CHAPTER ONE INTRODUCTION 1.1 Background of Study The petroleum industry in Nigeria is the largest industry and main generator of GDP in Africa’s most populous nation. Since the British discovered oil in the Niger Delta in the late 1950s‚ the oil industry has been married by political and economic strife due to a long history of corrupt military regimes and the complicity of multinational corporations‚ notably Royal Dutch Shell. However it was not until the early 1990s‚ after the Nigerian
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The Balance of Payments of a country always balances The BOP accounts summarize international transactions for a specific period‚ usually a year‚ and are prepared in a single currency‚ typically the domestic currency for the country concerned. Since the balance of payment is based upon system of double-entry book-keeping‚ the total debits must equal to total credits. This is because two aspects of each transaction recorded are equal in amount but appear on opposite sides
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Why does oil prices rise and fall? Of all industries in the world‚ oil industry is indeed an international business which affects most countries in the world. As the oil is the most consumed energy‚ it plays a vital role in daily lives as well as economy and social development. Also‚ the oil industry leads to new technology development both directly and indirectly. It has been deployed as a means for economy and political negotiation. Nevertheless‚ “crude oil” when refined into various petroleum
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India’s balance of payments in transition C. P. Chandrasekhar Jayati Ghosh Recent weeks have seen a weakening of the rupee‚ even as the BSE Sensex shows signs of buoyancy. Underlying this trend are developments on the balance of payments front which point to a transition that could lead to an increase in external vulnerability‚ argue C. P. Chandrasekhar and Jayati Ghosh. WITH the rupee touching a 10-month low early this October and settling at well above the 44-to-the dollar mark‚ observers
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australia Balance Of Payment continues a pattern that has prevailed for many years‚ namely increasing current account deficit and growing foreign debs. some commentator believe that this trend in aussie BOP circumstances is emerging as a major threat to australia economic future. in contrast‚ other economist see the BOP of a lesser consequence and if a problem exist‚ in the long term‚ it’ll resolve itself undeniably‚ current account deficit need to be reined in over time and thus forms the context
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Oil Price Analysis: The Impact Of Supply & Demand By Greg McFarlane It’s easy to curse and moan when gas seems expensive. The oil companies are abusing the helpless customers who are effectively indentured to them‚ and can name their own prices thanks to a system of collusion and profiteering. Something‚ probably involving legislation‚ ought to be done. Except the truth lies elsewhere. In the long run‚ oil is about as purely elastic a commodity as there is‚ every movement on the production and consumption
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8.2.1 (iv) Fractional Distillation of Crude Oil By Blake Turner – Year 11 Fractional Distillation of Crude Oil Introduction Crude oil is the term for "unprocessed" oil‚ the stuff that comes out of the ground. It is also known as petroleum. Crude oil is a fossil fuel‚ meaning that it was made naturally from decaying plants and animals living in ancient seas millions of years ago -- most places you can find crude oil were once sea beds. Crude oils vary in colour‚ from clear to tar-black‚ and
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Crude Oil Crude oil is formed through a long process which took place millions of years ago. Huge numbers of microscopic animals and plants died and fell to the bottom of the sea‚ which is then covered by mud sediments. These mud sediments got buried by more of them‚ and then started to change into rock‚ which created pressure and increased temperature. This resulted in the deceased plants and animals to heat up and slowly turned into fossils which then turns into crude oil. Since oil is less dense
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Crude oil is a naturally occurring‚ unrefined petroleum product composed of hydrocarbon deposits. It is a fossil fuel‚ meaning that it was made naturally from decaying plants and animals. Crude oils vary in color‚ from clear to tar-black‚ and in viscosity‚ from water to almost solid. Crude oil can be refined to produce usable products such as gasoline‚ diesel and various forms of petrochemicals and as such‚ are a useful starting point for many different substances. Crude oil is also a naturally
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Heather Myers iLab‚ Week #6 CRUDE OIL DISTILLATION Introduction The purpose of this lab is to distill crude oil and learn how the chemical properties influence the temperature. The distillation of a substance is based on the boiling points. When the crude oil is brought to a boil‚ at 275°C‚ the gasoline and kerosene are distilled‚ but the lubricant remains part of the crude oil. Procedure 1. From the Equipment menu‚ select Distillation Equipment and obtain a Round Bottom Flask (100 ml). 2. Select
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