3D – Geological data in three dimensions – high information content, better accuracy and precision. More expensive form of analysis compared to traditional methods.
Acre – Square measure. 1 Acre = 4,046 m2
b (prefix) – Billion = 109 (thousand million)
bbl (Barrel) – Barrel. Unit of volume oil = 159 liters. Also stated as mbbl, mmbbl (million barrels of oil).
bbls (Barrels) – Several barrels
bbl/d – Barrels per day
BPO (Before Payout) – Before payout. The time interval of production in a well that is needed so that the investment can be paid. When a well has “paid out,” all the expenses for equipment, drilling and completion have been paid.
BCF (Billion Cubic Feet) – Billion cubic feet. 1 billion cubic feet = 28 million cubic meters.
BO (Barrel of Oil) = Barrel of Oil. One barrel equals 159 liters.
BOE (Barrels Oil Equivalent) – Oil equivalent. Measurement of both gas and oil where the gas’s unit of volume is converted to corresponding amount of barrel of oil.
BOPD – Barrels of oil per day
CF – Cubic Foot. A standard measure of natural gas volume. 1 cubic foot = 0.028 m3. Also stated as mcf, mmcf, bcf and tcf (thousand, million, billion or trillion cubic feet).
CFG (Cubic Feet Gas) – Cubic feet of natural gas.
DOE (Department of Energy) – American energy authority.
EIA (Energy Information Administration) – Independent information department of the DOE – the United States Department of Energy.
EIS – Environmental Impact Statement
EPA (Environmental Protection Agency) – is equivalent to the Swedish Environmental Protection Agency (Naturvårdsverket)
FERC – Federal Energy Regulatory Commission in the USA
Formation – Geological term. A geological formation defined by dirt or rock strata. Sufficiently distinct and solid enough to be mapped in detail. Several of the most
common formations in Southern Texas: Frio, Yegua, Wilcox, Cook Mountain and Edwards.
Fracturing – An opening in the formation caused by an explosion in working towards production.
Completion – Getting a well into production.
Improved Recovery – Using factors such as water flows and other technical methods to extract more oil and gas from a reservoir.
Fault – A fault is a geological crack in the earth’s crust where one side of the crack has a different earth deposit than the other.
Gal Gallon – 3.78541 liters
Natural Gas Column – A vertical interval that is capable of producing natural gas. The total thickness of this is measured in feet or meters.
Gas Producing Interval – A commercially productive zone in a well.
High Water Extraction – The well produces too much water compared to the amount of natural gas.
IEA – International Energy Agency. An organization consisting of 26 countries that safeguards and develops energy policy for its members.
Interval – Vertical zone in a borehole that potentially has commercial production capacity.
Logging – Inspection using sensors of liquid, natural gases and rocks in the borehole.
m (prefix) – Thousand = 103 mbbl – thousand barrels
mcf – Thousand cubic feet
mcfpd – Thousand cubic feet per day
mm (prefix) – Million = 106
mmbbl/d – Million barrels of oil per day
mmblseq – Million barrels of oil equivalents in which 6,000 cubic feet of natural gas = 1 barrel of oil
mmbo – Million barrels of oil
mmbopd – Million barrels of oil per day
mmcf – One million cubic feet
NRI (Net Revenue Interest) – Net revenue interest is the partner’s share in the well and the share in revenue he receives that is generated by the well.
OECD (Organization for Economic Cooperation and Development) – Organization for Economic Cooperation and Development
OPEC (Organization of Petroleum Exporting Countries) – Organization of Petroleum Exporting countries
ORRI (Overriding Royalty Interest) – Percentage of production or production revenue; production expenses are deducted.
Prospective Interval – The vertical zone in a well that appears to have potential for oil and/or natural gas production.
Prospect – An area with possible hydrocarbon deposits in amounts that, from a geological and financial viewpoint, is worth trying to develop a well. Is also used
to describe a drilling site.
Reserve – Quantity of oil and/or natural gas that is expected to be commercially extracted.
Reservoir – Underground porous and permeable rock formation that contains oil and/or natural gas.
WI (Working Interest) – Operating interest; the partner’s share of net operating income and expenses for drilling, maintenance and completion of a well.
Shot hole – test hole
Show – Oil or natural gas in drilling fluids or drilling samples from a well.
t (prefix) – Trillion = 1,012 (thousand billion)
Dry Hole – A drilled well that has not provided sufficient hydrocarbons in economically producible quantities. Is also sometimes defined as a “duster.”
WTI (West Texas Intermediate) – Type of crude oil that used as a reference for quality and pricing. Global oil consumption in 2005 was 82.5 MMBpd = 82 million barrels of oil per day or a total of 29,930 million barrels of oil for the year.