Month: July 2009

38 to 23 million years ago

A level in a reservoir above which there is oil/gas and below which there is water

The quality of a source rock that makes it more likely to contain oil than gas

The oilfield services segment covers firms that provide the products and services that are used in drilling, evaluating and completing oil and gas wells. Customers include oil and gas producers and drilling companies

A formation or horizon of a well from which oil may be produced. The oil zone is usually immediately under the gas zone and on top of the water zone if all three fluids are present and segregated

Structural traps for oil or gas include anticlines, fault, salt or stratigraphic traps where petroleum accumulates due to changes of rock character rather than faulting or folding of the rock. For instance if oil migrates from sandstone, it will flow along this rock layer until it hits for instance a low-porosity shale and a stratigraphic trap is formed

Transportation fee means the sum of the Capacity Fee and the Throughput Fee for a given period to be paid by the Shipper for the transportation of Natural Gas in the transmission system.

The natural gas transmission tariff is composed of: (1) a capacity tariff of 0.7527 NIS per hour per mmbtu multiplied by 730 hours a month, based on a dollar exchange rate of 4.225 NIS per $; and (2) an actual flow tariff of 0.1250 NIS per per hour per mmbtu, based on a dollar exchange rate of 4.225 NIS per dollar.

The tariff will be updated as follows: 1/3 of the tariff will be updated based on the consumer price index on the day of the sending of the bill compared to the base rate. The base rate is that of November 2006 which was 102.9 (base rate 100 = 2002) and 2/3 based on the dollar rate as per the day the bill is sent and based on a dollar rate of 4.225 NIS per $1The tariff does not include VAT. 90% of the tariff is from the throughput component and only 10% is from the actual flow of gas.

The final string of casing set in a well after the productive capacity of the formation has been determined to be sufficient.