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Oil and Gas Exploration and Production
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Wiki Wiki Summary
Offshore drilling Offshore drilling is a mechanical process where a wellbore is drilled below the seabed. It is typically carried out in order to explore for and subsequently extract petroleum that lies in rock formations beneath the seabed.
Offshore oil and gas in California Offshore oil and gas in California provides a significant portion of the state's petroleum production. Offshore oil and gas has been a contentious issue for decades, first over the question of state versus federal ownership, but since 1969 mostly over questions of resource development versus environmental protection.
Offshore oil and gas in the United States Offshore oil and gas in the United States provides a large portion of the nation’s oil and gas supply. Large oil and gas reservoirs are found under the sea offshore from Louisiana, Texas, California, and Alaska.
Louisiana Offshore Oil Port The Louisiana Offshore Oil Port (LOOP) is a deepwater port in the Gulf of Mexico 29 kilometers (18 nautical miles) off the coast of Louisiana near the town of Port Fourchon. LOOP provides tanker offloading and temporary storage services for crude oil transported on some of the largest tankers in the world.
Bit numbering In computing, bit numbering is the convention used to identify the bit positions in a binary number.\n\n\n== Bit significance and indexing ==\n\nIn computing, the least significant bit (LSB) is the bit position in a binary integer representing the binary 1s place of the integer.
Arithmetic Arithmetic (from Ancient Greek ἀριθμός (arithmós) 'number', and τική [τέχνη] (tikḗ [tékhnē]) 'art, craft') is an elementary part of mathematics that consists of the study of the properties of the traditional operations on numbers—addition, subtraction, multiplication, division, exponentiation, and extraction of roots. In the 19th century, Italian mathematician Giuseppe Peano formalized arithmetic with his Peano axioms, which are highly important to the field of mathematical logic today.
Emergency operations center An emergency operations center (EOC) is a central command and control facility responsible for carrying out the principles of emergency preparedness and emergency management, or disaster management functions at a strategic level during an emergency, and ensuring the continuity of operation of a company, political subdivision or other organization.\nAn EOC is responsible for strategic direction and operational decisions and does not normally directly control field assets, instead leaving tactical decisions to lower commands.
Operations research Operations research (British English: operational research), often shortened to the initialism OR, is a discipline that deals with the development and application of advanced analytical methods to improve decision-making. It is sometimes considered to be a subfield of mathematical sciences.
Surgery Surgery is a medical or dental specialty that uses operative manual and instrumental techniques on a person to investigate or treat a pathological condition such as a disease or injury, to help improve bodily function, appearance, or to repair unwanted ruptured areas.\nThe act of performing surgery may be called a surgical procedure, operation, or simply "surgery".
Bitwise operation In computer programming, a bitwise operation operates on a bit string, a bit array or a binary numeral (considered as a bit string) at the level of its individual bits. It is a fast and simple action, basic to the higher-level arithmetic operations and directly supported by the processor.
Operation (mathematics) In mathematics, an operation is a function which takes zero or more input values (called operands) to a well-defined output value. The number of operands (also known as arguments) is the arity of the operation.
Non-governmental organization A non-government organization (NGO) is an organization that generally is formed independent from government. They are typically nonprofit entities, and many of them are active in humanitarianism or the social sciences; they can also include clubs and associations that provide services to their members and others.
Governmental accounting Government accounting refers to the process of recording and the management of all financial transactions incurred by the government which includes its income and expenditures.\nVarious governmental accounting systems are used by various public sector entities.
Intergovernmental organization An intergovernmental organization (IGO) is an organization composed primarily of sovereign states (referred to as member states), or of other organizations through formal treaties for handling/serving common interests and governed by international laws. IGOs are established by a treaty that acts as a charter creating the group.
Government-organized non-governmental organization A government-organized non-governmental organization (GONGO) is a non-governmental organization that was set up or sponsored by a government in order to further its political interests and mimic the civic groups and civil society at home, or promote its international or geopolitical interests abroad.\n\n\n== History ==\nThe term GONGO had become established by the late 1980s, and it was suggested that it was first introduced by a group of Indonesian non-governmental organizations.Most contemporary attempts to understand GONGOs have come from studies of authoritarian contexts, where these organizations have proliferated as a deliberative strategy by the state to have a (corporatist) mechanism that feeds directly into a grassroots civic space.
List of non-governmental organisations in India This is a list of notable charitable projects and non-governmental organisations (NGOs) working in India or connected with Indian diaspora.\n\n\n== EDASHA FOUNDATION is a non govt company registered on 21 april 2022 under company act 2013 working towards imparting education to underprivileged children . ==
Federal government of the United States The federal government of the United States (U.S. federal government or U.S. government) is the national government of the United States, a federal republic in North America, composed of 50 states, a city within a federal district (the city of Washington in the District of Columbia, where the entire federal government is based), five major self-governing territories and several island possessions. The federal government is composed of three distinct branches: legislative, executive, and judicial, whose powers are vested by the U.S. Constitution in the Congress, the president and the federal courts, respectively.
Government of Canada The government of Canada (French: gouvernement du Canada) is the body responsible for the federal administration of Canada. A constitutional monarchy, the Crown is the corporation sole, assuming distinct roles: the executive, as the Crown-in-Council; the legislature, as the Crown-in-Parliament; and the courts, as the Crown-on-the-Bench.
Regulation A In the United States under the Securities Act of 1933, any offer to sell securities must either be registered with the United States Securities and Exchange Commission (SEC) or meet certain qualifications to exempt it from such registration. Regulation A (or Reg A) contains rules providing exemptions from the registration requirements, allowing some companies to use equity crowdfunding to offer and sell their securities without having to register the securities with the SEC. Regulation A offerings are intended to make access to capital possible for small and medium-sized companies that could not otherwise bear the costs of a normal SEC registration and to allow nonaccredited investors to participate in the offering.
Formula One regulations The numerous Formula One regulations, made and enforced by the FIA and later the FISA, have changed dramatically since the first Formula One World Championship in 1950. This article covers the current state of F1 technical and sporting regulations, as well as the history of the technical regulations since 1950.
Regulation (European Union) A regulation is a legal act of the European Union that becomes immediately enforceable as law in all member states simultaneously. Regulations can be distinguished from directives which, at least in principle, need to be transposed into national law.
Regulation of therapeutic goods The regulation of therapeutic goods, defined as drugs and therapeutic devices, varies by jurisdiction. In some countries, such as the United States, they are regulated at the national level by a single agency.
New York Codes, Rules and Regulations The New York Codes, Rules and Regulations (NYCRR) contains New York state rules and regulations. The NYCRR is officially compiled by the New York State Department of State's Division of Administrative Rules.
Liability (financial accounting) In financial accounting, a liability is defined as the future sacrifices of economic benefits that the entity is\nobliged to make to other entities as a result of past transactions or other past events, the settlement of which may result in the transfer or use of assets, provision of services or other yielding of economic benefits in the future.\n\n\n== Characteristics ==\nA liability is defined by the following characteristics:\n\nAny type of borrowing from persons or banks for improving a business or personal income that is payable during short or long time;\nA duty or responsibility to others that entails settlement by future transfer or use of assets, provision of services, or other transaction yielding an economic benefit, at a specified or determinable date, on occurrence of a specified event, or on demand;\nA duty or responsibility that obligates the entity to another, leaving it little or no discretion to avoid settlement; and,\nA transaction or event obligating the entity that has already occurredLiabilities in financial accounting need not be legally enforceable; but can be based on equitable obligations or constructive obligations.
Equity (finance) In finance, equity is ownership of assets that may have debts or other liabilities attached to them. Equity is measured for accounting purposes by subtracting liabilities from the value of the assets.
Statement of Assets, Liabilities, and Net Worth A Statement of Assets, Liabilities, and Net Worth (SALN) is an annual document that all government workers in the Philippines, whether regular or temporary, must complete and submit attesting under oath to their total assets and liabilities, including businesses and financial interests, that make up their net worth. The assets and liabilities of the official, his or her spouse, and any unmarried children under 18 who are living at home, must be included.
Legal liability In law, liable means "responsible or answerable in law; legally obligated". Legal liability concerns both civil law and criminal law and can arise from various areas of law, such as contracts, torts, taxes, or fines given by government agencies.
Accrued liabilities Accrued liabilities are liabilities that reflect expenses that have not yet been paid or logged under accounts payable during an accounting period; in other words, a company's obligation to pay for goods and services that have been provided for which invoices have not yet been received. Examples would include accrued wages payable, accrued sales tax payable, and accrued rent payable.
Common stock Common stock is a form of corporate equity ownership, a type of security. The terms voting share and ordinary share are also used frequently outside of the United States.
Common stock dividend A common stock dividend is the dividend paid to common stock owners from the profits of the company. Like other dividends, the payout is in the form of either cash or stock.
New York Stock Exchange The New York Stock Exchange (NYSE, nicknamed "The Big Board") is an American stock exchange in the Financial District of Lower Manhattan in New York City. It is by far the world's largest stock exchange by market capitalization of its listed companies at US$30.1 trillion as of February 2018.
Shareholders' agreement A shareholders' agreement (sometimes referred to in the U.S. as a stockholders' agreement) (SHA) is an agreement amongst the shareholders or members of a company. In practical effect, it is analogous to a partnership agreement.
Activist shareholder An activist shareholder is a shareholder who uses an equity stake in a corporation to put pressure on its management. A fairly small stake (less than 10% of outstanding shares) may be enough to launch a successful campaign.
Board of directors A board of directors (commonly referred simply as the board) is an executive committee that jointly supervises the activities of an organization, which can be either a for-profit or a nonprofit organization such as a business, nonprofit organization, or a government agency. \nThe powers, duties, and responsibilities of a board of directors are determined by government regulations (including the jurisdiction's corporate law) and the organization's own constitution and by-laws.
Shareholder oppression Shareholder oppression occurs when the majority shareholders in a corporation take action that unfairly prejudices the minority. It most commonly occurs in non-publicly traded companies, because the lack of a public market for shares leaves minority shareholders particularly vulnerable, since minority shareholders cannot escape mistreatment by selling their stock and exiting the corporation.
Shareholder primacy Shareholder primacy is a theory in corporate governance—especially when dealing with United States corporate law—holding that shareholder interests should be assigned first priority relative to all other corporate stakeholders. A shareholder primacy approach often gives shareholders power to intercede directly and frequently in corporate decision-making, through such means as unilateral shareholder power to amend corporate charters, shareholder referenda on business decisions and regular corporate board election contests.
Risk Factors
OCEANEERING INTERNATIONAL INC ITEM 1A RISK FACTORS Investors in our company should consider the following matters, in addition to the other information we have provided in this report and the documents we incorporate by reference
We derive most of our revenue from companies in the offshore oil and gas industry, a historically cyclical industry with levels of activity that are significantly affected by the levels and volatility of oil and gas prices
We derive most of our revenue from customers in the offshore oil and gas exploration, development and production industry
The offshore oil and gas industry is a historically cyclical industry characterized by significant changes in the levels of exploration and development activities
Oil and gas prices, and market expectations of potential changes in those prices, significantly affect the levels of those activities
Worldwide political, economic and military events have contributed to oil and gas price volatility and are likely to continue to do so in the future
Any prolonged reduction in the overall level of offshore oil and gas exploration and development activities, whether resulting from changes in oil and gas prices or otherwise, could materially and adversely affect our financial condition and results of operations in our segments within our Oil and Gas business
Some factors that have affected and are likely to continue affecting oil and gas prices and the level of demand for our services and products include the following: • worldwide demand for oil and gas; • general economic and business conditions and industry trends; • the ability of the Organization of Petroleum Exporting Countries, or OPEC, to set and maintain production levels and pricing; • the level of production by non-OPEC countries; • domestic and foreign tax policy; • laws and governmental regulations that restrict exploration and development of oil and gas in various offshore jurisdictions; • rapid technological changes; • the political environment of oil-producing regions; • the price and availability of alternative fuels; and • overall economic conditions
Our international operations involve additional risks not associated with domestic operations
A significant portion of our revenue is attributable to operations in foreign countries
These activities accounted for approximately 59prca of our consolidated revenue in the year ended December 31, 2005
Risks associated with our operations in foreign areas include risks of: • war and civil disturbances or other risks that may limit or disrupt markets; • expropriation, confiscation or nationalization of assets; • renegotiation or nullification of existing contracts; • foreign exchange restrictions; • foreign currency fluctuations; • foreign taxation; • the inability to repatriate earnings or capital; • changing political conditions; • changing foreign and domestic monetary policies; • social, political, military and economic situations in foreign areas where we do business and the possibilities of war, other armed conflict or terrorist attacks; and • regional economic downturns
13 _________________________________________________________________ [77]Table of Contents Additionally, in some jurisdictions we are subject to foreign governmental regulations favoring or requiring the awarding of contracts to local contractors or requiring foreign contractors to employ citizens of, or purchase supplies from, a particular jurisdiction
These regulations may adversely affect our ability to compete
Our exposure to the risks we described above varies from country to country
In recent periods, political instability and civil unrest in Indonesia and West Africa and general economic downturns in Asia and Brazil have been our greatest concerns
There is a risk that a continuation or worsening of these conditions could materially and adversely impact our future business, operations, financial condition and results of operations
Of our total consolidated revenue for the year ended December 31, 2005, we generated approximately 13prca from our operations in West Africa, 1prca from our operations in Indonesia, 5prca from our operations in Asia excluding Indonesia and 4prca from our operations in Brazil
Our operations are subject to the hazards inherent in the offshore oilfield business
These include blowouts, explosions, fires, collisions, capsizings and severe weather conditions
These hazards could result in personal injury and loss of life, severe damage to or destruction of property and equipment, pollution or environmental damage and suspension of operations
We may incur substantial liabilities or losses as a result of these hazards
While we maintain insurance protection against some of these risks, and seek to obtain indemnity agreements from our customers requiring the customers to hold us harmless from some of these risks, our insurance and contractual indemnity protection may not be sufficient or effective to protect us under all circumstances or against all risks
The occurrence of a significant event not fully insured or indemnified against or the failure of a customer to meet its indemnification obligations to us could materially and adversely affect our results of operations and financial condition
Laws and governmental regulations may add to our costs or adversely affect our operations
Our business is affected by changes in public policy and by federal, state, local and foreign laws and regulations relating to the offshore oil and gas industry
Offshore oil and gas exploration and production operations are affected by tax, environmental, safety and other laws, by changes in those laws and changes in related administrative regulations
It is also possible that these laws and regulations may in the future add significantly to our operating costs or those of our customers or otherwise directly or indirectly affect our operations
Environmental laws and regulations can increase our costs, and our failure to comply with those laws and regulations can expose us to significant liabilities
Risks of substantial costs and liabilities related to environmental compliance issues are inherent in our operations
Our operations are subject to extensive federal, state, local and foreign laws and regulations relating to the generation, storage, handling, emission, transportation and discharge of materials into the environment
Permits are required for the operation of various facilities, and those permits are subject to revocation, modification and renewal
Governmental authorities have the power to enforce compliance with their regulations, and violations are subject to fines, injunctions or both
In some cases, those governmental requirements can impose liability for the entire cost of cleanup on any responsible party without regard to negligence or fault and impose liability on us for the conduct of or conditions others have caused, or for our acts that complied with all applicable requirements when we performed them
It is possible that other developments, such as stricter environmental laws and regulations, and claims for damages to property or persons resulting from our operations, would result in substantial costs and liabilities
Our insurance policies and the contractual indemnity protection we seek to obtain from our customers may not be sufficient or effective to protect us under all circumstances or against all risks involving compliance with environmental laws and regulations
We may issue preferred stock whose terms could adversely affect the voting power or value of our common stock
Our certificate of incorporation authorizes us to issue, without the approval of our shareholders, one or more classes or series of preferred stock having such preferences, powers and relative, participating, optional and other rights, including preferences over our common stock respecting dividends and distributions, as our board of directors may determine
The terms of one or more classes or series of preferred stock could adversely impact the voting power or value of our common stock
For example, we might grant holders of preferred stock the right to elect some number of our directors in all events or on the happening of specified events or the right to veto specified transactions
Similarly, the repurchase or redemption rights or liquidation preferences we might assign to holders of preferred stock could affect the residual value of the common stock
14 _________________________________________________________________ [78]Table of Contents Provisions in our corporate documents and Delaware law could delay or prevent a change in control of our company, even if that change would be beneficial to our shareholders
The existence of some provisions in our corporate documents and Delaware law could delay or prevent a change in control of our company, even if that change would be beneficial to our shareholders
Our certificate of incorporation and bylaws contain provisions that may make acquiring control of our company difficult, including: • provisions relating to the classification, nomination and removal of our directors; • provisions regulating the ability of our shareholders to bring matters for action at annual meetings of our shareholders; • provisions requiring the approval of the holders of at least 80prca of our voting stock for a broad range of business combination transactions with related persons; and • the authorization given to our board of directors to issue and set the terms of preferred stock
In addition, we have adopted a shareholder rights plan that would cause extreme dilution to any person or group who attempts to acquire a significant interest in Oceaneering without advance approval of our board of directors, while the Delaware General Corporation Law would impose some restrictions on mergers and other business combinations between us and any holder of 15prca or more of our outstanding common stock