Category: Oil and Gas business

A plan for the expected number and types of bits that are to be used in drilling a well

A heavy, thick-walled steel pipe used in rotary drilling to turn the drill bit and to provide a conduit for the drilling mud.

The numerical designation assigned to offshore lease and license tracts, or subdivisions of the tracts

This term refers to the net amount at which an asset (reserves of oil and gas in this case) is carried on the books of account. Under SEC rules oil and gas companies are only allowed to book reserves from oil and gas finds that are considered readily available or from conventional sources. In addition, they are required to report their reserves on the basis of the price of oil and gas that they are selling or plan to sell as of the last day of the year for which they are reporting. US companies cannot book reserves until they have demonstrated that the reserves are marketable. Many international companies have more latitude

For instance the Pipeline Safety Regulation states that an emergency shut-down valve means a valve which is capable of adequately blocking the flow of fluid within the pipeline at the point at which it is incorporated. In the absence of a definition, adequate is taken to mean sufficient for a particular purpose

The pressure usually measured in pounds per square inch (psi) at the bottom of the hole. Test that is carried out by a wireline service company, that lowers a pressure recorder down the tubing to record bottom hole pressure with the well shut-in over 24 hrs (namely leaving the recorder for 24hr to stabilize the well and get a more realistic reading since over this period one can see how rapidly the reservoir pressure builds and recovers). The recorder is pulled out and downloaded into a computer. Most often downhole pressures are higher than surface pressure. The pressure from the well bore is an important element as this is essentially the energy that drives production to the surface. Another important element is the Flowing Bottom Hole Pressure; this is the pressure downhole when the well is flowing and stable

There are different types of block valves which, when closed, may stop the oil from flowing in either direction. Types include remote gate valves, manual gate valves, and station block valves (for both suction and discharge). When closed, the valve can block oil flow in both directions. Block valves include manual gate valves, remote gate valves and station block valves (suction valves and discharge valves).

A tank used to relieve surges in a hazardous liquid pipeline system, or to receive and store hazardous liquid transported by a pipeline for re-injection and continued transportation by pipeline. Pipeline operations use breakout tanks to hold oil in the event of a sudden surge or to take on and store oil for a time before it is re-injected into the pipeline for further movement

A compressor used to raise pressure in a gas or oil pipeline

Lowest or deepest part of a well