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The oil and gas industry



The oil and gas industry is one of the largest in the world. It is made up of a small number of conglomerates and a very large number of smaller independent companies. Generally speaking, the industry is divided into two areas. Upstream operations involve exploration and production, often known as E&P, while downstream operations involve transportation, refining and sales of products to consumers.

Relationships between companies can be very complex, with large companies owning multi subsidiaries around the world. In some cases, they compete for market share, in others the, can be suppliers and customers of one another. They make joint ventures with other large companies for specific projects and there are frequent mergers and acquisitions.

Oil and gas production takes place onshore and offshore. Oil and gas companies are engage in a constant search to discover new reserves and to obtain extraction rights for proved reserves. Construction of drilling wells and rigs is an enormous risk and companies need to calculate supply and demand in order to be certain that an operation will be profitable before it comes on-stream.

 

Задание 2. Проверьте и укажите, какая информация является достоверной в соответствии с последними данными Internet:

1. The world produces and consumes 75 million barrels of oil a day.

2. The USA consumes 25% of the world's supply of oil.

3. China is the second largest consumer.

4. Sixty-eight per cent of the world's oil reserves are in the Middle East.

5. The price of a barrel of oil quadrupled from US$3 to $12 in the 1973 oil crisis.

6. The Thunder Horse platform in the Gulf of Mexico was hit by two hurricanes in 2005.

7. The biggest oil field in the world is in Venezuela.

8. Oil and gas conglomerates employ 70% of their resources in upstream operations.

 

Task 3. Fill in the gaps with prepositions:

Задание 3. Заполните пропуски предлогами:

1. Demand _____ oil will continue to increase until 2015.

2. The market _____ liquefied natural gas is growing steadily.

3. Consumption _____ fossil fuels has declined slightly in recent years.

4. The supply _____ North Sea oil can be maintained until around 2024.

5. Transportation _____ oil presents many security risks.

6. Reserves _____ natural gas are being found almost daily.

7. Drilling _____ oil and gas is a major part of our upstream operations.

8. The extraction _____ oil at the Burgan field began in 1946.

9. Exploration _____ oil and gas has been going on for over a hundred years.

10. Production _____ gas from deep-water reserves is our main area of expertise.



 

Task 4. Form same root words as in the example:

Задание 4. Образуйте однокоренные слова по образцу:

Verb Noun (abstract) Noun (person)
operate operation operator
extract    
  competition  
  acquisition  
    consumer
produce    
explore    
subcontract    
  supply  
transport    

Task 5. Fill in the gaps with words from the table below:

Задание 5. Заполните пропуски словами из ниже представленной таблицы:

London is where BP’s corporate headquarters are (1) _____ and the UK is therefore a centre for many of its mainstream business functions. The UK is also home to three of BP’s major global research and technology (2) _____.

Our (3) _____ and production business in Europe covers the North Sea – both the UK and Norway – and also The Netherlands. In Russia, we have an important joint venture through our 50% (4) _____ of TNK-BP, a major oil company with the majority of its assets in Russia. We are involved in a number of E&P projects in Azerbaijan, and are leading the Baku-Tbilisi-Ceyhan (BTC) pipeline project.

Refining and marketing activities are spread throughout Europe, with BP owning or having a stake in nine (5) _____ across the region. BP retail sites are a common sight in several European countries. In Germany, we (6) _____ under the ARAL brand. We also sell lubricants and other oil products in Europe to both (7) _____ and business customers.

group grouped grouping group groups
explore explored exploring explorer exploration
own owned owning owner ownership
refine refined refining refinery refineries
market marketed marketing market  
consume consumed consuming consumer consumers

Task 6. Retell the text using new words and word combinations:





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