Category: Oil and Gas business

the process of filtering a fluid

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

Brochure prepared by holders of an oil or gas exploration license in order to present the acreage to potential farminees (parties interested to buy a percentage in the license). The brochure will usually contain an executive summary, seismic interpretations, farmout terms, permit details, asset market, etc.

The phases are as follows: Seismic survey + processing and interpretation; deciding on a prospect for undertaking an exploration drilling; exploration drilling (including logs and additional tests); production testing (in certain circumstances); discovery; carrying out an appraisal drilling and data analysis; development of commercial discovery; production

That part of the identified resources over and above measured (proved) reserves that can be added to existing fields through extension, revision, improved recovery efficiency and the addition of new pools or reservoirs

Sorry, this entry is only available in עברית.

Date after all the due diligence and investigations have been carried out when a company makes the final decision to go ahead with a specific project, such as drilling the well

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.

The party acquiring the interest in a farm-in / farm-out agreement is the farmee. Companies that wish to farm-in (buy-in) to another companies permit / license