denyse shares terms

[Laestrella@aol.com]

Hey everyone! I thought I would share with the class the few review terms I have completed. I figure I have already done the work, so why not share with everyone else. Good luck on the final!
Denyse Demel
Azerbaijan-
Ex-Soviet state. Since becoming independent in 1991, Azerbaijan has attracted significant international interest in its substantial oil and natural gas reserves. Foreign investors are helping the country to develop its rich oil and natural gas reserves in the Caspian Sea basin, and construction of new pipelines may allow Azerbaijan to become a significant energy exporter in the next decade.  Crude oil and oil product exports make up over 70% of Azerbaijan's exports, and oil-related revenue makes up nearly 50% of budget revenues. Azerbaijan is one of the world's oldest oil-producing countries. The country's oil industry experienced a boom at the beginning of the 20th century, and during World War II, the Azerbaijani Soviet Republic produced approximately 500,000 barrels per day (bbl/d). However, oil production in Azerbaijan dropped off dramatically in the post-war years as the Soviet Union directed resources for energy development elsewhere. In addition, due to extensive oil development combined with a lack of environmental protection measures, Azerbaijan's coastline and the Caspian Sea suffered heavy environmental damage during the Soviet era.

Nagorno-Karabakh-
In Azerbaijan. Huge battle between Azeri's and Armenians began in 1988, Armenians won. The western route for "early oil" from Baku, Azerbaijan, to Supsa on the Georgian Black Sea Coast (as well as the planned "Main Export Route" from Baku to Ceyhan on the Turkish Mediterranean Coast) passes just north of the breakaway Azeri region of Nagorno-Karabakh. Nagorno-Karabakh is a mountainous territory populated mainly by ethnic Armenians but nestled inside predominantly Muslim Azerbaijan. Its declaration of independence in 1988 sparked a six-year war that killed more than 30,000 people and drove about 1 million people, mostly Azeris, from their homes. Six years of fighting ended in a Russian-mediated cease-fire that left the enclave and some surrounding territory--about one-fifth of the territory of Azerbaijan--firmly under control of an unrecognized ethnic Armenian government and its militia. Cease fire in 1994. Stalin got Nagorno-Karabakh for Azerbaijan in 1921.

Kazakhstan- 
Kazakhstan is important to world energy markets because it has significant oil and natural gas reserves. As foreign investment pours into the country's oil and natural gas sectors, the landlocked Central Asian state is beginning to realize its enormous production potential. With sufficient export options, Kazakhstan could become one of the world's largest oil producers and exporters in the next decade. emerged as an independent country following the 1991 collapse of the Soviet Union. Following several years of economic contraction in the early 1990's, Kazakhstan, which is heavily dependent on oil revenues, posted its first economic growth in 1996-1997, only to fall into recession again in 1998 due to the effects of the August 1998 financial crisis in Russia and slumping world oil prices. However, the recovery of world oil prices in 1999-2000, combined with a well-timed devaluation of the country's currency, the tenge, pulled the economy out of recession. Kazakh President Nursultan Nazarbayev. We like the kazakhs and we are all for the independent soviet states developing oil, but Russia wants them under their control.
Tengiz Field-
The Tengiz field, with six to nine billion barrels of estimated oil reserves, is being developed by the Tengizchevroil joint venture. In April 1993, Chevron (now ChevronTexaco) concluded a $20 billion agreement with the Kazakh government to form the Tengizchevroil joint venture to develop the Tengiz field. Production at the field has increased from 25,000 bbl/d in 1993 to slightly over 250,000 bbl/d in mid-2002. ChevronTexaco plans to invest $3 billion over the next three years to expand TCO's production capacity. Tengizchevroil is expected to increase production to 400,000 bbl/d by 2005 and, given adequate export outlets, the joint venture could reach peak production of 750,000 bbl/d by 2010. is in Kazakhstan.

Chechnya-
In middle of Caspian Sea area-Russia is interested in a pipeline that goes right through Chechnyan capital Grozny to Novorossiik ( a port on the Black Sea) that links Baku to Novorossiik and therefore is the pathway to development via Russian control. Chechnya is a hot bed for fighting and war. The western world does not want Russia to control the flow of oil by controlling that pipeline. 

Baku-Ceyhan-
This is a proposed pipeline through Azerbaijan then mainly through Turkey. The port would be in Turkey. The Americans like this idea, but it costs too much money. This port would bypass the Black Sea. The oil companies do not like this plan b/c it would cost too much.

Baku-Suspa-
Pipeline through Azerbaijan with a port at Suspa in Georgia. Oil from Baku. This is an existing pipline. Goes along border b/w Azerbaijan and Armenia. May create problems because of conflicts between the two nations.

Bosphorus-
Connects the black sea to the Mediterranean sea. The Bosphorus is a geological strait separating the European and the Asian parts of Istanbul. It is a difficult body of water to navigate due to its treacherous currents and great twists and turns. In its most narrow part it is only 650 meters across; its furtherest separation it is 4.5 km. It is 35 km. long. The Bosphorus connects the Marmara Sea at the south to the black sea Black Sea in the north. Politically, this strait is very important because it is the sea connection between the old Soviet Union countries and the rest of the world. The Straits experience hundreds of international transport vessels daily as well as Turkish state-owned ferries that transport people to and from both sides of the Bosphorus daily.

Novorossiik-
Russian Port on Black Sea. Baku Oil brought by way of pipeline. Baku oil can be shipped to rest of world to be developed.

Turkmenistan-
Following several years of decline after Turkmenistan's independence from the Soviet Union in 1991, Turkmenistan's economy has rebounded in the past four years. Turkmenistan, whose economy relies heavily on oil and natural gas production, suffered a 25.9% drop in its real gross domestic product (GDP) in 1997 when Russia closed off its natural gas pipeline network--Turkmenistan's sole natural gas export option at the time. Since the resolution of the dispute with Russia, Turkmenistan's natural gas exports have increased dramatically, spurring the country's economy to three straight years of double-digit real GDP growth, including an 18% increase in 2001. Turkmenistan's economy is forecast to grow an additional 13% in 2002. Turkmenistan has 546 million barrels in proven oil reserves, with possible reserves (mainly in the western part of the country and in undeveloped offshore areas in the Caspian Sea) of up to 1.7 billion barrels.

Al-Khobar-
Al Khobar lies in the Dammam Area in the Eastern region of the Kingdom, close to Dammam and Dhahran. The municipality of Al Khobar was founded in 1942, prompted by the discovery of oil and the ensuing development of commercial activity. In the past, Al-Khobar was a small port on the Arabian Gulf, inhabited mainly by fishermen. With the discovery of oil, it was transformed into an industrial port. In time, it has become the commercial hub of the Eastern Province. Based on a city plan dating back to 1942 (1361H), the city is neatly divided into residential squares evenly transected by roads. Such careful organization is indicative of its important role in the national economy. It is the center of the area's export-import activity, and is a transit point for goods that are distributed throughout the Kingdom. 
OAPEC-In the summer of 1967 (1387 AH), the Kingdom of Saudi Arabia submitted a proposal to both Kuwait and Libya for establishing an Arab organization of petroleum exporting countries. As a result, and after further studies, the three Arab countries met in Beirut and signed an agreement on January 9, 1968 (1387 AH), initiating the first institutionalized Arab co-operation in the field of petroleum - the Organization of Arab Petroleum Exporting Countries (OAPEC). It was agreed that Kuwait would be the organization's headquarters
ANWR-
Arctic National Wildlife Refuge- Located in northeastern Alaska, the Arctic National Wildlife Refuge is the most northern and one of the largest Refuges within the National Wildlife Refuge System. The Arctic Refuge is owned by the American people and managed by the U.S. Fish and Wildlife Service, U.S. Department of the Interior. Interest in the oil resources of northern Alaska began with reports in the early 1900s of surface oil seeps along the arctic coast east of Point Barrow. In 1923, the 23-million acre Naval Petroleum Reserve No. 4 was established in northwestern Alaska to secure a supply of oil for future national security needs.

Natural Gas Policy Act-
The Natural Gas Act (NGA) of 1938, the Natural Gas Policy Act (NGPA) of 1978, the Outer Continental Shelf Lands Act (OCSLA), the Natural Gas Wellhead Decontrol Act (NGWDA) of 1989, and the Energy Policy Act (EPAct) of 1992 are the primary laws the Commission administers to oversee America's natural gas pipeline industry. Under the NGA, the Commission regulates both the construction of pipeline facilities and the transportation of natural gas in interstate commerce. Companies providing services and constructing and operating interstate pipelines must first obtain Commission certificates of public convenience and necessity. In addition, Commission approval is required to abandon facility use and services, as well as to set rates for these services. The Commission also regulates the transportation of natural gas as authorized by the NGPA and the OCSLA. The Commission oversees construction and operation of facilities needed by pipelines at the U.S. point of entry or exit to import or export natural gas. 

Joseph Schumpeter-
 (1883-1950) was one of the greatest 20th century economists and one of the best read. He began his career studying under the great Austrian capital theorist Eugen von Bohm-Bawerk and ended up teaching at Harvard from 1932 on.

Strait of Hormuz-
Strait separating the Persian Gulf to the west and the Gulf of Oman and the Arabian Sea to the east. The strait touches Iran to the north and Oman to the south (the peninsula of Musandem).The strait of Hormuz is of great strategical importance, as it is the only sea route where oil from Kuwait, Iraq, Iran, Saudi Arabia, Bahrain, Qatar, as well as most of United Arab Emirates can be transported.

Lo-Vaca Gathering Company-
In the early 1960s Coastal purchased the Sinclair Oil Corpus Christi refinery and pipeline network and established a subsidiary called Lo-Vaca Gathering to supply natural gas to Texas cities and utilities. When Lo-Vaca curtailed its gas supplies and raised prices during the energy crisis of the early 1970s, customers sued Coastal. Regulators ordered the subsidiary to refund $1.6 billion in 1977, and Coastal spun off Lo-Vaca as Valero Energy to finance the settlement. When the Lo-Vaca gathering company became unable to meet its contracts to supply natural gas to four million South and Central Texas consumers in the winter of 1972-73, the Railroad Commission, by virtue of its authority over gas utilities, inherited a political quandary.

Halliburton in Kazakhstan-
Halliburton's Energy Services Group, a business segment of Halliburton (NYSE: HAL), has been awarded a two year contract extension with Agip KCO (formerly OKIOC) for providing integrated drilling services for the Kashagan reservoir located in the northeast sector of the Caspian Sea, Kazakhstan. Agip KCO, the field operator, is expected to deliver first oil from the reservoir by 2005. The contract will provide a spectrum of services to Agip KCO, including well construction and data acquisition services, real-time data transmission, waste treatment, well-test and completion services. 
"Halliburton has been active in Kazakhstan and demonstrated its commitment to the independent state for more than 10 years. Halliburton's presence in Kazakhstan would attract not only new and leading technology to the country, but also raise a generation of qualified local specialists. The company has been asked to participate in the implementation of offshore projects in the northern region of the Caspian Sea with Kazakhstan's developers. Halliburton entered the Kazakhstan's market in 1996 as a large services provider for burgeoning oil and gas industry. The company's largest operations in Kazakhstan include the construction of oil refineries at the Tengiz field and the oversight over the drilling and the construction of offshore wells at the Kashagan project, the largest oil find in the world in 30 years with potential reserves of up to 50 billion barrels.