05.07.2009

Although there have been improvements in health and safety offshore since the Piper Alpha disaster in 1988 the risks are ever present – fire, explosion, release of gas and structural failure all have the potential to cause major loss of life. Specific legislation exists to deal with the hazards arising from the operation of fixed/mobile installations, wells and pipelines. The oil and gas sector is a dynamic rapidly changing industry but with an ageing infrastructure and increasing cost pressures as the available oil and gas declines. These issues, together with the geographically isolated workforce, and the inherent hazards in working offshore require high standards of management of health and safety.

To measure well pressure

The minute or microscopic voids in porous rock. Rocks containing pores are able to hold oil, gas and water. If the pores are interconnected, the rock is permeable and a good reservoir rock. A discrete void within a rock, which can contain air, water, hydrocarbons or other fluids. In a body of rock, the percentage of pore space is the porosity

The method of producing a gas reservoir that is not associated with a water drive. Gas is removed and reservoir pressure declines until all the recoverable gas has been expelled.

Porosity and permeability; oil and/or gas reservoir with poor / good porosity and permeability

In order to protect their interests in a joint venture in an oil and gas exploration project, parties may seek to include rights of first option, regarding rights of disposal of parts of the asset.

An agreement between a shareholder and a bidder to the effect that if the bidder makes a takeover offer for a company on agreed terms, then the shareholder will accept the bid. In October 2008 BG made a pre-bid agreement to acquire Queensland Gas Company after failing its hostile approach to Origin in order to break into Australia’s potentially lucrative coal-bed methane market and provide BG with feedstock for its LNG trade