Q1 For the following say true or false and correct the wrong phrase 1- Part of the role of petroleum economics and engineering is to assess the appropriateness of a given project, estimate its value, and justify it from an engineering standpoint 2- Proven reserves does not change from year to year. 3- low oil prices induce more discoveries which increase the amount of proven reserves

ENGR.ECONOMIC ANALYSIS
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Chapter1: Making Economics Decisions
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Q1 For the following say true or false and correct the wrong phrase 1- Part of the role of petroleum economics and engineering is to assess the appropriateness of a given project, estimate its value, and justify it from an engineering standpoint 2- Proven reserves does not change from year to year. 3- low oil prices induce more discoveries which increase the amount of proven reserves 4- Financial and electronic revolutions caused massive market speculation and more fluctuation in oil prices. 5- Natural gas prices outside the United States are basically has ni relation of oil prices through long-term contracts. 6- capital and exploration expenditure has decreased as a result of the low price of new technologies and the shortage of skilled human resources 7- The supply of crude oil is generally regarded as inelastic with respect to price 8- The refining industry is located mostly where oil is consumed 9- Oil Marketing is the most simplest sector of the world oil industry 10-Aviation fuel tends to be an especially profitable marketing area.
Q1
For the following say true or false and correct the wrong phrase
1- Part of the role of petroleum economics and engineering is
to assess the appropriateness of a given project, estimate its
value, and justify it from an engineering standpoint
2- Proven reserves does not change from year to year.
3- low oil prices induce more discoveries which increase the
amount of proven reserves
4- Financial and electronic revolutions caused massive market
speculation and more fluctuation in oil prices.
5- Natural gas prices outside the United States are basically has
ni relation of oil prices through long-term contracts.
6- capital and exploration expenditure has decreased as a
result of the low price of new technologies and the shortage
of skilled human resources
7- The supply of crude oil is generally regarded as inelastic with
respect to price
8- The refining industry is located mostly where oil is
consumed
9- Oil Marketing is the most simplest sector of the world oil
industry
10-Aviation fuel tends to be an especially profitable marketing
area.
Transcribed Image Text:Q1 For the following say true or false and correct the wrong phrase 1- Part of the role of petroleum economics and engineering is to assess the appropriateness of a given project, estimate its value, and justify it from an engineering standpoint 2- Proven reserves does not change from year to year. 3- low oil prices induce more discoveries which increase the amount of proven reserves 4- Financial and electronic revolutions caused massive market speculation and more fluctuation in oil prices. 5- Natural gas prices outside the United States are basically has ni relation of oil prices through long-term contracts. 6- capital and exploration expenditure has decreased as a result of the low price of new technologies and the shortage of skilled human resources 7- The supply of crude oil is generally regarded as inelastic with respect to price 8- The refining industry is located mostly where oil is consumed 9- Oil Marketing is the most simplest sector of the world oil industry 10-Aviation fuel tends to be an especially profitable marketing area.
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