Chapter 6 (Case 6-1 CHINA PETROLEUM AND CHEMICAL CORPORATION) 1.The net profit figure reported under PRC GAAP is RMB 19‚011 million. This is RMB 2‚592 million lower than the amount under IFRS‚ and RMB 6‚566 million lower than the amount under U.S. GAAP. The net profit figure of RMB 19‚011 reported under PRC GAAP was increased to RMB 21‚593 under IFRS. The increase of RMB 2‚582 under IFRS was due to the following reasons: Dep. and disposal of oil and gas properties RMB3‚044 Acquisition of subsidiaries
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Cash Flow Valuation – Proved Developed Reserves Discounted Cash Flow Valuation – Proved Undeveloped Reserves Discounted Cash Flow Valuation – Probable Reserves Discounted Cash Flow Valuation – Possible Reserves Question 3 To value MW Petroleum we would consider the assets in place and the option bearing assets discretely. The assets in place consist of the proved developed reserves since they are already producing a determinable quantity of oil and natural gas‚ as well as the non-producing
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close look at my Resume will indicate that I majored in the exploitation of oil and gas fields in my undergraduate program and specialized in petroleum engineering‚ a similar specialty‚ in my Master’s program. It may well be asked why I maintain such a close affinity with petroleum. The answer is simple and straightforward—because I was born and I grew up on an oil field and I have cherished a deep love for all that it represent. Even as a child‚ I had a habit of watching for hours how beam-pumping
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Gouanet 1 Cedric Gouanet Professor Dingee English 1301 February 23‚ 2014 Petroleum Engineering Petroleum engineering is a field of engineering concerned with the activities related to the production of crude oil or natural gas. Crude oil is a truly nontoxic‚ natural‚ and biodegradable product. It is the most important natural resource of the industrialized nations. It can generate heat‚ drive machinery and fuel vehicles and airplanes. Its components are used to manufacture almost all chemical
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Graduation Project 10 December 2012 Petroleum Engineering: The Impact on Today’s Society The United States’ dependency for foreign oil is at its all-time high with the demand for oil continuing to grow. Americans depend on oil for transportation‚ heating‚ and power. Within the last five to ten years‚ the growing desire for more efficient ways of fueling has skyrocketed. Petroleum engineering has sparked a revolution throughout the nation. It has made a strong influence on the whole nation but
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Executive Summary Occidental Petroleum Corporation (OXY) prevailed in 2009 regardless of the state of the global economy and competition from larger companies. Focusing on long-term growth‚ Occidental aims to increase production and profits by acquiring local and global oil and gas reserves. They maintain their competitive advantage through the development of strong relationships with both local foreign counterparties. This is typically a difficult feat when faced with potential commodity
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Petroleum Exploration and Production consists of four major processes of exploration‚ well-development‚ production and site abandonment. In this assignment‚ we had chosen the major process of exploration and production. Petroleum Exploration is conducted to find and detect the site which contains oil or natural gas. Visible surface features such as oil seeps‚ natural gas seeps‚ pockmarks provide basic evidence of hydrocarbon generation. However‚ most exploration depends on highly sophisticated
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Introduction to Petroleum Technology By: NUR KHASILAH BT ABDORAHMAN 2012228568 930223-13-5588 CHAPTER 1 REVIEW – How The Earth Was Formed So‚ let we start with the origin of universe. it has been stated in The Big Bang theory. Over 13.5 billions years ago‚ a gigantic explosion produce energy and fundamental particle that created the universe. This mean that all the things that we see today such as rock‚ animal‚ plant‚ water was created during that time. First‚ quark is formed which is proton
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Pioneer Petroleum is a multinational corporation that is in position to capitalize on investments all around the World. Within the industry Pioneer’s gasoline are among the cleanest burning fuels. They are better position than most to meet strict environmental guidelines as they currently have clean efficient running plants positioned to capitalize on less polluted products. Also Pioneer Petroleum is heavily involved in exploration and devilment. From 1924 to the present‚ pioneer has been able
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Petroleum products are used widely in our everyday lives. They are used to power automobiles produce containers and to keep us warm. Petroleum‚ or crude oil is liquid composed of various organic chemicals. It is found in large quantities below the surface of Earth and is used as a fuel and as a raw material in the chemical industry. The word petroleum comes from the two Latin words "petro" and "leum" "petro" meaning rock and "leum" meaning oil. The chemical composition of all petroleum is principally
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