A clause in some long term contracts that allow a buyer that takes more than Take or Pay or ACQ (depending on what was agreed) amount in a single Contract Year to get a credit to set against future Take or Pay contract year obligations. Quantities are frequently restricted.
Voyage charter (spot), C.O.A., time charter, bareboat.
The bottom of the casing string, including the cement around it, or the equipment run at the bottom of the casing string
Used in oil wells to reinforce the borehole. Sometimes several casings are used, one inside the other. The outer casing, called the “surface pipe,’ shuts out water and serves as a foundation for subsequent drilling
Operates one-way and prevents the reverse flow of oil. Check valves are designed to be held open by flowing oil and to drop closed automatically when oil flow stops or is reversed
An assembled length of steel pipe configured to suit a specific wellbore
A range of exploration drilling scenarios from which the following activity levels, based on recent historical experience, are adopted as the central estimates
The ability of a circulating drilling fluid to transport rock fragments out of a wellbore. Carrying capacity is an essential function of a drilling fluid. Carrying capacity is determined principally by the annular velocity, hole angle and flow profile of the drilling fluid, but is also affected by mud density, cuttings size and pipe position and movement
China’s oil and gas industry is controlled by 3 national companies: CNCP, Sinopec and CNOOC. CNCP and Sinopec operate nearly all of China’s refineries and pipeline systems and CNOOC competes on the international scene. In addition to these three national companies, in 2005 the first private O&G company started operations (Great Wall Petroleum Group). China is aiming for natural gas to account for 5% of the national energy mix by 2010 and wants LNG to play an increasing role in meeting this target.
