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Oil & Gas - Life Cycle (w1) p2
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Oil & Gas - Life Cycle (w1) p2

Created by
@KyuubiNepal

Questions and Answers

Why is regulatory compliance important in the oil and gas industry?

  • To enhance production
  • To increase product quality
  • To reduce transportation costs
  • To minimize risks and maintain a social license to operate (correct)

    • What happens during the decommissioning phase?

  • Products are transported
  • Geological surveys are conducted
  • Wells are drilled
  • Wells are closed, and sites are restored (correct)

    • Which phase focuses on restoring land and sealing wells to prevent environmental hazards?

  • Decommissioning (correct)
  • Exploration
  • Production
  • Refining

    • What is one of the main challenges faced by the oil and gas industry?

    <p>Volatile prices and geopolitical risks</p> Signup and view all the answers

    What is the primary goal of exploration companies during the exploration phase?

    <p>To assess the viability of drilling</p> Signup and view all the answers

    Which of the following is a method of oil transportation?

    <p>Tankers</p> Signup and view all the answers

    What is the main purpose of the production stage?

    <p>To extract oil and gas from wells</p> Signup and view all the answers

    What is the primary focus of the abandonment phase?

    <p>Sealing wells and restoring land</p> Signup and view all the answers

    What should the oil and gas industry prioritize to remain viable in the future?

    <p>Adapting to sustainable energy and addressing environmental responsibilities</p> Signup and view all the answers

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