Do You Know Your Way Around the World of Oil? Answers and Explanations

As of 8 August, the differential between light sweet crude from West Texas and ultraheavy crude from Western Canada was near a 5 year high at:

  1. $30 / bbl
  2. $26/ bbl
  3. $50/ bbl
  4. $40/ bbl

Answer: The gap is nearly $30 according to this story.

What kind of crude oil is this?

Source: Reuters.
  1. Western Canada Select
  2. Maya Heavy
  3. Laguna
  4. Marlim

Answer: Western Canada Select, which is illustrated in this CBC story.

Rystad Energy said offshore projects getting the go ahead this year cost considerably less than they did back in 2013. The average project budget has come down by around

  1. $800 million
  2. $1 billion
  3. $1.3 billion
  4. $1.8 billion

Answer: $800 million

Explanation: The average project now is $1 billion, compared to $1.8 billion before the bust, according to the consulting firm.

Related Read: Odds on the World vs. Permian Fight Are Narrowing

Which of the following is NOT a main goal for the use of diversion (chemical or mechanical) technology in a horizontal well completion strategy?

  1. Plug dominant fracture clusters
  2. Promote fracture asymmetry
  3. Prevent frac hits
  4. Distribute bottomhole energy in untreated perforations

Answer: Promote fracture asymmetry

Explanation: The goal of diversion is to more evenly fracture the reservoir, not promote asymmetry. For more about testing how well diversion is working read this JPT story.

Global oil demand was up 1.8% last year. How does that fit in with recent years?

  1. Marks 3 years of demand growth
  2. Breaks a 2-year run of declining demand
  3. Marks 5 years of strong demand
  4. A big gain following a flat year

Answer: Marks 3 years of demand growth.

Demand keeps surprising on the high side, and has for 3 years according to a recent outlook from BP.

Related Read: The Big Unknowns for World’s Balancing Act of Supply and Demand

Do You Know Your Way Around the World of Oil? Answers and Explanations

14 August 2018

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