Oil production terminology
9 Sep 2009 © Alpha Thames Ltd 2004 1. Dictionary of Oil Industry Terminology DEFINITIONS ACRONYMS and ABBREVIATIONS. A AAV Annulus access Increases in oil prices can depress the supply of other goods because they increase the costs of producing them. In economics terminology, high oil prices can Access is a system under which market players are allowed to use capacity in a pipeline, network, gas store or other gas facility. Access is central to the Term. Description. ABANDONED WELL. An Oil and Gas well which has no reported production, disposal, injection or other permitted activity for an extended If the property is miles from the nearest production, terms will likely favor the Lessor. --. Is more than one company competing for leases in the area? Competition.
7 Oct 2014 Fifty years later, the U.S. energy industry faces a similarly vexing As record production of the once-rare oil emerges from U.S. shale wells in
Barrels per day (abbreviated as bpd, b/d, and bopd for oil): in production terms, the number of barrels of oil produced from a well over a 24-hour period; in refining terms the number of barrels input to crude oil processing units or production of a refinery during a year divided by 365 less the downtime needed for maintenance. Following historical precedent, the volume and price for crude oil production are labeled as "wellhead, "even though the cost and volume are now generally measured at the lease boundary. In the context of domestic crude price data, the term "wellhead" is the generic term used to reference the production site or lease property. Completion (oil/gas production): The term refers to the installation of permanent equipment for the production of oil or gas. If a well is equipped to produce only oil or gas from one zone or reservoir, the definition of a "well" (classified as an oil well or gas well) and the definition of a "completion" are identical. This is a list of countries by oil production, as compiled from the U.S. Energy Information Administration database for calendar year 2019, tabulating all countries on a comparable best-estimate basis. Compared with shorter-term data, the full-year figures are less prone to distortion from periodic maintenance shutdowns and other seasonal cycles. Oil and Gas Glossary of Terms for Production Financing. Welcome to our oil and gas glossary of terms. The oil and gas industry has many unique terms and abbreviations. These terms are frequently found in proposals, leases, contracts, and other oil and gas business transaction documents. Mineral or Royalty owner's share of production, net of production and transportation expenses, when and if oil and/or gas is produced on the property. Most often expressed in 1/8 units (or some fraction) of the production but can also be expressed as percentage of production.
Produced water contains soluble and non-soluble oil/organics, suspended solids , dissolved solids, and various chemicals used in the production process. The
The Schlumberger Oilfield Glossary has received Awards of Excellence from the Business Marketing Association and the Society for Technical Communication. Launched in 1998, the Oilfield Glossary, which includes more than 4600 entries, continues to expand and improve. RRC – Rail Road Commission (governs oil and gas production in Texas) RROCK – Routine Rock Properties Report; RSES – Responsible for Safety and Environment on Site; RSPP – a publicly traded, oil and gas producer focused on horizontal drilling of multiple stacked pay zones in the oil-rich Permian Basin; RSS – Rig Site Survey API – American Petroleum Institute API – Abbreviation for American Petroleum Institute, with headquarters in Washington, D.C. This is the trade association for the petroleum industry. The Institute’s Production Department is located at 211 N. Ervay, Suite 1700, Dallas, TX 75201. A hole drilled in the earth for the purpose of finding or producing crude oil or natural gas or providing services related to the production of crude oil or natural gas. Wellhead A term usually defined as being at the Christmas Tree but, which under exceptional circumstances, may be defined as located at some other place. Oil and Gas Terminology T his glossary of common oil and gas terms and definitions will aid newcomers as well as experienced royalty owners or mineral owners with the terminology used in the Oil and Gas industry. Barrels per day (abbreviated as bpd, b/d, and bopd for oil): in production terms, the number of barrels of oil produced from a well over a 24-hour period; in refining terms the number of barrels input to crude oil processing units or production of a refinery during a year divided by 365 less the downtime needed for maintenance.
Increases in oil prices can depress the supply of other goods because they increase the costs of producing them. In economics terminology, high oil prices can
The following are abbreviations and definitions of terms commonly used in the oil and gas industry and this website. Bbl One barrel of crude oil or NGL or 42 Crude oil f.o.b. price: The crude oil price actually charged at the oil producing country's port of loading. Includes deductions for any rebates and discounts or 6 Mar 2020 Gas Production Numbers Explained. Drilling and Service Companies. The oil and gas industry is the largest sector in the world in terms of
“Net production” means production that is owned by a company, individual, trust, or foundation, less royalties and production due others. “Oil” means crude oil or condensate. “Operator” means the individual, company, trust, or foundation responsible for the exploration, development, and production of an oil or gas well or lease.
2 Jun 2006 The oil and gas industry has two main sectors: an upstream (oil and gas producing) sector and a downstream (refining, petrochemical The upstream industry finds and produces crude oil and natural gas. The upstream is sometimes known as the exploration and production (E&P) sector. Because
9 Nov 2019 A well that is currently producing oil or natural gas. API Gravity: A measure of the relative density of a petroleum liquid. If one petroleum liquid Abbreviation for exploration and appraisal. E&P Abbreviation for exploration and production. The 'upstream' sector of the oil and gas industry. Enhanced oil gas terms and definitions will aid newcomers as well as experienced royalty owners or mineral owners with the terminology used in the Oil and Gas industry. The release of these reports is often a catalyst for movement on the futures market. Arbitrage. The buying, selling, and exchange of petroleum products or crude oil The Oilfield Glossary: Where the Oil Field Meets the Dictionary. English | Español . The Schlumberger Oilfield Glossary is an evergreen, instant reference that takes Glossary of Oilfield Production Terminology (GOT). (DEFINITIONS AND ABBREVIATIONS). FIRST EDITION, JANUARY 1, 1988. American Petroleum Institute. v: to temporarily or permanently cease production from a well or to cease further drilling operations. Accumulator; abnormal pressure: n: pressure outside the