venwans (Glossary | Premier Ot Glossary 20: best estimate 2D: two dimensional 2P: proven and probable ‘AGA: Annual Contract Quarterly Appraisal Well: Well drilled after the discovery of oil or gas to establish the limits ofthe reservoir, the productivity of wells init and the properties of the oll or gas. See also development well Barrel: (bbl: barrel; mmbbls: million barrels) a unit of measure for oll and petroleum products equal to 42 US gallons or 35 Imperial gallons. BBtud: billion British thermal units per day Block: Subdivision of sea area for the purpose of licensing to a company or companies for explorationiproduction rights, A UK block is 1/80 of a quadrant and is approximately 200-250 sq. km (a quadrantis one degree by one degree.) Blow-out: Accidental escape of oll or gas from a well during the drilling stage. Blow-out Proventer (BOP): High pressure valve fied to the top of the casing to prevent blow-outs Boepd: barrels of oil equivalent per day bopd: barrels of oil per day bet: billion cubic foot ‘Compressor: An engine used to increase the pressure of natural gas so thatit will fw more quickly through a pipeline Condensate: Liquid hydrocarbons separated and recovered from a condensate gas reservoir Decommissioning/Abandonment: Removal of production equipment and facilities from depleted oll elds Development well: A well drilled within the proved area of an oil or gas reservoir to the depth of a stratigraphic horizon known to be productive Directional Drilling: Also known as deviated driling; technique used in production driling whereby wells are drilled at an angle from a central point so that a number of development wells can be drilled from a single driling facility Downhole: A term used to describe tools, equipment, and instuments used in the wellbore, or conditions or tachniques applying tothe wellbore, Downstream: Refining of crude oil and the marketing and distribution of oll praducts that occur after refining, as opposed to upsteam Downtime: The time during which offshore operations cannot be continued owing to adverse weather conditions, mechanical or other factors Dril-bit: The cutting head attached to the dril-pipe Drilling Muds or Fluid: Fluid, containing barytes, whici is pumped through the dril-sting to the bottom of the well, whence itrises to the surface through the space between dril-string and bore-hole wall tacts as a lubricant and is used to control flow Dry hole: Any exploratory or development well that does not ind commercial quantities of hydrocarbons, E&P: Exploration and production, The “upstream sector of the oil and gas industry EOR: Enhanced Oil Recovery Equity: Share orinterestiin an oll or gas licence or field Exploratory well: A hole drilled: a) to find oll or gas in an area previously considered unproductive; b) to find a new reservoir in a known field, ie., one previously producing oll and gas ‘rom another reservoir, ofc) to extend the limit of a known oll or gas, Farm in: Where a company joins a joint venture in return for paying disproportionately for future joint venture operations Field: An area consisting of a single reservoir or multiple reservoirs all grouped on, or related to, the same individual geological structural feature or stratigraphic condition. The field name refers to the surface area, athough it may refer to both the surface and the underground productive formations, Floater: An offshore dling platform without a fixed base, usually held in position by anchor chainsvenus ‘Sossary|Hremier Om FPSO: Floating Production Storage and Ofloading Vessel GSA: Gas Sales Agrooment GSPA: Gas Sales and Purchase Agreement HSES: Health, Safely, Environment and Security HSFO: High Sulphur Fuel Oi IFRS: International Financial Reporting Standards as adopted in the European Union; Integrated: When applied to an oll company, it ndicates a frm that operates in both the upstream and downstream sectors (from exploration through to refining and marketing) Jacket: Supporting stucture for an offshore platform Jack-up: Mobile offshore driling platform with retraciable legs, on which the platform resis on the seabed when operational Joint venture: Oil companies generally participate in oll and gas projects through their equity share in a joint venture, usually unincorporated. The relationship between the companies is governed by a joint venture agreement Kboepd: thousand barrels of oll equivalent per day Lease: A legal document conveying the right‘o drill for oll and gas, of the tract of land on which a lease has been obtained where the producing wells and production equipment may be located Licence: An exploraton licence permits only geological and geophysical surveying and the drilling of shallow wells; 8 production licence confers exclusive rights on the licensee to search and bore for and get petroleum Log: The results of a survey which gathors information about the subsurface formations. Logs typically consist of several curves ‘on along grid that describe properties within the wellbore or surrounding formations that can be interpreted to provide information about the location of oi, gas, and water. Also called weil logs, Mmbbis: milion barrels Mmbos: milion barrels of oil equivalent MMBtu: million British thermal units per day mmef: milion cubic feat mmefé: million cubic fect per day mmsefé: millon standard cubictest per day Midstream: A term sometimes used to refer to those industry activities that fall between exploration and production (upstream) and refining and marketing (downstream). The term is most often applied to pipeline transportation of crude oil and natural gas OPEC: Organisation of Petroleum Exporting Countries founded in 1960, Current members - Algeria, Angola, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, UAE, Venezuela Operator: One member of a joint venture is appointed operator and has the responsibilty of carrying out operations on behalf of the joint venture P&A (plugged and abandoned): A depleted well or dry hole that has been (typically) filled with cement with all surface equipment removed Plateau Level: The level of peak production reached by an oil or gas field Platform: A fixed structure resting on the seabed or piled into trom which development wells are drilled, using directional driling, to exploitan oil or gas field. To date, these platforms are of two kinds, although several novel designs are in existence. Gravity structures, either concrete or hybrid with concrete base and steel legs and superstructure, which reston the seabed by Virtue of their own weight, or steel, which are piled into the seabed PSC: Production Sharing Contract Reservoir: A subsurface, porous, permeable rock formation in which oil and gas are found Seismic: Data that is acquired by reflecting sound from underground strata and is processed to yield a picture of the sub-surface geology of an area ‘Somi-submersible: Mobile offshore drilling platform with floats or pontoons submerged to give stability while operating, keptin position by anchors or dynamic positioning ‘Spud, to: To commence driling operations ‘Btu: tilion British thermal units Topsides: The top partof a platform positioned on the Jacket UKCS: United Kingdom Continental Shelfvenwans (Glossary | Premier Ot Upstream: Upstream covers the exploration, production and transport prior to refining Wellhead: The equipment at the surface of a well used to control the pressure and flow of uid hydrocarbons and water exitthe ground or sea bed 1 point atwhich the Wildcat: Speculative exploration well dilled in search of a new oil or gas accumulation © Premier 012016, Al ights reserved.