Category: Oil and Gas business

In Israel, a Lease is granted to the license holder, if oil has been discovered in commercial quantities. The lease maximum period is 50 years. The royalty paid for oil and gas is 12.5%

Refers to tankers and barges loading cargoes of petroleum at a terminal or transshipment point.

Lease condensate is natural gas liquids recovered from produced gas (associated and non associated) in gas-liquid separators or field facilities

Liquefying agent

The processes through which sediments are converted into sedimentary rock, including compaction and cementation

Lifting agreement is usually a supplemental agreement to a JOA that sets out the rights, obligations and procedures for the lifting of liquid petroleum under the contract. Such a lifting agreement is often based on the AIPN Model Form Lifting Procedure.

Natural gas used in well, field, and lease operations, such as gas used in drilling operations, heaters, dehydrators, and field compressors