The main objectives of the prospecting stage are to state the oil field limits, to determine its potential and the saturation of its strata, as well as the oil and gas horizons. Once the prospecting stage is concluded, the oil reserves are estimated and recommendations to exploit the oil fields are made. Mineral Owners Glossary of Oil and Gas Terms. Oil & Gas Terminology. BASIN: A large bowl shaped depression in the subsurface under the land that has the potential to contain Oil & Gas. CLEAR TITLE: A clear title is a chain of title without any kind of lien or levy from creditors or other third parties and poses no question as to legal ownership When referring to the oil and gas industry, this term indicates the refining and marketing sectors of the industry. More generically, the term can be used to refer to any step further along in the process from “upstream”crude oil and natural gas production.

The main objectives of the prospecting stage are to state the oil field limits, to determine its potential and the saturation of its strata, as well as the oil and gas horizons. Once the prospecting stage is concluded, the oil reserves are estimated and recommendations to exploit the oil fields are made. Mineral Owners Glossary of Oil and Gas Terms. Oil & Gas Terminology. BASIN: A large bowl shaped depression in the subsurface under the land that has the potential to contain Oil & Gas. CLEAR TITLE: A clear title is a chain of title without any kind of lien or levy from creditors or other third parties and poses no question as to legal ownership When referring to the oil and gas industry, this term indicates the refining and marketing sectors of the industry. More generically, the term can be used to refer to any step further along in the process from “upstream”crude oil and natural gas production. Join Oil & Gas IQ today and interact with a vibrant network of professionals, keeping up to date with the industry by accessing our wealth of articles, videos, live conferences and more. Oil & Gas Accounting 101 – Terminology . To be able to work effectively in Oil & Gas Accounting, you need to understand some of the terminology for the oil & gas industry. Here are some of the terms you’ll encounter… Authorization for Expenditure (AFE) – A document shown to investors in a well that will estimate drilling and completion costs. An AFE can then be used as drilling occurs to show actual costs versus estimated costs. Associated Gas is gas which coexists with oil in a predominantly oil field. It may be Cap Gas or Solution Gas, the behaviour and treatment of which are different. Associated gas will normally be sold as “sellers’ nomination” gas, i.e. the seller nominates the volumes of gas available. Glossary. We know there are a terms related to the natural gas industry. That's why we put together the Natural Gas Glossary to help you find the words you need to understand the industry. Browse a comprehensive alphabetized list of natural gas terminology.

A company involved in virtually all aspects of the oil and gas industry including exploration, production, transportation, refining and marketing. These companies  

The API publishes weekly statistics on the petroleum industry. API gravity: the universally accepted scale adopted by the API for the measurement of crude oil  31 May 2018 Find definitions to industry terms & get familiar with the terms you need to know if you are looking to make your mark on the Oil and Gas  A glossary of commonly used oil and gas terms. well as experienced royalty owners or mineral owners with the terminology used in the Oil and Gas industry. A company involved in virtually all aspects of the oil and gas industry including exploration, production, transportation, refining and marketing. These companies   Also used in the context of field abandonment. Associated gas. Natural gas produced with crude oil from the same reservoir. Annex B Operator's development plan  3 Mar 2017 The oil and gas industry generates hundreds and thousands of job opportunities all around the world. It is a key sector for individuals who have  The oil field workers were no different. They used and changed the meanings of words to fit their lifestyle. This little glossary is just a small example of the 

n: a trade association that represents the interests of members of the energy service segment of the oil and gas industry. It offers publications regarding recommended industry practices and training materials. air hoist. n: a hoist operated by compressed air; a pneumatic hoist.

of Terms, OPEC, Oxford English Dictionary, Schlumberger's Oilfield Glossary, The Street, The United Nations. I need to know An Introduction to the Oil Industry   That's why we put together the Natural Gas Glossary to help you find the words you need to understand the industry. Browse a comprehensive alphabetized list  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 

The Platts industry glossary covers common terms and abbreviations from the oil, power, petrochemicals, nuclear, gas, coal and metals markets and industries.

Primary stocks include crude oil or petroleum products held in storage at (or in) leases, refineries, natural gas processing plants, pipelines, tank farms, and bulk terminals that can store at least 50,000 barrels of petroleum products or that can receive petroleum products by tanker, barge, or pipeline. n: a trade association that represents the interests of members of the energy service segment of the oil and gas industry. It offers publications regarding recommended industry practices and training materials. air hoist. n: a hoist operated by compressed air; a pneumatic hoist. Thus porosity measures the capacity of the rock to hold natural gas, crude oil or water. Primary Recovery The production of oil and gas from reservoirs using the natural energy available in the reservoirs and pumping techniques. Produced Water Water naturally present in the reservoir that is recovered during oil and gas production. Prorationing The oil & gas industry is broken down into three segments: upstream, midstream, and downstream. Upstream, or exploration and production (E&P) companies, find reservoirs and drill oil and gas wells. Oil & Gas Terms of The Day. Advertisement. Makeup cathead . A device that is attached to the shaft of the drawworks and used as a power source for screwing together joints of pipe. It is usually located on the driller’s side of the drawworks. Also called spinning cathead. See cathead. The main objectives of the prospecting stage are to state the oil field limits, to determine its potential and the saturation of its strata, as well as the oil and gas horizons. Once the prospecting stage is concluded, the oil reserves are estimated and recommendations to exploit the oil fields are made. Mineral Owners Glossary of Oil and Gas Terms. Oil & Gas Terminology. BASIN: A large bowl shaped depression in the subsurface under the land that has the potential to contain Oil & Gas. CLEAR TITLE: A clear title is a chain of title without any kind of lien or levy from creditors or other third parties and poses no question as to legal ownership

API: American Petroleum Institute, a petroleum industry association that sets standards for oil field equipment and operations. API Gravity: The gravity (weight per 

A glossary of commonly used oil and gas terms. well as experienced royalty owners or mineral owners with the terminology used in the Oil and Gas industry.

Thus porosity measures the capacity of the rock to hold natural gas, crude oil or water. Primary Recovery The production of oil and gas from reservoirs using the natural energy available in the reservoirs and pumping techniques. Produced Water Water naturally present in the reservoir that is recovered during oil and gas production. Prorationing