Category: Oil and Gas business

The specific reservoir interval(s) that is (are) open to the borehole and connected to the surface facilities for production or injection.

Development and production of recoverable quantities of hydrocarbons has not been justified, due to conditions that may or may not be fulfilled.

Liquid hydrocarbons produced with natural gas which are separated from it by cooling, expansion, and various other means. Hydrocarbons which are in the gaseous state under reservoir conditions but which become liquid either in passage up the hole or at the surface.

Condensate is the hydrocarbon liquid that is separated from natural gas because of changes in pressure and temperature when the gas from the reservoir was delivered to the surface separators. Typically gas condensates are similar to commercial gasoline with a higher hydrocarbon component “tail” that can extend beyond C30 hydrocarbons.
A mixture of hydrocarbons which are in a gaseous state under their original temperature and pressure in the depths of the reservoir, and which turn into a liquid state during the production process, at ground pressure and temperature

Formed by the merger of Conoco and Phillips Petroleum, ConocoPhillips is the #3 integrated oil and gas company in the US, behind Exxon Mobil and Chevron. The expanded company explores for oil and gas in more than 30 countries and has estimated proved reserves of 11.5 billion barrels of oil equivalent, excluding its Syncrude (Canadian oil sands) assets

Subsea pipelines are coated with reinforced concrete so as to ballast and protect them from damage and corrosion. Concrete weight coating systems provide the following advantages: sub-sea stability, prevention of damage by ship’s anchors, no need for trenching of the pipeline and requires less steel

Those quantities of petroleum which are estimated, on a given date, to be potentially recoverable from known accumulations but which are not considered to be commercially recoverable due to one or more contingencies which may include factors such as economic, legal, environmental, political, commercial, regulatory matters or a lack of markets. It is also appropriate to classify as contingent resources the estimated discovered recoverable quantities associated with a project in the early evaluation stage. Contingent resources are further classified in accordance with the level of certainty associated with the estimates and may be subclassified based on project maturity and/or characterized by their economic status

Hydrocarbons that are in the gaseous phase at reservoir conditions but condensate into liquid as they travel up the wellbore

Consenting Party, is a party in a JOA who agrees to participate in and pay its share of the cost of an exclusive operation. Non-Consenting Party means each Party who elects not to participate in an Exclusive Operation. Consenting parties have thus to pay the entire cost and liability of conducting any exclusive operation. An exclusion operation includes further operations on a well such as the deepening or sidetracking of a well. JOAs include a host of provisions governing the rights and obligations of non-consenting parties, including their rights to be re-instated, but usually at a high premium cost to the original costs.

Natural gas is a combustible mixture of hydrocarbon gases.

While natural gas is formed primarily of methane, it can also include ethane, propane, butane and pentane.

The composition of natural gas can vary widely, but is often composed of the following: methane (70-90%), Ethane, propane (0-20%), Butane, Carbon Dioxide (0-8%), Oxygen (0-0.2%), Nitrogen (0-5%), Hydrogen Sulphide (0-5%) and sometimes traces of other rare gases (A, He,Ne,Xe). In its pure form it is almost pure methane. Methane is a molecule made up of one carbon atom and four hydrogen atoms, and is referred to as CH4.

When you talk about gas composition you are in fact referring to its calorific value

A petroleum accumulation that is pervasive throughout a large area and which is not significantly affected by hydrodynamic influences. Examples of such deposits include “basin-center” gas and gas hydrate accumulations