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BSA 32P > Oil and Gas > Flashcards

Oil and Gas Flashcards

1
Q

Main mining legislation in the Philippines

A

Philippine Mining Act of 1995, Republic Act (RA) No. 7942

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2
Q

administers the mining industry and ensures compliance with the Mining Act. The _____________________ administers and disposes of mineral lands and resources through the grant of exploration permits (EPs) and/or Mineral Agreements (MAs) to duly qualified entities.

A

DENR – Mines and Geosciences Bureau

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3
Q

largest surface mine in Philippines, owned by Atlas Consolidated Mining and Development Corp.

A

Carmen Copper Mine

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4
Q

second largest surface mine, owned by Semirara Mining and
Power Corp.

A

Molave Project

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5
Q

third-largest mine; owned by Pacific Metals Co Ltd;Sojitz Corp;Nickel Asia Corp.

A

Taganito Mine

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6
Q

fourth-largest mine; owned by B2Gold Corp;Zoom Minerals Holdings Inc.

A

Masbate Mine

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7
Q

fifth-largest mine; owned by Semirara Mining and Power Corp.

A

Narra Project

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8
Q

continued to have the biggest share in installed
generating capacity in the entire country as of April 2021,

A

Aboitiz Power Corporation

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9
Q

business of oil and gas exploration and production

A

Upstream

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10
Q

business of oil and gas transportation, and storage

A

Midstream

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11
Q

business of oil and gas refining and marketing

A

Downstream

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12
Q

Leading oil companies

A

Shell
Petron Corporation
Chevron Philippines

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13
Q

extraction and utilization of minerals or other geological materials from an ore, lode, vein, seam, reef or placer deposit.

A

Mining

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14
Q

process of finding ore to mine

A

Exploration

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15
Q

Summary of how mining industries conduct their business

A

Phase 1: Exploration
Phase 2: Evaluation
Phase 3: Development
Phase 4: Production
Phase 4: Closure and rehabilitation

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16
Q

expended in the process of identifying hydrocarbon resources

A

Exploration costs

17
Q

dedicated to evaluating the technical feasibility and economic viability of the discovered resources

A

Evaluation costs

18
Q

mechanism through which governments enable the utilization of their nation’s hydrocarbon resources by leveraging the expertise of a commercial oil and gas entity.

A

Product sharing agreement

19
Q

play a crucial role in purifying and transforming oil and gas into consumer products like gasoline, jet fuel, heating oil, and asphalt

A

Refineries

20
Q

outlets where consumers refuel their vehicles at the pump.

A

gas station

21
Q

tasked with developing and executing all governmental plans, programs, projects, and initiatives pertaining to the exploration, development, utilization, distribution, and conservation of energy.

A

Department of Energy

22
Q

authority to regulate the rates, charges, and terms of service of electric power utilities.

A

Energy Regulatory Commission

23
Q

government-owned and controlled corporation, assumes the responsibility for the development, operation, and maintenance of power generation facilities

A

National Power Corporation

24
Q

largest coal producer in the Philippines and the sole power producer in the nation with ownership and extraction rights to its own fuel source.

A

Semirara Mining and Power Corporation

25
Q

the oldest mining company in the Philippines, currently engaged in the production and marketing of gold, silver, nickel ore, and limestone.

A

Benguet Corporation

26
Q

the largest oil refining and marketing firm in the Philippines, providing over one-third of the nation’s oil needs.

A

Petron Corporation

27
Q

Industry Characteristics (Oil and Gas)

A

Industry Characteristics:
* nonrenewable and finite character of oil, gas, and mineral resources
* high capital intensity
* long-lived assets
* price-taking producers (prices are set in global markets, and only to a limited extent influenced by individual producers)
* geographically immobile investments
* international nature of commodity markets and EI investors.

28
Q

Special Audit Considerations (Oil and Gas)

A

Special Audit Considerations:
* Accounting for Exploration and Evaluation Assets (PFRS 6)
* Development Assets and Mining Rights (PAS 16, PAS 38)
* Impairment of assets ↑ (PAS 36, PFRS 6)
* Asset Retirement Obligation (PAS 16, PAS 37)

29
Q

Risks faced by the oil and gas industry include, but are not limited to, the following:

A

Risks faced by the oil and gas industry include, but are not limited to, the following:

  • Exploration drilling risk
  • Developmental drilling risk
  • Production risk
  • Inaccurate proved reserve estimates
  • Risk of volatile oil and natural gas prices
  • Environmental issues and regulations—which could increase costs
  • Risks related to international operations
  • Risk of susceptibility of assets to natural disasters

BSA 32P (4 decks)

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