challenges in the oil & gas industry

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  • 7/31/2019 Challenges in the Oil & Gas Industry

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    Mrznebzz ]b|f}s

    =

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    7

    7 Jagoobehbz ne Fno $ Hgz Necrzs}~

    Fno $ Hgz Necrzs}~ ne Necng

    Xnsa g HC\ fd RZ#7%2: s}noonfe/ Necng nz jr}}beso~ sab xf}ocz dfr}sa-og}hbzs bjfef`~% Sab jfres}~z

    fno gec hgz zbjsf} agz jfes}nmrsbc znhendnjgeso~ sf sab HC\/ gec sab zbjsf} nz bq|bjsbc sf mbjf`b

    nej}bgzneho~ j}nsnjgo df} Necngz bjfef`nj cbtbof|`bes/ znejb ns drboz sab h}fxsa fd fsab} zbjsf}z%

    Necng nz go}bgc~ sab dndsa-og}hbzs beb}h~ jfezr`b} ne sab xf}oc/ xnsa fno gec hgz gjjfresneh df} 32"

    fd sab jfres}~z beb}h~ ebbcz% Afxbtb}/ sab |}f|f}snfe fd egsr}go hgz jfezr`|snfe ne Necng sf sfsgo

    beb}h~ jfezr`|snfe ne sab jfres}~ !g}frec >". nz feb san}c jf`|g}bc xnsa sab |}f|f}snfe fd

    egsr}go hgz ne sab xf}ocz |}n`g}~ beb}h~ jfezr`|snfe% Xnsa g 2:" zag}b ne sab |}n`g}~ beb}h~

    zbjsf}/ jfgo }b`gnez sab cf`neges drbo/ mrs nsz zag}b nz |}fibjsbc sf cbj}bgzb xnsa sab sa}rzs fe hgz

    gec fsab} }bebxgmob zfr}jbz nej}bgzneh% Xnsa Necngz h}fxneh |f|rogsnfe gec }nzneh ontneh

    zsgecg}cz/ sab cb`gec df} beb}h~ nz bq|bjsbc sf nej}bgzb ne drsr}b% Necngz drbo ebbcz g}b onkbo~ sf

    h}fx gs g znhendnjges }gsb/ jfezncb}neh sab h}fxsa |gssb}e fd sab jfres}~z HC\ ne sab |gzs dbx

    ~bg}z% Jr}}beso~/ Necngz |b} jg|nsg jfezr`|snfe fd beb}h~ nz xboo mbofx sags fd sab xf}oc gtb}ghb

    !g}frec feb dfr}sa.%

    Sf kbb| r| sf sab }nzneh cb`gec sab Hftb}e`bes fd Necng agz nensngsbc |fonjnbz sags agtb abo|bc

    netbzsf}z ne sab zbjsf} gec gozf dgjnonsgsbc bq|of}gsnfe gec |}fcrjsnfe fd fno gec hgz ne sab jfres}~%

    Gec btbe safrha sab @r`mgn fno dnbocz g}b zsnoo efs bqagrzsbc/ sab Hftb}e`bes }bgonzbc sab ebbc

    sf bq|of}b `f}b g}bgz gec nes}fcrjbc Ebx Bq|of}gsnfe Onjbezneh \fonj~ !EBO\. sf bejfr}ghb sab

    |}ntgsb zbjsf} sf netbzs ne bq|of}gsnfe fd fno% EBO\ xgz nes}fcrjbc ne @g}ja 7>>8% Jr}}beso~/ gmfrs

    21 |b} jbes fd sab |}fz|bjsntb Necnge zbcn`besg}~ mgznez agtb mbbe bq|of}bc gec snoo sab enesa

    }frec fd EBO\/ sab}b xb}b :3 fno gec hgz mofjkz fe fddb}% Necng egsr}goo~ agz gmfrs 7:1 mnoonfe

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    =

    = Jagoobehbz ne Fno $ Hgz Necrzs}~

    mg}}boz fd fno gec fno bwrntgobes hgz gec mrok fd sanz agz efs mbbe dfrec ~bs% Necng xnoo gjjfres df}

    7=%2> |b} jbes fd Gzng \gjndnjz }bhnfego fno cb`gec m~ =>>/ gec agz hgnebc g

    jfezncb}gmob `g}kbs zag}b ne Necngz fno zbjsf}%

    Bq|of}gsnfe gec \}fcrjsnfe

    @fzs fd Necngz j}rcb fno }bzb}tbz g}b ofjgsbc fddzaf}b/ ne sab xbzs fd sab jfres}~/ gec fezaf}b ne

    sab ef}sabgzs% Zrmzsgesngo }bzb}tbz/ afxbtb}/ g}b ofjgsbc fddzaf}b ne sab Mg~ fd Mbehgo gec ne

    ]gigzsage zsgsb% Necngz og}hbzs fno dnboc nz sab fddzaf}b @r`mgn Anha dnboc/ ofjgsbc ef}sa-xbzs fd

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    :

    : Jagoobehbz ne Fno $ Hgz Necrzs}~

    @r`mgn gec f|b}gsbc m~ FEHJ% Gefsab} fd Necngz og}hb fno dnbocz nz sab K}nzaeg-Hfcgtg}n mgzne/

    ofjgsbc ne sab Mg~ fd Mbehgo% Mofjk C4 ne sab K}nzaeg-Hfcgtg}n mgzne/ f|b}gsbc m~ ]bongejb

    Necrzs}nbz/ mbhge fno |}fcrjsnfe ne Zb|sb`mb} =

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    3

    3 Jagoobehbz ne Fno $ Hgz Necrzs}~

    \rmonj Zbjsf} \}ntgsb Zbjsf}

    R|zs}bg`!Bq|of}gsnfe

    $ \}fcrjsnfe.

    FEHJ Jgn}e

    FNO Ag}c~

    FTO

    HZ\J!Zsgsb.

    ]bdneb}nbz

    J\JO ]\O

    M]\O Bzzg}

    E]O

    @]\O

    @g}kbsneh Jf`|genbz

    HGNO

    NHO

    @\O

    Nesbh}gsbc Fno

    Jf`|genbz

    NFJO ]NO

    A\JO BFO

    M\JO Zaboo

    Dnegejngo Nezsnsrsnfez FNCM

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    2

    2 Jagoobehbz ne Fno $ Hgz Necrzs}~

    7%7 \}fcrjsnfe7

    Gjjf}cneh sf sab |}ftnznfego |}fcrjsnfe cgsg }bobgzbc m~ sab @nenzs}~ fd \bs}fobr` gec Egsr}go

    Hgz/ cgsbc Igerg}~ =

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    4

    4 Jagoobehbz ne Fno $ Hgz Necrzs}~

    Fno $ Egsr}go Hgz Jf}|f}gsnfe !FEHJ. |}fcrjbc `gqn`r` cf`bzsnj fno ne =

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    8

    8 Jagoobehbz ne Fno $ Hgz Necrzs}~

    Necngz fno |}fcrjs cb`gec }fzb 3%=" ^f^ sf :%`m|c ne G|}no =

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    1

    1 Jagoobehbz ne Fno $ Hgz Necrzs}~

    Hgz jfezr`|snfe nz zbs sf }nzb d}f` ge bzsn`gsbc 4: MJ@ ne =

  • 7/31/2019 Challenges in the Oil & Gas Industry

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    >

    > Jagoobehbz ne Fno $ Hgz Necrzs}~

    7%: Netbzs`besz

    Bzzg} Fno agz zsg}sbc |r`|neh hgz s}g||bc ne zbg`z fd jfgo ne nsz ]genhgei JM@ !jfgo mbc`bsageb. gj}bghb ne Xbzs Mbehgo% Sab gj}bghb nz bq|bjsbc sf |}fcrjb hgz df} 72 ~bg}z gec

    Bzzg} Fno nz netbzsneh RZ# :

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    7>8>1 m}frhas gmfrs `gif} jagehbz ne sab zs}rjsr}b fd sab

    Necnge fno necrzs}~ gz xboo gz nej}bgzbc sab }gsb fd bq|of}gsnfe fd sab

    zbcn`besg}~ mgzne g}bg fd sab jfres}~%Rebq|of}bc zbcn`besg}~ g}bg fd 2

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    7:

    7: Jagoobehbz ne Fno $ Hgz Necrzs}~

    Sab frsoffk df} Necng(z fno gec hgz necrzs}~ nz zsgmob df} =

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    73

    73 Jagoobehbz ne Fno $ Hgz Necrzs}~

    Sab R|zs}bg` Zbjsf}

    Sab r|zs}bg` zbjsf} netfotbz bq|of}gsnfesab zbg}ja df} zrddnjnbes }bzb}tbz% \}fcrjsnfe nz sab

    |}fjbzz fd hbssneh sab fno frs fd sab h}frec% @fzs fd sab fno nz dfrec recb}h}frec rzneh bqs}b`bo~

    zbeznsntb gec anhao~ sbjaenjgo bwrn|`bes%

    Fno s}g||bc recb}h}frec ebbcz sf mb |r`|bc frs% Sf bqs}gjs gz `rja fno gz |fzznmob/ jg}mfe

    cnfqncb/ fsab} hgzbz/ gec xgsb} f} jab`njgoz g}b fdsbe neibjsbc sf `gnesgne xboo |}bzzr}b% Ge

    gzzb`mo~ fd jf`|onjgsbc |n|bz gec tgotbz jfes}fo sab dofx gs sab xbooabgc%

    Bq|of}gsnfe Sanz nz sab dn}zs zsghb fd fno necrzs}~ zr||o~ jagne xanja netfotbz ofjgsneh ebx fno

    }bzfr}jbz rzneh sbjaefofh~ `bgez% Fejb ge fno }bzfr}jb nz ofjgsbc/ xboo nz c}noobc sf bqs}gjs fno frs%

    Sanz nz g tb}~ bq|bezntb |}fjbzz%

    \}fcrjsnfe Fejb g xboo agz mbbe c}noobc/ g xbooabgc zrja gz g Ja}nzs`gz s}bb nz |rs ne |ogjb

    !jfoobjsnfe fd tgotbz. sf begmob fno sf mb bqs}gjsbc% Sanz }bhrogsbz gec jfes}foz sab dofx% Cb|becneh

    fe sab |}bzzr}b nezncb sab dnboc ns nz cbsb}`nebc xabsab} gccnsnfego |r`|z ebbc sf mb rsnonybc%

    Jagoobehbz

    Sab r|zs}bg` Fno $ Hgz !F$H. zbjsf} nz dgjneh d}bza jagoobehbz% Bq|of}gsnfe $ \}fcrjsnfe !B$\. nz

    nej}bgzneho~ `ftneh sf cbb| xgsb}z/ sf jagoobehneh hbfh}g|anbz onkb sab G}jsnj g}bgz/ gec sf

    |}btnfrzo~ rebq|of}bc ofjgsnfez gec gosb}egsb zfr}jbz fd beb}h~% F$H dnbocz g}b zjgssb}bc/

    |}fcrjsnfe gec nedf}`gsnfe z~zsb`z gj}fzz dnbocz g}b efs nesbh}gsbc gec sab }bhrogsf}~

    betn}fe`bes nz mbjf`neh zs}nkneho~ zs}nehbes%

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    72

    72 Jagoobehbz ne Fno $ Hgz Necrzs}~

    Sab necrzs}~ dgjbz kb~ jagoobehbz9

    Xnsa f|b}gsnfez ne }b`fsb hbfh}g|anbz cnhnsgo fnodnbocz g}b zbbneh }g|nc h}fxsa/ obgcneh sfge bq|ofznfe ne cgsg

    Zknooz cbdnjns ne ebx hbfh}g|anbz nz gccneh tbofjns~ sf sab gcf|snfe fd }b`fsb `fensf}nehgec geghb`bes |}gjsnjbz

    Sab }bhrogsf}~ betn}fe`bes jf`mnebc xnsa jf`|bsnsnfe nz m}nehneh |}bzzr}b sf |}fcrjbjobge gec gddf}cgmob beb}h~% Sfcg~/ sab b`|agznz fe B$\ Cgsg $ Nedf}`gsnfe @geghb`bes

    nz re|}bjbcbesbc%

    ]bzs}njsbc gjjbzz9 Ne `ge~ }bzfr}jb-}nja jfres}nbz/ sab mbzs/ nd efs goo/ f||f}srensnbz hf sfEFJz% NFJz g}b obds frs/ cbz|nsb sabn} bq|b}snzb gec gjjbzz sf jg|nsgo gec `g}kbsz%

    Sab}b nz gozf jon`gsb jagehb obhnzogsnfe |becneh ne kb~ jfres}nbz% Sanz j}bgsbz rejb}sgnes~ftb} xags sab }robz gec jfzsz xnoo mb% Netbzs`bes dobbz rejb}sgnes~%

    Dfzzno drboz g}b re|f|rog} mbjgrzb fd sabn} |}njb tfogsnons~ gec |b}jbntbc jg}mfe n`|gjs% Zfhftb}e`besz g}b |}f`fsneh }bebxgmob zfr}jbz% Gs mbzs/ sab~ g}b nhef}neh fno gec hgz |fonj~

    xanob ftb}offkneh afx egsr}go hgz jfroc bgzb sab s}geznsnfe sf g ofx-jg}mfe bjfef`~% Sab zbjsf} nz dgjneh nzzrbz g}frec sab gtgnogmnons~ fd g zfonc sgobes |ffo d}f` rentb}znsnbz gec

    nezsnsrsbz sags s~|njgoo~ jfes}nmrsb sf nsz sgobes mgzb%

    =" fd zsrcbesz ifne fno $ hgz zbjsf} d}f` Obtbo-N nezsnsrsbz !NNS& ENS& NZ@ bsj.% 4

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    74

    74 Jagoobehbz ne Fno $ Hgz Necrzs}~

    G}frec agod fd sab jr}}bes xf}kdf}jb nz bzsn`gsbc sf }bsn}b ne sab ebqs dntb ~bg}z% Sab zbjsf} xnoo xnsebzz :3" fd }bsn}b`bes gs sab `nccob `geghb`bes obtbo%

    @gqn`r` zaf}sdgoo ne r|zs}bg` zbjsf}9 Ne }bdneneh gec |bs}fjab`njgo zbjsf}/ sab }bwrn}b`bes nz bzsn`gsbc g}frec 4

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    78

    78 Jagoobehbz ne Fno $ Hgz Necrzs}~

    S}becz ne sab Zbjsf}

    Cb`gec-zr||o~ frsoffk dgtfr}gmob df} cf`bzsnj j}rcb fno gec egsr}go hgz

    |}fcrjb}z

    Cb`gec df} j}rcb fno ne sab jfres}~ agz nej}bgzbc gs g jf`|frecbc geergo h}fxsa }gsb !JGH]. fd

    g}frec 1%4" cr}neh sab |b}nfc 7>>1->> sf =

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    71

    71 Jagoobehbz ne Fno $ Hgz Necrzs}~

    tngmnons~ fd B$\ |}fibjsz/ nejorcneh cbb|-xgsb}/ `g}hnego dnbocz gec beagejbc }bjftb}~ |}fibjsz/ gz

    nz btncbes d}f` sab bes}~ fd |}ntgsb |og~b}z gec `rosnegsnfegoz ne sab mrznebzz%

    Jg|bq |ogez og}hbo~ nesgjs df} cf`bzsnj |og~b}z/ cbz|nsb tfogsnons~ ne fno |}njbz

    B$\ gjsntns~ m~ nsz tb}~ egsr}b nz jag}gjsb}nzbc m~ anha jg|nsgo nesbezns~ gec g ofeh hbzsgsnfe

    |b}nfc% Gz g }bzros/ sab obtbo fd B$\ jg|bq sbecz sf mb nedorbejbc m~ bq|bjsgsnfez fe drsr}b j}rcb

    fno gec hgz |}njbz% Mbjgrzb fd sab znhendnjges j}gza ne j}rcb fno |}njbz gec sab gzzfjngsbc tfogsnons~

    cr}neh sab }bjbes |gzs/ B$\ jg|bq agz mbbe jr}sgnobc m~ zf`b hofmgo B$\ |og~b}z/ bz|bjngoo~ sab

    z`goob} necb|becbes B$\ jf`|genbz xaf g}b }bonges fe jg|nsgo `g}kbsz df} drec }gnzneh% ]bzbg}ja

    }b|f}sz necnjgsb sags egsnfego fno jf`|genbz gec nesbh}gsbc fno jf`|genbz agtb afxbtb} efs

    `gsb}ngoo~ gosb}bc sabn} jg|bq |}fh}g``bz/ gz sabn} |}fibjsz g}b c}ntbe `f}b m~ ofeh sb}`

    jfezncb}gsnfez%

    Sab zjgob fd gjsntns~ ne sab Necnge B$\ zbjsf} agz }b`gnebc og}hbo~ nesgjs btbe ne sab dgjb fd sab

    zsbb| cbjoneb ne j}rcb fno |}njbz cr}neh sab ogzs dnzjgo/ `gneo~ mbjgrzb fd sab |}bzbejb fd g on`nsbc

    er`mb} fd |og~b}z/ `fzs fd xanja agtb g zs}feh j}bcns }nzk |}fdnob gec sab gmnons~ sf zrzsgne sabn}

    jg|bq |}fh}g``bz btbe ne g xbgk |}njneh betn}fe`bes% G zrmzsgesngo |f}snfe fd sab jg|bq ne sab

    cf`bzsnj B$\ zbjsf} nz gjjfresbc df} m~ sab sxf |rmonj zbjsf} besnsnbz FEHJ gec FNO/ mfsa fd

    xanja agtb g zs}feh }nzk |}fdnob gec xafzb jg|bq |ogez g}b c}ntbe m~ `rosn|ob fmibjsntbz g|g}s d}f`

    jr}}bes |}fdnsgmnons~ fd f|b}gsnfez% Sab fsab} `gif} |og~b}z ne sab Necnge B$\ zbjsf} nejorcneh sab

    onkbz fd ]NO/ Jgn}e Necng On`nsbc !Jgn}e. gec Hrig}gs Zsgsb \bs}fobr` Jf}|f}gsnfe On`nsbc !HZ\J. g}b

    gozf dnegejngoo~ zs}feh besnsnbz xnsa gcbwrgsb drec }gnzneh jg|gmnonsnbz; sabzb g}b abejb ne g

    |fznsnfe sf jfesnerb xnsa sabn} jg|bq gz |ogeebc%

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    7>

    7> Jagoobehbz ne Fno $ Hgz Necrzs}~

    On`nsbc zrjjbzz ne ftb}zbgz gjwrnznsnfez

    Gz df} ftb}zbgz gjwrnznsnfez/ sab s}gjk }bjf}c fd Necnge B$\ |og~b}z agz mbbe dgn}o~ `fcbzs zf dg}

    cbz|nsb sab Hftb}e`besz zsgsbc nesbes fd nej}bgzneh sab bwrns~ nesb}bzs fd Necnge jf`|genbz ne

    ftb}zbgz B$\ |}fibjsz% Gosafrha Necnge B$\ |og~b}z agtb efx nej}bgzbc sabn} |}bzbejb sf jftb}

    g}frec == jfres}nbz gm}fgc/ `fzs fd sab gzzbsz sags agtb mbbe gjwrn}bc zf dg} g}b dgn}o~ `fcbzs

    ne znyb gec og}hbo~ gs bq|of}gsf}~ zsghbz%

    Zf`b fd sab dgjsf}z jfezs}gneneh sab zrjjbzz fd Necnge jf`|genbz gm}fgc agtb mbbe sab }bogsntbo~

    jfezb}tgsntb mnccneh |fonj~ dfoofxbc gec sab zf`bxags ofeh c}gxe |}fjbzz fd nesb}ego g||}ftgo/

    |g}snjrog}o~ ne sab jgzb fd |rmonj zbjsf} jf`|genbz%

    G dbx |fonj~ }bogsbc rejb}sgnesnbz jfesnerb sf |}btgno; `g~ agtb g cg`|beneh

    bddbjs fe d}bza netbzs`besz |g}snjrog}o~ d}f` sab |}ntgsb zbjsf}

    Sab B$\ zbjsf} ne Necng dgjbz g dbx |fonj~ }bogsbc rejb}sgnesnbz fe sgqgsnfe gec dnzjgo gz|bjsz% Fe

    sab sgqgsnfe d}fes/ sab}b agz mbbe g ogjk fd jog}ns~ fe bonhnmnons~ fd B$\ gjsntnsnbz df} nejf`b sgq

    mbebdnsz xnsa g cnzsnejsnfe mbneh `gcb mbsxbbe fno gec egsr}go hgz% Gjjf}cneh sf sab bg}onb}

    |}ftnznfez sab nejf`b sgq afoncg~ df} B$\/ xgz goofxbc feo~ sf jf`|genbz behghbc ne

    cbtbof|`bes gec |}fcrjsnfe fd `neb}go fno bqjorcneh egsr}go hgz%

    Afxbtb}/ df} sab fno gec hgz mofjkz go}bgc~ recb} bq|of}gsnfe gec cbtbof|`bes/ sab}b nz zsnoo g ogjk

    fd jog}ns~ fe sab g||onjgmnons~ fd sab sgq jfejbzznfez fe g }bs}fz|bjsntb mgznz/ xanja agz mbbe

    obds zrmibjs sf ircnjngo nesb}|}bsgsnfe fe g jgzb-sf-jgzb mgznz% Gozf/ sab}b nz g ogjk fd jog}ns~ fe

    xabsab} bgja dnboc xfroc mb s}bgsbc gz g zb|g}gsb recb}sgkneh df} sab |r}|fzb fd sab sgq

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    =83. agtb mfsa mbbe sab

    jfes}nmrsnfe fd sab |}ntgsb zbjsf}9 jf``bejb`bes fd hgz |}fcrjsnfe d}f` ]NOz KH mgzne !G|}no

    =

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    =7

    =7 Jagoobehbz ne Fno $ Hgz Necrzs}~

    Mbjgrzb fd jf`|bsnsnfe d}f` |}ntgsb |og~b}z/ sab \ZR B$\ |og~b}z agtb mbbe df}jbc sf fddb} `f}b

    onmb}go sb}`z/ zrja gz |}fdns |bs}fobr`/ jfzs }bjftb}~ gec `nen`r` xf}k |}fh}g``b jf``ns`bes/

    sf n`|}ftb sabn} jf`|bsnsntbebzz ne EBO\ mnccneh }frecz%

    C}gxe m~ sab zrjjbzz fd zf`b |}ntgsb zbjsf} |og~b}z/ zbtb}go fsab} |}ntgsb |og~b}z agtb gozf zafxe

    nesb}bzs ne |g}snjn|gsneh ne B$\ gjsntnsnbz ne Necng%

    \}ntgsb |g}snjn|gsnfe ne sab cf`bzsnj B$\ zbjsf} dgjbz zf`b jagoobehbz/ nejorcneh sab dfoofxneh9

    - Sbjaefofhnjgo }nzkz gzzfjngsbc xnsa g `f}b jagoobehneh hbfofh~ gz B$\ gjsntnsnbz `ftb nesf`f}b cnddnjros sb}}gne/ nejorcneh cbb|-xgsb} ofjgsnfez gec rebq|of}bc mgznez%

    - S~neh r| s}gez|f}sgsnfe gec ofhnzsnjz ned}gzs}rjsr}b sf begmob sn`bo~ jf``b}jngonzgsnfe fdB$\ |fsbesngo% Ne `ge~ jgzbz/ cbog~z ne jf`|obsnfe fd |n|boneb ned}gzs}rjsr}b mbjgrzb fd

    |}fmob`z }bogsbc sf ogec gjwrnznsnfe/ gcbwrgj~ fd jf`|bezgsnfe/ bsj%/ agtb cbog~bc }btberb

    hbeb}gsnfe cbz|nsb sab |fsbesngo mbneh dgtfr}gmob%

    - Gmnons~ sf jf`|obsb |}fibjsz xnsafrs znhendnjges sn`b gec jfzs ftb}}rez ne ge betn}fe`bes nexanja gtgnogmnons~ fd `ge|fxb}/ zb}tnjbz gec bwrn|`bes }b`gnez zjg}jb%

    Zrmznc~ zag}neh onkbo~ sf jfesnerb xbnhaneh fe sab }nzk |}fdnobz fd \ZR B$\

    |og~b}z

    Sab `g}kbsneh fd |bs}fobr` |}fcrjsz xgz d}bbc d}f` G\@ ne =

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    ==

    == Jagoobehbz ne Fno $ Hgz Necrzs}~

    mbzncbz hntneh zrmznc~ zr||f}s fe ZKF !\CZ. gec O\H !cf`bzsnj.% Sab |}njbz fd sabzb |}fcrjsz

    agtb mbbe kb|s ofxb} sage sab `g}kbs-onekbc |}njbz ne f}cb} sf zgdbhrg}c jfezr`b}z/

    bz|bjngoo~ ne g zjbeg}nf fd anha j}rcb fno |}njbz/ gz zbbe cr}neh sab ogzs dbx ~bg}z%

    Gz g }bzros fd sab jfes}fo ne zgob |}njbz fd sabzb dfr} zbeznsntb |bs}fobr` |}fcrjsz [AZC/ ZKF !\CZ.

    gec O\H !cf`bzsnj.P fe feb agec/ gec sab }nzneh j}rcb fno |}njbz fe sab fsab}/ sab |rmonj zbjsf} fno

    `g}kbsneh jf`|genbz !F@Jz. agtb agc sf zrddb} znhendnjges recb}-}bjftb}nbz fe sab zgob fd sabzb

    |}fcrjsz%

    HfN agz nezsnsrsbc g ebx recb}-}bjftb}~ zag}neh `bjagenz`/ ne xanja |rmonj zbjsf} r|zs}bg`

    jf`|genbz xnoo mbg} sab recb}-}bjftb}nbz fe grsf drboz AZCP xanob recb}-}bjftb}nbz fe jffkneh

    drboz [ZKF !\CZ. gec O\H !cf`bzsnj.P xfroc mb mf}eb m~ HfN% Ne gccnsnfe/ HfN agz gozf g||fnesbc ge

    Bq|b}s H}fr| sf gctnzb ns/ nesb} gong/ fe g tngmob gec zrzsgnegmob z~zsb` fd |}njneh |bs}fobr`

    |}fcrjsz% Jfezncb}neh sabzb zsb|z/ sab recb}-}bjftb}~ zag}neh mr}cbe fe sab |rmonj zbjsf}

    r|zs}bg` jf`|genbz jfroc }bcrjb ne sab zaf}s sf `bcnr` sb}`% Ebtb}sabobzz/ ns nz bq|bjsbc df} sab

    }bhrogsf}~ }nzk sf jfesnerb xbnhaneh fe sab dnegejngo |}fdnobz fd sab \ZR r|zs}bg` jf`|genbz%

    Hgz |}njneh ne g zsgsb fd dorq; \ZR B$\ jf`|genbz sf hgne nd G\@ nz |agzbc frs

    Gs |}bzbes/ sab}b g}b m}fgco~ sxf hgz |}njneh }bhn`bz g||onjgmob sf hgz |}fcrjbc gec zfoc d}f`

    cf`bzsnj mofjkz !n. Hgz |}njbc recb} G\@; gec !nn. Efe-G\@ f} d}bb `g}kbs hgz% G\@ nz g||onjgmob

    sf sab mofjkz gxg}cbc sf FEHJ gec FNO fe g ef`negsnfe mgznz m~ sab HfN% Recb} sanz `bjagenz`/

    HfN dnqbz sab |}njb gs xanja hgz d}f` sabzb mofjkz nz zfoc sf z|bjndnbc jgsbhf}nbz fd jrzsf`b}z% Df}

    mofjkz f|b}gsbc recb} |}b-EBO\ gec EBO\/ sab d}bb `g}kbs f} efe-G\@ }bhn`b nz g||onjgmob%

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    =:

    =: Jagoobehbz ne Fno $ Hgz Necrzs}~

    D$C jfzsz }nzb/ mrs }bjbes dgoo ne fnodnboc zb}tnjbz jfzsz zafroc `nsnhgsb |}bzzr}b fe

    sab jfzs zs}rjsr}b fd B$\ |og~b}z ftb} sab ebg} sf `bcnr` sb}`

    Dnecneh gec cbtbof|`bes !D$C. jfzsz g}b ge necnjgsf} fd sab jfzs bddnjnbej~ fd g jf`|ge~z

    bq|of}gsf}~ gec cbtbof|`bes gjsntnsnbz gec fd nsz troeb}gmnons~ sf ge rejb}sgne |}njb betn}fe`bes%

    Sab D$C jfzsz fd Necnge B$\ |og~b}z agtb mbbe fe g }nzb ne sab ogzs dbx ~bg}z ne oneb xnsa sab hofmgo

    s}bec% Necnge B$\ jf`|genbz agtb dgjbc znhendnjges jfzs |}bzzr}bz g}nzneh d}f` g afzs fd dgjsf}z9 g

    snhas jfes}gjsneh gec }nh `g}kbs betn}fe`bes; nej}bgzneh `ge|fxb} jfzsz/ c}ntbe m~ zjg}jns~ fd

    sbjaenjgo |b}zfeebo gec m~ r|xg}c }btnznfez ne zgog}~; }nzneh jfzsz fd kb~ ne|rsz onkb zsbbo; gec

    nej}bgzneh f}nbesgsnfe fd B$\ gjsntnsnbz sfxg}cz cbb|-xgsb} mofjkz df} xanja sab f|b}gsneh jfzsz

    g}b anhab} tnz-- tnz fezaf}b gec zagoofx xgsb} mofjkz%

    Cbz|nsb g znhendnjges }nzb ne D$C jfzsz cr}neh sab ogzs dbx ~bg}z/ cf`bzsnj B$\ jf`|genbz }b`gne

    jf`|bsnsntb !ghgnezs sabn} hofmgo |bb}z. |}n`g}no~ fe sab zs}behsa fd sabn} og}hb fxebc

    ned}gzs}rjsr}b !xanja on`nsz cb|becbejb fe an}bc }nhz./ gec ofxb} ogmfr} gec ofhnzsnjz jfzsz; mbzncbz/

    sab~ gozf f|b}gsb ne g obzz jf`|obq hbfofhnjgo betn}fe`bes%

    Sab nej}bgzb ne sab |}ntgsb zbjsf}z zag}b ne |}fcrjsnfe fd fno gec fno

    bwrntgobes hgz !F+FBH. d}f` eno cr}neh sab bg}o~ 7>>

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    =3

    =3 Jagoobehbz ne Fno $ Hgz Necrzs}~

    Dfrecbc 73 Grhrzs 7>24

    Abgcwrg}sb}z Cba}gcre/ Necng

    \}fcrjsz \bs}fobr`/ Egsr}go Hgz/ \bs}fjab`njgoz

    ]btberb RZ# ==%2>> mnoonfe !=

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    =2

    =2 Jagoobehbz ne Fno $ Hgz Necrzs}~

    sf dnonehz xnsa sab MZB fd ogsbzs wrg}sb} }bzrosz% Necnge hftb}e`bes afocz 83%73" bwrns~ zsgkb ne sanz

    jf`|ge~%

    FEHJ nz `gneo~ behghbc ne sab fno bq|of}gsnfe gec |}fcrjsnfe gjsntnsnbz% Ns agz sxf zbh`besz9

    bq|of}gsnfe gec |}fcrjsnfe/ }bdneneh% Cr}neh sab dnzjgo ~bg} becbc @g}ja :7/ =

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    =4

    =4 Jagoobehbz ne Fno $ Hgz Necrzs}~

    Zag}neh fd recb} }bjftb}nbz fe gc-afj mgznz }b`gnez g jfejb}e df} FEHJ% Mbzncbz sab}b nz goxg~z g jagoobehb ne sb}`z fd abgosa $ zgdbs~ fd xf}kb}z fxneh sf tb}~

    egsr}b fd B$\ f|b}gsnfe gec hbfh}g|anj ofjgsnfe fd nsz f|b}gsnfe onkb anha zbgz%

    Hbf|a~znjgo Jagoobehbz zrja gz N`ghneh mbofx hgz jg| g}bg/ sane og~b} |}fmob` Tfogsnons~ fd Fno |}njb crb sf z|bjrogsntb betn}fe`bes Bqsb}ego jagoobehbz crb sf hbf|fonsnjz $ zsfjk `g}kbs jfoog|zb Nesb}ego jagoobehbz crb sf }bjbzznfez gec m}gne c}gne Gss}nsnfe9 Gss}nsnfe nz gefsab} `gif} }bgzfe df} ofzz fd sgobes ne Necnge fno $ hgz zbjsf}%

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    82 " gss}nsnfe nz bq|bjsbc gs zbenf} `geghb`bes obtbo%

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    =8

    =8 Jagoobehbz ne Fno $ Hgz Necrzs}~

    Dfrecbc Dbm}rg}~ 71/ 7>2>

    Abgcwrg}sb}z Crongige/ Gzzg`

    \}fcrjsz Drboz/ Orm}njgesz/ \bs}fjab`njgoz

    ]btberb 1/

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    =1

    =1 Jagoobehbz ne Fno $ Hgz Necrzs}~

    Egsr}go Hgz gec ftb} 2

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    =>

    => Jagoobehbz ne Fno $ Hgz Necrzs}~

    zag}b sab recb} }bjftb}~ fe gjjfres fd s}gez|f}sgsnfe drbo/ ns }b`gnez ge g}bg fd jfejb}e gz

    ns cn}bjso~ n`|gjsz sab jgza dofxz fd sab jf`|ge~%

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    |}fmob`z% Jr}}bes btbesz ne sab xgkb fd sab Ofrnzngeg fno z|noo `g~ obgc sf `f}b zs}nehbes

    betn}fe`besgo obhnzogsnfez sab}bm~ nej}bgzneh mfsa f|b}gsneh gec nezr}gejb jfzsz%

    Sab dorjsrgsnfez ne sab j}rcb fno |}njbz cn}bjso~ n`|gjs sab |}njbz gec gtgnogmnons~ fd hffczgec zb}tnjbz }bwrn}bc ne sab B$\ zbjsf}%

    J}rcb fno |}njbz sff g}b cb|becbes fe bjfef`nj }bjftb}~/ cbz|nsb sabn} nebogzsnjns~% Netbzs`besz ne n`|}ftbc }bjftb}~ c}ntb r| sab `g}hnego jfzsz gec ofxb} zrjjbzz }gsnfz sbec

    sf ans sab mfssf` onebz%

    Crb sf nsz }bogsntbo~ z`goob} znyb gz gozf crb sf g er`mb} fd fsab} jfres}nbz zr||f}sneh zrjaf||f}srensnbz sa}frha zftb}bnhe drecz ns xfroc mb g jagoobehb sf jf`|bsb df} |}fcrjneh

    |}f|b}snbz ftb}zbgz% Sab |}fmgmnons~ fd zrjjbzz ne fr} bq|of}gsnfe tbesr}bz xfroc }bwrn}b

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    negcbwrgsbo~ hbg}bc/ sabzb xfroc mb `bs gs sab g||}f|}ngsb sn`b d}f` fsab} zfr}jbz fd

    drecneh/ nd ebjbzzg}~%

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    :44 Gz ]bongejb Jf``b}jngo Jf}|f}gsnfe

    Dfrecb}!z. Can}rmgn G`mgen

    Abgcwrg}sb}z @r`mgn

    G}bg zb}tbc Xf}ocxncb

    \}fcrjsz Fno $ Hgz/ \bs}fjab njgoz/ \bs}fo/ \fo~bzsb}

    ]btberb RZ# 21%22 mnoonfe !=

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    :7

    :7 Jagoobehbz ne Fno $ Hgz Necrzs}~

    gec `g}kbs jg|nsgonygsnfe fd RZ#81%= mnoonfe df} sab dnzjgo ~bg} becneh ne @g}ja =

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    :=

    := Jagoobehbz ne Fno $ Hgz Necrzs}~

    Sab jf`|ge~ agz jgza gec jgza bwrntgobesz fd #8 mnoonfe fe nsz mffkz gec nz bzsn`gsbc sfhbeb}gsb jgza |}fdns fd #1 mnoonfe ne =

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    ::

    :: Jagoobehbz ne Fno $ Hgz Necrzs}~

    Sab @nczs}bg`

    Sab m}nchb mbsxbbe fno gec hgz |}fcrjb}z gec bec rzb}z

    Sab `nczs}bg` zbjsf} nz |}n`g}no~ netfotbc xnsa sab s}gez|f}sgsnfe fd fno gec egsr}go hgz d}f` sab

    bqs}gjsnfe znsb sf sab }bdneb}nbz% Sanz `nczs}bg` zbjsf} nz fdsbe nejorcbc gz ge bqsbeznfe fd bnsab}

    sab r|zs}bg` f} cfxezs}bg` zbjsf}/ cb|becneh fe sab zfr}jb%

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    s}gez|f}sgsnfe sf bec-rzb `g}kbsz% Sab `nczs}bg` zbjsf} gozf nejorcbz dgjnonsnbz df} sab

    d}gjsnfegsnfe/ zsf}ghb gec s}gez|f}sgsnfe fd egsr}go hgz onwrncz/ f} EHOz/ xanja g}b m~-|}fcrjsz fd

    egsr}go hgz |}fjbzzneh/ gec nejorcb bsageb/ |}f|geb/ mrsgeb gec jfecbezgsb%

    Sab @nczs}bg` Zbjsf} jge nejorcb/ mrs efs mb on`nsbc sf/ sab dfoofxneh drejsnfez9

    Hgz Hgsab}neh/ S}bgsneh gec \}fjbzzneh Egsr}go Hgz \n|bonebz !\}n`g}no~ Nes}gzsgsb. \}fcrjs \n|bonebz !@gneonebz gec Cnzs}nmrsnfe f} \r}ns~ Onebz. D}gjsnfegsnfe Egsr}go Hgz gec \}fcrjs Zsf}ghb \}fcrjs Sb}`negoz N`|f}s&Bq|f}s Dgjnonsnbz

    Jagoobehbz

    Sab `nczs}bg` beb}h~ zbjsf} dgjbz renwrb jagoobehbz% Sab jf`|obqns~ xnsa s}gez`nzznfe gec

    cnzs}nmrsnfe/ jfr|obc xnsa gccnsnfego |b}`nssneh }bwrn}b`besz gec g }bogsntbo~ dnqbc `g}hne mrznebzz

    `fcbo/ }bwrn}bz f|b}gsf}z sf zs}bg`oneb goo gz|bjsz fd sab f|b}gsnfe/ nejorcneh Betn}fe`besgo

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    :3

    :3 Jagoobehbz ne Fno $ Hgz Necrzs}~

    Abgosa $ Zgdbs~/ ]nzk/ gec Jf`|ongejb% ]bdneb}z/ s}gcb}z/ sb}`negoz/ gec fsab} `nczs}bg`

    |g}snjn|gesz dgjb renwrb jagoobehbz ne beb}h~ sgqbz% ]bhrogsnfez tg}~ m~ ir}nzcnjsnfe gec jagehb

    d}bwrbeso~% @nczs}bg` sgqbz/ nd jgojrogsbc nejf}}bjso~/ jge }bzros ne dnebz/ dbbz/ gec |begosnbz% F}

    xf}zb/ sab~ jge bon`negsb `g}hnez fe mrok `ftb`bes f} s}gcbz bz|bjngoo~ nd j}fzz-zsgsb/ j}fzz-

    mf}cb}/ f} `rosn-|g}s~%

    Z|bjndnj `nczs}bg` jagoobehbz nejorcb9

    Cntb}zb gzzbs |}fdnob !|n|bonebz/ zsf}ghb sb}`negoz/ |}fjbzzneh/ s}bgsneh/ gec jf`|}bzznfez~zsb`z.

    Ftb}og||neh }bhrogsf}~ ir}nzcnjsnfez \b}`ns @geghb`bes $ Jf`|ongejb \}fibjs @geghb`bes Hbfh}g|anjgo bq|gezbz @gsr}neh gzzbsz gec ned}gzs}rjsr}bz Bqsbezntb |b}`nssneh gec jf`|ongejb }bwrn}b`besz Zbeznsntb |rmonj |b}jb|snfe

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    :2

    :2 Jagoobehbz ne Fno $ Hgz Necrzs}~

    Dfrecbc 7>13

    Abgcwrg}sb}zEbx Cboan

    \}fcrjsz Egsr}go Hgz/ \bs}fjab`njgo/ Orm}njges/ Drbo

    ]btberb RZ# 2%8

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    :4

    :4 Jagoobehbz ne Fno $ Hgz Necrzs}~

    |}bzzr}b s}rek |n|boneb xnsa g jg|gjns~ sf jg}}~ 72< `noonfe `bs}nj zsgecg}c jrmnj `bsb} |b} cg~

    !@@ZJ@C. fd egsr}go hgz gj}fzz sab jfres}~; zbtbe O\H hgz |}fjbzzneh rensz sf |}fcrjb 7%3 `noonfe

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    Jagoobehbz

    Xnsa sab cb}bhrogsnfe `ge~ ebx |og~b}z `g~ jf`b nesf `g}kbs obgcneh sf nej}bgzbcjf`|bsnsnfe% Ns `g~ obgc sf drsr}b hgz s}gez`nzznfe jag}hbz mbneh ofxb} gz ebx |og~b}z

    xfroc s}~ sf frsmnc bgja fsab} sf xne sab jfes}gjsz d}f` sab Hftb}e`bes sf og~ ebx

    |n|bonebz

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    jfesbes cb|obsneh mbofx `nen`r` cbzn}bc obtbo%

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    :8

    :8 Jagoobehbz ne Fno $ Hgz Necrzs}~

    Sab |}njbz df} |bs}fjab`njgoz agtb mbbe `gcb `g}kbs cbsb}`nebc% Znejb |}njb fd hgz nzonekbc sf sab nesb}egsnfego |}njb fd g mgzkbs fd nesb}egsnfegoo~ s}gcbc drbo fnoz/ sab}b `g~ mb

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    }nzk gz ns agz sf f|b}gsb xnsafrs jag}hneh `g}kbs `g}hnez%

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    }bcrecges f} sff foc; cbjnznfez `gcb fe sab mgznz fd zrja cgsg `g~ obgc sf negjjr}gsb

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    :1

    :1 Jagoobehbz ne Fno $ Hgz Necrzs}~

    gego~znz fe sab mofjkz gtgnogmob df} mnccneh/ xanja `g~ obgc sf gjwrnznsnfe fd mofjkz xnsa

    ofxb} |fsbesngo fd gtgnogmnons~ fd a~c}fjg}mfe }bzb}tbz%

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    ofzz `g~ efs mb }bzs}njsbc sf sabzb z|bjndnj mofjkz/ obgcneh sf re}bjftb}gmob dnegejngo ofzzbz%

    Nezsgejbz fd bej}fgja`bes/ zfno b}fznfe/ h}fxsa fd s}bbz ebg} |n|bonebz/ bqsb}ego cg`ghb sfgmftbh}frec |n|boneb/ bsj% `g~ }bzros ne ag}` sf sab |n|boneb gec jfezbwrbes

    betn}fe`besgo gec zgdbs~ nzzrbz%

    Ftb} netbzs`bes/ recb}-rsnonygsnfe fd jg|gjns~ gec nebddnjnbes f|b}gsnfe fd |n|bonebz `g~obgc sf re}bgzfegmob sg}ndd gz sab jf`|ge~ zbsz sab sg}ndd sf hgne 7=" |fzs sgq }bsr}e%

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