OIL AND GAS ACCOUNTING: CRITICAL EXAMINATION OF THE APPLICATION OF THEORY TO PRACTICE IN NIGERIA 1.0 INTRODUCTION: The natural resources of a nation‚ particularly the minerals‚ often constitute the lion’s share of the nation’s wealth. This is particularly true of the OPEC nations including Nigeria. Prior to the development of accounting standards issued by the Nigerian Accounting Standards Board (NASB)‚ the financial statements published by the oil and gas industry in Nigeria did not disclose adequate
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Oil Spills Pollution in the ocean is a major problem that is affecting the ocean and the rest of the Earth. Pollution is the ocean directly affects ocean organisms and indirectly affects human heath and resources. Oil spills is one of the harmful materials that are a major source of pollution in the ocean. “Oil spills stem from accidents involving tankers‚ barges‚ pipelines‚ refineries‚ and storage facilities‚ often while the oil is being transported to its users.” (NOAA 2012) Based on information
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Fats and Oils TCP FST4826 1 Vegetable oil • • • • • • • • • • TCP Coconut oil Corn oil Cottonseed oil Olive oil Palm kernel oil Palm oil Peanut oil Rapeseed oil Soybean oil Sunflower oil 1. Palm oil 2. Soybean oil 3. Rapeseed oil 4. Sunflower oil 5. Palm kernel oil 6. Cottonseed oil 7. Peanut oil 8. Coconut oil 9. Olive oil 10. Corn oil FST4826 2 WHAT IS A FAT? • Chemical units commonly called "triacylglycerols" • “Lipids" - triacylglycerols‚ mono- and diacylglycerols‚
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Alie Bandasack Olive Oil Extra Credit. The methods to processing olive oil starts with picking the best olives. Next‚ they are crushed into paste‚ then add a little bit of water to turn it into little clumps. The mixture is later stirred and heated to about 82 degrees. Next‚ it is pressed into a compartment and rotated at a high speed and the paste and water/oil are separated. Now the oil may be bleached‚ deodorized and refined. Olive oil is composed mainly of mixed triglyceride esters of oleic
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Oil Spills: Their Environmental Impact on Our Oceans How do we prevent oil spills? (The last part) Oil spills are the most devastating environmental disasters. On the surface‚ oil spills directly pollute oceans‚ kill sea life‚ and damage the environment we live in. Furthermore‚ oil spills hurt the nation’s health‚ environment‚ tourist and the fishing business. Therefore‚ oil spills impact the entire economy and our standard of living. How do we prevent future oil spills and protect our oceans
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Agency for Development and Cooperation “Over 60% of all ecosystems on the globe are overexploited and have entered into a degradation cycle with often unknown consequences” (2004). Humans can offer some assistance in the matter by preservation and conservation of our natural resources. The ecosystem preservation can be best defined as the continued and uninterrupted natural cycle of a particular ecosystem by mankind. Even the slightest interruption by mankind on an ecosystem could easily bring an end
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Mineral oil is most commonly put to use in our daily lives as baby oil‚ which has a fragrance added to it. It is clear‚ odorless and colorless. It is formed as a by-product during the distillation of petroleum from crude oil‚ to produce gasoline and other petroleum-based products. It is produced in very large quantities and is inexpensively available in drug stores. Due to its easy availability and low value‚ it is put into use in a wide range of avenues. As a Laxative Doctors often recommend
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develop‚ and produce oil and gas from the property. Implied easement to use the surface in such ways and to such an extent as is reasonably necessary to obtain the minerals under the property Mineral interest owner has executive RIGHT to: a. Grant leases b. Bonus - payments made to induce the signing of the lease c. Delay rentals – payments for maintaining the lease without development or production d. Royalty – share of production e. Profits and duty to pay costs incurred
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CRUDE OIL For the past month and a half I have researched and followed Crude Oil prices in order to gain a better understanding of exactly what this commodity is‚ how it is traded‚ how it effects our overall market as well as our everyday lives. During this time I’ve learned the importance of understanding how and why commodities are traded everyday and will share with you exactly what I have learned from my research. In 1859 Colonel Drake stuck oil for the first time and became the first man
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Oil Pollution-Case Study The following case study is about the impacts that oil pollution produces in the sea‚ specifically in this case in the coasts of South Wales. This incident was due to the stranding of an oil tanker from the company Sea Empress. The cause for this oil pollution was that a 147‚000 tonne oil tanker from Sea Empress ran aground‚ even though they were controlled by the harbor pilots. The oil tanker would have been docked earlier but because of the heavy seas it took longer.
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