Category: Oil and Gas business

Crude oil containing paraffinic wax but very few asphaltic materials. This type of oil is suitable for motor lubricating oil and kerosene. >

Operating committee of a JOA in an oil and gas exploration operation that meet at regular intervals to decide on budgets and workplans

Gas taken by a consumer after a supply contract end date normally attracting higher charges

As prices of oil tumble from a high of $147.2 in July 2008 to a low of $40 by the end of the same year, OPEC has been debating to cut production of between 1-2 million barrels per day

A geological system of faults and basins in which geologic forces have thrust layers of older rock above strata of newer rock that might contain oil or natural gas

Unlimited flow rate for testing and maintenance purposes

In order to run the joint venture (oil and gas exploration) efficiently, the parties will appoint an Operator to act on their behalf. The Operator will reap no gain and suffer no losses in doing so. The Operator will be the motivating party in taking the work forward by proposing budgets and plans and running meetings. It will also act as the agent of the parties in relation to third parties, including government liaison. The operator is usually a party to the license and usually the party with the largest interest in the block. The operator is said to have the operatorship

A device that can be put into the wellbore with an initially smaller diameter that then expands to seal the wellbore. (2) A downhole device used in nearly every completion to isolate the annulus from the production conduit, enabling controlled production, injection or treatment

The calculated maximum flow rate that a system may provide in the absence of restrictions