Resources Flashcards
(27 cards)
What is a resource?
Any aspect of natural environment that can be acquired to meet a human’s needs
What is resource security?
The ability of a country to safeguard a reliable resource flow to meet standards
What is a critical flow? Give examples
Something that may be depleted if use goes beyond capacity to regenerate- Eg; Wood, fossil fuels etc
What is a non critical flow? Give examples
Something that won’t run out- Wind
What is ‘virtual water’ ?
Hidden water in trade of food or commodoties
What is a reserve?
Part of a resource base that is economically, legally and technically viable to extract
What is unconventional oil?
Oil that is extracted using more complex, expensive methods. Such as hydraulic fracking or tar sands
What is the resource peak?
Point of maximum rate of resource exploitation. Where oil is at it’s cheapest and you’ve reached the 50%
What is a possible resource?
Something that is thought to exist, not yet been sampled
What is an inferred resource?
Limited sampling, no measurement
What is an indicated reserves?
Partially measure but don’t know the extent of it, probable reserve sufficient sampling to justify investment
What are proven reserves?
Economically viable as have done a feasibility study
What does OPEC stand for?
Organisation of the petroleum exporting countries
What are the five stages in resource development?
For each stage give a description about them
Exploration - locate and evaluate resource
Exploitation- Extract it - change to secondary energy- transport it
Depletion- Resource begins to run out
Development- New methods (tertiary and secondary) injecting gas and or water
Exhaustion- No longer physically or economically viable tp extract
What are physical risks?
Quantity; Quality; physical location and accessibility; technology available.
What are price risks?
Providing energy at reasonable prices
What are geopolitical risks?
- Physical supply disruption due to political interference in transit routes
- Dependance on unstable countries
- Market dominance by producers
What are OPEC’s main 3 aims?
Promote individual interests
Provide efficient supplies
Control 72% of worlds oils
What is secondary energy? Give an example
Energy that has to be converted from primary energy first to be used to power things
What is primary energy? Give an example
Energy that can be generated straight from it’s source
What is a conventional oil reserve?
The general way of collecting oil which is usually the more simple method
What is an unconventional oil reserve?
The more complicated and sometimes costly option of collecting oil instead of using the conventional method
What limit OPEC’s influence on the world?
Other companies that provide oil
US and Russia are major providers of oil which compete against OPEC and undercut each other
What is the ANWR? Why wasn’t it exploited in the past?
Arctic National Wildlife Refuge
1) Oil banned from being drilled there
2) Difficult to access
3) Environmental
