QUESTION 1 la The Net Present Value (NPV) and the Internal Rate of Return (IRR) has become a popular tool among successful oil and gas Companies to evaluate projects. How does NPV and IRR work, and how does it differ from other traditional investment tools for appraising oil and gas projects? (12marks) [b] What are the challenges to implementing NPV and IRR in an oil and gas Company? (8marks) Total = (20 marks)