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Oil and gas investing terminology
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In the case of oil, 1 barrel is equal to 42 gallons approx.
| Kiwi crypto | Taxes Enforced contributions to the public funds, levied on persons, property, or income by https://yalanews.online/how-to-watch-cryptocurrency-hearing-today/557-successful-crypto-trading-for-beginners-pdf.php authority. Dollar debasement is the declining value of the U. PPIs measure price change from the perspective of the seller. It is a subset of Associated Gas. The PMI index is an indicator of the economic health of the manufacturing sector based on five major indicators: new orders, inventory levels, production, supplier deliveries, and the employment environment. Particulate Matter Refers to microscopic solid or liquid particles that remain suspended in the air for some time. Discovered Petroleuminitially-in-place That quantity of petroleum which is estimated, on a given date, to be contained in known accumulations, plus those quantities already produced therefrom. |
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Used to replace jointed pipe in certain types of drilling, completion, and workover operations. Compressor — an engine used to increase the pressure of natural gas so that it will flow more easily through a pipeline 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; a well drilled in a proven field for the purpose of completing the desired spacing pattern of production.
Downhole — a term used to describe tools, equipment, and instruments used in the wellbore, or conditions or techniques applying to the wellbore. Downstream — 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. Drill cuttings — the small pieces of rock created as a drill bit moves through underground formations while drilling. Dry gas — the volume of gas remaining after all water and natural gas liquids have been removed. Dry hole — any exploratory or development well that does not find commercial quantities of hydrocarbons. Enhanced oil recovery EOR — refers to a variety of processes to increase the amount of oil removed from a reservoir, typically by injecting a liquid e.
Exploratory well — a hole drilled: a to find and produce oil or gas in an area previously considered unproductive area; b to find a new reservoir in a known field, i. 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, although it may refer to both the surface and the underground productive formations.
Formation damage — the reduction in permeability in reservoir rock due to the infiltration of drilling or treating fluids into the area adjacent to the wellbore. Fracturing — the application of hydraulic pressure to the reservoir formation to create fractures through which oil or gas may move to the wellbore. Gas-to-Liquids GTL — the conversion of natural gas to a liquid form so that it can be transported easily. Typically, the liquid is converted back to natural gas prior to consumption.
Gravity — a standard adopted by the American Petroleum Institute for measuring the density of a liquid. Gravity is expressed in degrees with lower numbers indicating heavier liquids and higher numbers indicating lighter liquids. Integrated — when applied to an oil company, it indicates a firm that operates in both the upstream and downstream sectors from exploration through refining and marketing Lease — a legal document conveying the right to drill for oil and gas, or the tract of land on which a lease has been obtained where the producing wells and production equipment are located.
Lifting costs — the cost of producing oil from a well or lease. Log — to conduct a survey inside a borehole to gather information about the subsurface formations; the results of such a survey. Logs typically consist of several curves on a long grid that describe properties within the wellbore or surrounding formations that can be interpreted to provide information about the location of oil, gas, and water.
Also called well logs, borehole logs, wireline logs. 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. Natural gas liquids NGL — the portions of gas from a reservoir that are liquified at the surface in separators, field facilities, or gas processing plants. Non-associated gas — natural gas produced from a reservoir that does not contain significant quantities of crude oil.
Permeability — a measure of the ability of a rock to transmit fluid through pore spaces. Porosity — a ratio between the volume of the pore space in reservoir rock and the total bulk volume of the rock. The "fractures" which are created in the rock act as flow channels for the oil and gas to the well. Gas Well: A well that produces natural gas which is not associated with crude oil. All cost incurred in drilling a well other than equipment or leasehold interests.
Initial Production IP : Production from a well is generally broken down into three categories: a. Flush or Initial b. Settled c. It is important for investors to realize that a well cannot maintain the flow rates it made during the first stages of its life. Intermediary: An unrelated third party i.
Exeter Exchange Services, LLC that administers the tax-deferred, like-kind exchange transaction in order to facilitate the disposition of the Investor's relinquished property and the acquisition of the Investor's like-kind replacement property. The Intermediary has no economic interest except for any compensation exchange fee it may receive for acting as an Intermediary in facilitating the exchange as defined in Section of the Internal Revenue Code.
The Intermediary is technically referred to as the Qualified Intermediary, but is also known as the Accommodator, Facilitator or Intermediary. IP: Initial Production. Production from a well is generally broken down into three categories: a.
Net Revenue Interest NRI : That percent of the production revenue allocated to the working interest after first deducting proceeds allocated to royalty and overriding interest. Non-Commercial: A well that is not capable of producing enough oil to pay for the drilling. That percent of the production revenue allocated to the working interest after first deducting proceeds allocated to royalty and overriding interest.
Oil: A liquid hydrocarbon. Normally, the price which a producer receives for his oil depends on its gravity, the less dense oils higher API gravity being the most valuable. This price schedule is based on the premise that the lighter oil contains higher percentages of the more valuable products such as gasoline. Oil and Gas Leases: A contract between an oil operator and a landowner which gives the operator the right to drill for oil and gas on his property for a consideration.
It is simply a "ticket to hunt". On the Pump: An expression that means a well is incapable of flowing and that the oil is being pumped to the surface by a "pumping unit". Operating Expense: The expenses incurred through the operation of producing properties. Payout: When the costs of drilling, producing and operating have been recouped cost recovery from the sale of products on a well.
Permeability: A measure of the resistance of rock to the movement of fluids. Rocks may have holes or void spaces in them porosity , but if these holes do not connect, the permeability can be drastically reduced. A measure of the relative volume of void space in rock to the total rock volume. These spaces or pores are where oil and gas accumulate; therefore, a formation containing a high percentage of porosity can contain more hydrocarbons.
Proven Reserves: Oil and gas which has not been produced but has been located and is recoverable. Pumper: An employee of an operator who is responsible for gauging the oil and gas sold off the leases he has been assigned and who is also responsible for maintaining and reporting the daily production. Qualified Intermediary: An unrelated third party i.
REITs are managed by one or more trustees, like a mutual fund, and trade like a stock. Individual investors can be taxed. Rework Operations: Any major operation performed on a well after its completion in an attempt to restore or improve its ability to produce.
Salt Water Disposal Well: Many wells produce salt water while producing oil. The disposal of this water is a problem to an operator because of pollution. The best solution to the problem is to pump the waste back into a formation that is deep enough not to pollute shallow water sands. Many stripper wells which are no longer commercial are converted for this purpose.
Secondary Recovery: A broad term encompassing any method of extracting oil from a reservoir after a well or field has exhausted its primary production. Sedimentary Rocks: Rock is generally classified in one of three categories: a. Sedimentary; b. Igneous; c. Settled Production: The second phase of production in the producing life of a well. Stripper Well: The final state in the life of a producing well. Oil will migrate underground through rock until it is "trapped". Surface Pipe: Pipe which is set with cement through the shallow water sands to avoid polluting the water and keep the sand from caving in while drilling a well.
Swab: A tool which is lowered down the pipe on a wire line. The "swab" is then pulled out of the hole. As it travels up the pipe, rubber elements expand so that the fluid in the pipe is trapped above the swab and pushed to the surface.
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