Category: Oil and Gas business

The study of fossilized remnants of plant or animal life. The study of ancient life through fossils

Outside diameter of a pipeline. Casing and tubing are described in terms of their outer and/or inside diameter

Operational flow orders and other alerts help protect the integrity of pipelines by requiring shippers to take action to balance their supply with their customers’ usage on a daily basis within a specified tolerance band. Such system-wide alerts are often given in order to manage imbalances in the system and handle within-day volatility due to operating challenges in conjunction possibly with a previous pipeline rupture or cold weather

It is a method to ensure that all parties have open access use of an LNG terminal and it is thus a transparent capacity allocation mechanism. The allocation is made on a demand basis but users risk losing allocated capacity that has not been used (UIOLI) and thus creates a level playing field. An open season is a call for subscriptions allowing the transparent and non-discriminatory allocation of infrastructures access capacity and the dimensioning of supply to demand if necessary. The open season is often organized in 3 phases: qualification of the applicant, non binding application, binding application. Open season procedure generally consists of a two step process; an open assessment of market demand for a specific proposal (first step) and a subsequent phase of capacity allocation (second step). Availability of sufficient infrastructure remains a key requirement for energy security and the development of a competitive market in natural gas. To foster competition, infrastructure, in addition to being sufficient, should be sold at conditions that fit the market’s needs and should thus be accessible on a non-discriminatory basis (thanks to well-functioning capacity allocation procedures). Open season has the advantage of being a transparent and non-discriminatory approach. It also makes it possible to collect the needs of the entire market, thus indicating optimal investment level trends. The open season method and the first come first served method provide the winner of the tender a more or less secure picture of the situation regarding the amount of capacity ordered from the facility. The open season method enables all those who are interested to submit proposals simultaneously

Oil and gas exporting countries willingness to export their oil and gas resources as compared to their policy decision to keep indigenous resources for their internal consumption needs. A lack of new production capacity in certain countries, in combination with increased local demand, will make it hard for the respective governments and producers to make the case for exports.

When infrastructure funded by one party can be used by other parties, including competitors, such as in a transmission system, a distribution network, an LNG facility, at a regulated tariff. A regulatory mandate to allow others to use a utility’s transmission and distribution facilities to move bulk energy/power from one point to another on a nondiscriminatory basis for a cost-based fee

Used in international crude oil trade. Can transport between 50,000 – 80,000 tons of crude oil

An agreement between parties who own a working interest in a well that sets out responsibilities and duties of the operator and non operators, including drilling the test well and subsequent wells, and sharing of expenses and accounting methods

Production overlift or underlift of petroleum can occur in annual records because of the necessity of companies to lift their entitlement of hydrocarbons in parcel sizes to suit the available shipping schedules. At any given financial year-end, a company may be in overlift or underlift. Companies must report the actual liftings made by the company during the year and not based on their production entitlement for the year