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Fundamentals of Oil & Gas Industry
Part
One:
Multiple
choices:
1.
The major field(s) of application of gas turbine
is (are)
a. Aviation
b. Oil and
gas industry
c. Marine
propulsion
d. All of
the above
2.
The following is (are) the limitation(s) of gas
turbines.
a.
They are not self-starting
b.
Higher rotor speeds
c.
Low efficiencies at part loads
d.
All of the above
3.
The ratio of heat actually released by 1kg of
fuel to heat that would be released by complete perfect combustion, is called
a.
Thermal efficiency
b.
Combustion efficiency
c.
Engine efficiency
d.
Compression efficiency
4.
The percentage of total energy input appearing
as network output of the cycle
a.
Thermal efficiency
b.
Combustion efficiency
c.
Engine efficiency
d.
Compression efficiency
5.
The following method(s) can be used to improve
the thermal efficiency of open cycle gas turbine plant
a.
inter-cooling
b.
Reheating
c.
Regeneration
d.
All of the above
6.
Which of the following is (are) used as starter
for a gas turbine
a.
An Internal combustion engine
b. A steam turbine
c. An auxiliary electric motor
d. All of the above
7.
Gas turbine is shut down by
a.
Turning off starter
b.
Stopping the compressor
c.
Fuel is cut off from the combustor
d.
Any of the above
8.
In gas turbine, intercooler is placed
a.
before low pressure compressor
b.
in between low pressure compressor and high pressure compressor
c.
in between high pressure compressor and turbine
d.
None of the above
9.
In gas turbine, the function of Re-heater is to
a.
Heat inlet air
b.
Heat exhaust gases
c.
Heat air coming out of compressor
d.
Heat gases coming out of high pressure turbine
10.
The ‘work ratio’ increases with
a.
increase in turbine inlet pressure
b.
decrease in compressor inlet temperature
c.
decrease in pressure ratio of the cycle
d.
all of the above
Part
Two:
1.
What is API? How is API gravity calculated?
2.
Who is EIA? How does it present its report?
3.
What is OPEC? Name few members of OPEC.
4.
How would you describe the company’s leadership
philosophy?
Caselet
1
In
a recent case, it emerged that Frank Finn, a sales director at ABC Co, had been
awarded a substantial over-inflation annual basic pay award with no apparent
link to performance. When a major institutional shareholder, Swanland
Investments, looked into the issue, it emerged that Mr Finn had a cross
directorship with Joe Ng, an executive director of DEF Co. Mr Ng was a
non-executive director of ABC and chairman of its remunerations committee.
Swanland Investments argued at the annual general meeting that there was ‘a
problem with the independence’ of Mr Ng and further, that Mr Finn’s
remuneration package as a sales director was considered to be poorly aligned to
Swanland’s interests because it was too much weighted by basic pay and
contained inadequate levels of incentive.
Swanland
Investments proposed that the composition of Mr Finn’s remuneration package be
reconsidered by the remunerations committee and that Mr Ng should not be
present during the discussion. Another of the larger institutional
shareholders, Hanoi House, objected to this, proposing instead that Mr Ng and
Mr Finn both resign from their respective non-executive directorships as there
was ‘clear evidence of malpractice’. Swanland considered this too radical a
step, as Mr Ng’s input was, in its opinion, valuable on ABC’s board.
Questions:
1.
Explain FOUR roles of a remunerations committee
and how the cross directorship undermines these roles at ABC Co.
2.
Swanland Investments believed Mr Finn’s
remunerations package to be ‘poorly aligned’ to its interests. With reference
to the different components of a director’s remunerations package, explain how
Mr Finn’s remuneration might be more aligned to shareholders’ interests at ABC
Co.
3.
Evaluate the proposal from Hanoi House that both
Mr Ng and Mr Finn be required to resign from their respective non-executive
positions.
Caselet
2
As
part of a review of its internal control systems, the board of FF Co, a large textiles
company, has sought your advice as a senior accountant in the company. FF’s
stated objective has always been to adopt the highest standards of internal
control because it believes that by doing so it will not only provide
shareholders with confidence in its governance but also enhance its overall
reputation with all stakeholders. In recent years, however, FF’s reputation for
internal control has been damaged somewhat by a qualified audit statement last
year (over issues of compliance with financial reporting standards) and an
unfortunate internal incident the year prior to that. This incident concerned
an employee, Miss Osula, expressing concern about the compliance of one of the
company’s products with an international standard on fire safety. She raised
the issue with her immediate manager but he said, according to Miss Osula, that
it wasn’t his job to report her concerns to senior management. When she failed
to obtain a response herself from senior management, she decided to report the
lack of compliance to the press. This significantly embarrassed the company and
led to a substantial deterioration in FF’s reputation. The specifics of the
above case concerned a fabric produced by FF Co, which, in order to comply with
an international fire safety standard, was required to resist fire for ten
minutes when in contact with a direct flame. According to Miss Osula, who was a
member of the quality control staff, FF was allowing material rated at only
five minutes fire resistance to be sold labelled as ten minute rated. In her
statement to the press, Miss Osula said that there was a culture of carelessness
in FF and that this was only one example of the way the company approached
issues such as international fire safety standards.)
 |
| MIB IIBM CASE STUDY ANSWER SHEETS - Explain, with reference to FF as appropriate, the ethical responsibilities of a professional accountant both as an employee and as a professional |
Questions:
1.
Describe how the internal control systems at FF
Co differ from a ‘sound’ system of internal control, such as that set out in
the Turnbull guidance, for example.
2.
Define ‘reputation risk’ and evaluate the
potential effects of FF’s poor reputation on its financial situation.
3.
Explain, with reference to FF as appropriate,
the ethical responsibilities of a professional accountant both as an employee
and as a professional.
Section
C: Applied Theory (30 marks)
1.
Risk management tools and techniques are used to
minimize hazardous events associated with oil and gas exploration and
production activities.
(a)
Identify risk management tools and techniques.
(b)
Identify the steps of risk management AND outline EACH of the steps identified.
(c)
Identify project phases where risk management applies.
2.
Outline the content of a procedure for bypassing
an emergency shutdown (ESD) system.
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