| BBL |
Barrel Volume measurement. One
Barrel=159 litres. |
| BC |
Barrel of Condensate |
| BCF |
Billion Cubic Feet |
| BCPD |
Barrels of Condensate Per Day |
| BO |
Barrel of Oil Volume measurement.
One Barrel=159 litres. |
| BOE |
Barrels of Oil Equivalents
Natural gas converted to barrels of oil equivalemts, 6
mcf=1boe. The conversion rate is approximative since the
relation may vary. |
| BOPD |
Barrels of Oil Per Day |
| B/D |
Barrels per Day |
| CF |
Cubic Feet Volume measurement.
One Cubic Foot=0.028m3 |
| CFPD |
Cubic Feet Per Day |
| MBO |
Thousand Barrels |
| MBOE |
Thousand Barrels of Oil
Equivalents |
| MBOEPD |
Thousand Barrels of Oil
Equivalents Per Day |
| MBOPD |
Thousand Barrels of Oil Per Day |
| MCF |
Thousand Cubic Feet |
| MCFPD |
Thousand Cubic Feet Per Day |
| MMBO |
Million Barrels |
| MMBOE |
Million Barrels of Oil Equivalent |
| MMCF |
Million Cubic Feet |
| MMCFD |
Million Cubic Feet Per Day |
| MMSCFPD |
Million Standard Cubic Feet Per
Day (refers to gas or residual gas production). |
| OOIP |
Original-Oil-In-Place, expressing
the total volume of oil originally in the reservoir in
stock tank barrels (STB) |
| PPG |
Pounds per gallon (lb/GAL). A
unit indicating specific weight (weight density) |
| PSIG |
Pounds per square inch (gauge) |
| STB |
A barrel volume of a fluid at
standard (stock tank) conditions |
| TCF |
Trillion Cubic Feet |
| ------------- |
|
|
INDUSTRY SPECIFIC TERMS |
| ACIDIZING |
Injection of various acids into
perforations, fractures, and reservoir rock permeability
to remove contaminants and the effect of wellbore damage
caused by drilling and completion operations or to
increase permeability beyond the original values which
existed prior to disturbing the reservoir by drilling. |
| ANTICLINE |
The peak or high elevation of
folded, layered sedimentary rocks resulting from
geologic activity (folds concave downward) |
| API |
Density measure in degrees of a
liquid hydrocarbon (crude oil of condensate) which is
inversely proportional to its specific gravity.i.e. the
higher the API Gravity. The lower the Specific Gravity
and vice versa. |
APPRAISAL
WELL |
Wells drilled after hydrocarbon
presence has been identified with the drilling of the
wildcat well, to define the reservoir or delineate the
geology (also referred to as delineation wells) |
ASSOCIATED
GAS |
The hydrocarbon gas produced at
the surface with the hydrocarbon liquid; also referred
to as solution gas or dissolved gas. |
| BASIN |
A depression of large size in
which sediments have accumulated |
| BIT |
Device used in the drilling
operation for fracturing, abrading, or shearing the
rock. |
| BLOCK |
Agreement entered into with a
host country granting the company the right to explore
and produce oil and gas in a designated area. |
| BLOWOUT |
The result of a loss of control
of downhole reservoir fluid pressures, resulting in
uncontrolled release of subsurface fluids to the surface
or, in the case of a downhole blowout, uncontrolled flow
between downhole reservoirs. |
| BOP
SYSTEM |
The BOP (Blow Out Prevention)
stack and associated activation and control equipment. |
| CASING |
Steel pipe run into the wellbore
after drilling, to serve various functions such as
isolation of the wellbore from downhole pressures,
contaminating or undesirable fluids, zones of lost
circulation, regions of wellbore washout, and to provide
surface protection from downhole contaminants. In
general, the casing provides control of the downhole
environment. |
| CHOKE |
The flow orifice in the Christmas
tree (wellhead) or BOP stack by which volume flow rate
and flowing bottomhole pressure is controlled by surface
manipulation of the choke size. The choke may be a
variable or fixed (bean) choke. |
CHRISTMAS
TREE |
A surface flow control system
that, as a part of the wellhead, contains the master
valve, the choke, and other flow control and access
valves relative to the production system for that
particular well. A Christmas tree has an ornamentation
appearance of the valves and various plumbing
connections and is also referred to as the production
tree. |
| CONCESSION |
Agreement entered into with a
host country granting the company the right to explore
and produce oil and gas in a designated area. (Referred
to as Block(s)). |
| CONDENSATE |
Liquid hydrocarbon which is
usaually in a gas phase at reservoir condition. |
| CORE |
A cylindrical sample of
subsurface rock taken during the drilling operation and
returned to the surface for analysis in order to obtain
properties of downhole rock and fluid systems. |
| COST OIL |
A share of oil produced used to
cover ongoing operations costs and to recover past
exploration, appraisal and development expenditures. |
| CRETACEOUS |
A period in geological history
from about 65 to 141 million years ago. |
| DERRICK |
The drilling structure itself,
which supports the drilling/hoisting system. |
DEVELOPMENT
WELLS |
Wells drilled according to a
predetermined pattern to maximize production from the
hydrocarbon reservoir, within economic limits, over a
reasonable lifetime of production. Drilling is based on
the reservoir development plan as prepared from
information obtained during various exploration
processes such as seismic surveys, geologic analysis,
and from drilling the wildcat and appraisal wells. These
development wells include not only producing oil and gas
wells, but also wells such as gas and water injection
wells which may be used to enhance recovery of the
hydrocarbon. Within the development plan, selected
producing wells may be converted to injection wells at
specified times during the production history of the
reservoir. |
DOWNSTREAM
INDUSTRY |
Portion of the industry from the
point at which the produced hydrocarbon resource is
metered into the transportation system, to where it is
delivered to the consumer. This includes transportation,
refining and petrochemicals, and marketing with delivery
to the consumer. |
| DRILL PIPE |
High grade steel pipe providing
the closed flow system, through which torque is
transmitted from the surface to the drill collars and
therefore to the drill bit for rotation, in conventional
rotary drilling. Typical drill pipe joints are 30 ft in
length. |
| DRILLING
RIG |
The complete drilling system,
including the derrick, substructure, engines, pumps,
blowout prevention system, drill pipe, drill collar and
other necessary accessories for the drilling operation.
The drilling rig moves as a complete system from one
well to the next. The only accessories changed will be
those for that particular well, such as drill bits and
drilling fluid additives. |
| DRILLSTRING |
The drilling system suspended
from the hoisting system into the wellbore, including
drill bit, drill collars, drill pipe, kelly, swivel, and
any other components or accessories within the
drillstring, such as stabilizers, shock absorbers, jars,
reamers, bit sub, etc. |
| DST |
Drill stem test, open hole or
cased hole short term production test of well. |
| E&P |
Exploration and Production |
| EPSA |
Exploration Production Sharing
Agreement |
| FARMOUT |
An agreement in which the owner of a right to drill,
produce, or operate liquid or gaseous hydrocarbons on
property agrees or has agreed to transfer or assign all
or a part of such right to another entity; and such
other entity (either directly or through its agents or
its assigns), as consideration, agrees to perform
drilling, reworking, recompleting, testing, or similar
or related operations, to develop or produce liquid or
gaseous hydrocarbons on the property. |
| FAULT |
A fracture within rock structures
where relative motion has occurred across the fracture
surface. |
| FPSO |
Floating production storage and
offloading vessel |
| FSO |
Floating storage and offloading
vessel |
| GEOPHONE |
The recorder used to indicate
arrival of seismic disturbances at a particular
location. Geophones are normally used as the recorders
for onshore seismic operations. |
| HYDROCARBONS |
Naturally occurring organic
substances composed of hydrogen and carbon. They include
crude oil, natural gas and natural gas condensate. |
INJECTION
WELLS |
Wells to be used for injection of
fluids into reservoir for enhancement of hydrocarbon
recovery. |
JOINT
VENTURE |
Group of companies which jointly
holds 100% interest in a given concession. |
| JURASSIC |
A period in geological history
from about 141 to 195 million years ago. |
| LNG |
Liquified natural gas (pure
Methane) |
| LPG |
Liquified petroleumn gas (mixture
of Propane & Butane) |
| MUD |
Liquid drilling fluid |
| NATURAL GAS |
Hydrocarbon gas |
NGL
(Natural Gas Liquids) |
Hydrocarbon liquids consisting
predominantly of liquified ethane, propane, butane,
pentane, and pentane plus. |
| NYMEX |
New York Mercantile Exchange |
OIL
SATURATION |
The percentage of the void space
within reservoir rock containing hydrocarbon liquid at
reservoir conditions (reservoir fluid pressure and
reservoir fluid temperature conditions) |
| OPEC |
Organization of Petroleum
Exporting Countries |
| OPERATOR |
Member of a joint venture
designated to carry out all activities and operations on
behalf of of the joint venture. |
PAYING
INTEREST |
The cost-bearing interest arising
out of the obligation to bear initialexploration,
appraisal and development costs on behalf of a partner.
The difference between the paying interest and the
working interest will be recovered out of the partner's
share of oil produced. |
| PERMEABILITY |
The property of a rock which
indicates the presence of flow channels within the rock.
The greater the permeability, the greater the presence
of those flow channels, and the more easily fluid will
flow from the rock. |
| PETROLEUM |
Rock oil or “oil produced from
rock” (from Latin) |
| POROSITY |
The percentage of the total
volume (bulk volume) of the rock which is void space |
| PRESSURE TEST |
A pressure test run in a well,
where flow is initiated followed by a shut-in period
where the time rate of pressure increase is recorded
after shut-in. The data are analyzed for determination
of various downhole and reservoir properties and
characteristics. |
| PROFIT OIL |
The remaining share of oil
produced after cost recovery through the cost oil. The
profit oil is shared according to the production sharing
agreement and working interests. |
| PROBABLE |
In relation to quantities of
petroleum, means the amount which geophysical and
engineering data indicate to be in place or recoverable
but with a greater element of risk than in Proven. |
| PROVEN |
In relation to quantities of
petroleum, means the amount which geophysical and
engineering data indicate to be in place or recoverable
to a high degree of certainty. |
| PSC |
Production Sharing Contract |
RESERVOIR
ROCK |
The sedimentary rock within which
hydrocarbon can be stored as a result of the presence of
porosity and from which hydrocarbon can be produced as
the result of the presence of permeability |
| ROP |
Rate of penetration during the
drilling operation. Usually expressed in fph (feet per
hour or ft/hr). |
| ROTARY TABLE |
That component in the plane of
the drilling rig floor to which the drilling rig power
system supplies the necessary power to impart rotation
to the rotary table and therefore to the kelly bushing,
kelly and drillstring. |
| SEAL |
An impermeable rock (usually
claystone or shale) which prevents the passage of
hydrocarbons. |
| SEISMIC |
A method of geophysical
prospecting involving the interaction of sound waves and
buried rocks. |
| SOURCE
ROCK |
The geological formation in which
oil, gas and/or other minerals originate. |
| SPUD |
To initiate drilling |
| STRATIGRAPHY |
The study of the origin,
chronology, composition, and distribution of layered or
stratified rocks in the subsurface. |
| TD |
Total Depth (refers to the final
depth of a well) |
UPSTREAM
INDUSTRY |
Those operations within the
industry to the point where the produced resource is
metered into the transportation system. This includes
Exploration and Production. |
WATER
SATURATION |
The percentage of the porosity of
the reservoir rock containing water at reservoir
conditions (reservoir fluid pressure and reservoir fluid
temperature conditions). The water present in the
reservoir rock porosity is normally salt water. However,
since the salt is dissolved within the water, forming a
solution. The salt is not considered separately. The
expression for the water saturation is therefore
normally actually an expression of salt-water
saturation. |
| WELLHEAD |
The surface equipment attached at
the surface to a cemented casing string, to control
(within limits) downhole and reservoir production
properties. The wellhead includes the casingheads,
tubing head, and Christmas tree. |
| WILDCAT WELL |
The first well to be drilled in a
geographic region. The extent of that region will be
based on available information. |
WORKING
INTEREST |
Interest retained by the company
in a given concession after joint venture or other
agreements have been executed and includes interests
held by both wholly owned and partially ownded
subsidiaries. |
| WTI |
West Texas Intermediate |
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