Author: bomuo

In so far as the E&P of natural gas this includes finding and producing natural gas from natural gas fields or associated gas that is produced with crude oil

Prospecting for undiscovered petroleum. Any method used to discover new oil and gas fields. Five different elements need to be present for an accumulation to work and if any of these elements are absent then we get a dry hole: (1) structure/trap – a geological feature which is defined using seismic, in which hydrocarbons may be trapped; (2) reservoir – a porous rock which can contain hydrocarbons and from which hydrocarbons can flow into an oil/gas well; (3) seal – an impermeable formation located above the reservoir, which prevents the hydrocarbons from escaping; (4) source – a rock containing the precursors of hydrocarbons which can then be turned into oil or gas by thermal maturation, (5) migration – the process by which hydrocarbons move between source and reservoir. Estimating the probability of all these elements is a key part of exploration.

In an oil and gas JOA contract, exploitation period signifies, any and all periods of exploitation during which the production and removal of petroleum is permitted under the Contract

Exploitation area in an oil and gas JOA contract means that part of the contract area which is established for development of a commercial discovery pursuant to the contract or, if the contract does not establish an exploitation area, then that part of the contract area which is delineated as the exploitation area in a development plan approved as a joint operation or as an exclusive operation.