Fouling is the build up of oil deposits on tubes in heat exchangers. Fouling problems in refineries worldwide are causing the loss of about 7 million bbl/year of throughput capacity. Refiners spend $4.5 billion worldwide to clean up refineries, resulting in shutdowns and serious health and safety issues because of the need to safely dispose of toxic material from the tubes. Security of oil supplies also is threatened when refineries are offline.
An agreement to buy energy at a specified time and price in the future. Money changes hands on the delivery date
There exists a variety of different transactions that involve the advance of funds to the owner of an interest in an oil and gas property in exchange for the right to receive the cash proceeds of productions or the production itself, arising from the future operation of the property. In such transactions, the owner almost always has a future performance obligation, the outcome of which is uncertain to some degree. Determination as to whether the transaction represents a sale or financing rests on the particular circumstances of each case.
The acquisition of energy or related services in advance of need. In the energy industry, forward buying is used primarily to insure continuous, uninterrupted service by insuring future supplies of energy and availability of transmission access and other needed delivery services
Established by Iran, Russia and Qatar in 2001
The water originally in place in a formation. Any water that resides in the pore spaces of a formation
Oil shrinks and gas expands when brought to the surface. The FVF converts volumes at reservoir conditions (high pressure and high temperature) to storage and sale conditions
The gathering of data on a formation to determine its potential productivity before installing casing in a well. The conventional method is the drill-stem test. The gathering of pressure data and fluid samples from a formation to determine its production potential before choosing a completion method.
