subsurface targets offset from the surface location, enabling access under obstacles like cities or bodies of water.
What is 'sour crude oil'?
Answer: Crude oil with a high sulfur content (above 0.5%)
Sour crude oil contains high levels of sulfur compounds, particularly hydrogen sulfide (H2S), with sulfur content exceeding 0.5% by weight, requiring additional refining steps.
Which regulatory agency primarily oversees offshore oil and gas drilling safety in the United States?
Answer: Bureau of Safety and Environmental Enforcement (BSEE)
BSEE (Bureau of Safety and Environmental Enforcement) is the primary federal agency responsible for safety and environmental oversight of offshore oil and gas operations on the US Outer Continental Shelf.
What is the primary difference between crude oil and natural gas in terms of their physical state at surface conditions?
Answer: Crude oil is a liquid and natural gas is a gas at surface temperature and pressure
At standard surface conditions (60°F, 14.7 psia), crude oil exists as a liquid mixture of hydrocarbons while natural gas is primarily methane and remains in the gaseous phase.
In the context of petroleum geology, what is 'porosity'?
Answer: The percentage of void space in a rock that can hold fluids
Porosity is the percentage of a rock's total volume that consists of open spaces (pores) capable of holding oil, gas, or water, and is a key measure of a reservoir's storage capacity.