Topic: IFRS and US GAAP in the Oil and Natural Gas Industry Summer 2013 July 17‚ 2013 Introduction Many countries in the world speaks many different languages when it comes to financial reporting. When one compare the accounting standards years ago to what is seen today‚ it’s shown that investors tolerated a great deal. As the markets are becoming global‚ investors are choosing the better global accounting standards that are available to them. For this reason‚ this paper will point out the International
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Shale Gas(셰일 가스) Shale is one of the most common sedimentary rocks in the world and it is primarily composed of clay and fragments of other minerals such as quartz and calcite. Shale can be the source‚ reservoir and the seal for natural gas. Shale formations normally have low permeability (limited ability for gas or fluids to flow easily through the shale formation) and normally require stimulation techniques (such as fracturing) to economically produce shale gas. Shale gas is natural gas that
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Bayelsa‚ Cross River‚ Delta‚ Edo‚ Imo‚ Ondo and Rivers); being made up of 185 local governments of over 800 communities from 12 major ethnic groups‚ with a population of about 30 million people. The country is richly endowed with crude oil and natural gas deposits which are the main source of energy and foreign exchange earnings. “Blood may be thicker than water‚ but oil is thicker than both”‚ - Perry Anderson‚ New Left Review‚ 10‚ 2001‚ p.30. The exploration of oil in Nigeria started in 1908 with the
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WHAT IS COAL SEAM GAS (CSG)? CSG is a naturally occurring methane gas which is known as Coal Bed Methane (CBM). It is a-by product of ancient plant matter that has formed over millions of years by the same natural processes which produce coal. Not long ago this gas was identified as a major problem in the underground coal mining industry due to it’s high flammability despite this‚ it is now recognised as a very profitable resource. The coal seams are generally filled with water and it is the
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weapons became popular. Poison gas‚ such as mustard and chlorine became the number one thing to use. Gas was invented to cause fear to the soldiers the army was fighting. The gas could cause death quickly over a few days which was why poison gas was the most feared of all the soldiers. Poison gas could be used when the soldiers wanted to knock out a large amount of people without having to do much. Gun shots from a machine gun were more common but using the gas put the soldiers in more pain which
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The global oil and gas industry also involves the exploration and production of commodity and energy trading‚ pipeline monitoring and renewable energy. Petroleum is proved to be one of the most valuable commodities in the world today and a vital factor in the sustenance of industrial civilization. Crude oil production accounts for a significant amount of the world’s oil consumption‚ approximately 53% in the Middle East‚ 32% in Europe and Asia‚ 44% in South and Central America‚ 41% in Africa and
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The respiratory system is a vital factor of gas exchange due to its structures. The structure provides an efficiency to the process. Gas exchange requires an efficient system because it is a process through which blood circulates around the body‚ collects oxygen‚ delivers the oxygen to the organs that require it and releases carbon dioxide. oxygen and carbon dioxide enter and exit the body in opposite directions across a respiratory surface area that supplies enough oxygen to allow the process to
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Coal Seam Gas What is it? Coalbed methane‚ also more commonly known as coal seam gas (CSG) in Australia‚ is a type of natural gas removed from coal beds. It has been labelled as an unconventional natural gas along with tight gas and shale gas. They are labelled as "unconventional" as a result of their unusual reservoir types. It is removed from coal seams that are 300 - 1000 metres underground‚ and it is mainly composed of methane gas. It is typically extracted by drilling a steel-encased hole
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can cut thicknesses from 0.5mm to 2‚500mm‚ the equipment is low cost and can be used manually or mechanized There are several fuel gas and nozzle design options that can significantly enhance performance in terms of cut quality and cutting speed. Process fundamentals The cutting process is illustrated in Fig. 1. Basically‚ a mixture of oxygen and the fuel gas is used to preheat the metal to its ’ignition’ temperature which‚ for steel‚ is 700°C - 900°C (bright red heat) but well below its melting
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Håvard Devold Oil and gas production handbook An introduction to oil and gas production ISBN 978-82-997886-1-8 PREFACE This handbook has been compiled for readers with an interest in the oil and gas production industry. It is an overview of the main processes and equipment. When we searched for a suitable introduction to be used for new engineers‚ I discovered that much of the equipment is described in standards‚ equipment manuals and project documentation. But little material was
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