05.07.2009
The total amount of oil and other fluids produced or processed per day.
A common unit of measurement for the daily volume of crude oil produced by a well or from a field
A term used to quantify oil and natural gas volumes based on energy equivalents.
A unit of volume measurement used for petroleum and its products (7.3 barrels = 1 ton: 6.29 barrels = 1 cubic meter). One barrel is equal to 42 U.S. gallons, or 5.6 cubic feet, or 159 liters of oil. The first b stands for blue for when Standard Oil would use blue barrels to transport their oil
When crude oil is $100 a barrel this is equivalent to $17.2 an mmbtu, which is an important ball-point to compare the price of crude oil to that of natural gas. As an example on the 1st of September 2008 when crude oil was $116.2 a barrel and natural gas was $8.2 an mmbtu, crude oil on an energy equivalent basis was $20.05, so that natural gas was in fact being traded at only 40% of crude oil.
Crude oil parity to natural gas (100%) translated into $/mmbtu results in a slope of 0.17 (namely if one multiplies the price of oil by 0.17 one receives the price of gas if it were on a 100% parity with oil)
Barium sulfate; a mineral frequently used to increase the weight or density of drilling mud. Its relative density is 4.2 (or 4.2 times denser than water).
Barge drilling rigs are mobile drilling platforms that are submersible and are built to work in seven to 20 feet of water. They are towed by tugboats to the drill site with the derrick lying down. The lower hull is then submerged by flooding compartments until it rests on the river or sea floor. The derrick is then raised and drilling operations are conducted with the barge resting on the bottom.
Vessel that transports crude oil or other petroleum products