Q1. The following financial transactions are related with a General Takaful Product:
i.An amount of SAR 6,200 received as advanced contribution from new participants.
ii.An amount of SAR 4,500 received as a contribution from new participants.
iii.Contribution renewal received from participants SAR 5,500.
You are required to prepare necessary journal entries.
Q2. Discuss the three primary methods used by Guaranty Fund to assess property and liability insurance using your own words.
In addition, completion and stimulation is also one of the essential services provided by Weatherford Company. To achieve a high quality production of the well it is important to perform critical treatments and upgrades efficiently. This requires a careful preparation and extensive capability. Consequently, Weatherford delivers a complete facilities, breadth, and experience in multi subjects whether on the surface or down the well, in laboratories or factories. The company focus is to deliver a high quality services in the industry. Weatherford labs Weatherford Laboratories are involved in rock and fluid analysis by providing several services related to oil and gas production around the world. Weatherford labs has wide experience in working with different type of fluids and reservoir which play an important role for oil and gas producers. In addition, this experience leads the company to reach determinations on the best production for the long-term viability of a well. Weatherford labs provide several services according to the client requirements, for instance MICP (Mercury injection and Capillary pressure), Porosity and Permeability measurement, CT scan for cores, Soxhlet Cleaning, Core photo, Core gamma, Fluid Saturation by Dean Stark, Salinity Analysis, and finally Miscible Extraction. Weatherford laboratory sections The Waterford lab in Oman is divided into several sections and each department has special tasks. The flow chart below shows the different sections. CCA section The Conventional core analysis department is about using different instrument in order to measure the porosity and permeability of fluids using Nitrogen and Helium gases. In addition porosity and permeability are important factors in petroleum. This section provide an important data related to porosity and permeability in order to get a better understanding in reservoir and flow of different types of fluids using DHP (Digital Helium Porosimeter) and DGP (Digital Gas Porosimeter) devices also VINCI is one of the instruments that used for steady- state processes. SCAL section 5. Special core analysis section are specialist in understanding petrophysical properties goes beyond special techniques with advance tests to help the client more in estimating their fields. It is important to note however, that SCAl provide several services in MICP (mercury injection and capillary pressure), FRF (formation resistivity factor), and permeability of fluids especially water, CT scan, and flush cleaning using different solvents. However, the department provides unique tests related to the above processes in order to ensure the delivery of good quality services and focus on saving costs to the customer. Therefore, SCAL section is responsible for different fluid analysis at several stages in order to fulfil all the operational requirements and to achieve important results that optimize production and development of the fields. Other sections Weatherford laboratories also provide some other services behind the services provided by CCA and SCAL. These services include the basic experiments and requirement to observe several parameters such as temperature, pressure, and type of gas. Summary of the internship I have implemented the internship in Weatherford Company, Is one of the international oilfield services company. The company has several sections and the section where I had training is the Weatherford laboratory and is considered one of the main sections in Weatherford. The Weatherford labs are located in Ghala Industrial Estate in Oman. The company offers internship opportunities to students in different departments for example wireline, product line which include laboratories, and finances related to their major and skills. During the 6 weeks of the internship program, several tasks were assigned to me according to my major and practical skills in all the 3 units of laboratory department. I spend one week and several days in each unit with multi tasks given whereby some are related to my studies and others are for the purpose of gaining new experience in other fields that are semi-related. Besides that, I was trained not only in improving my soft skills, but, also dealing with several safety situations in the workplace and management technique when dealing with others.>GET ANSWER