Category: Oil and Gas business

To drain off liquid or gas, generally slowly, through a valve called a bleeder. To bleed down, or bleed off, means to release pressure slowly from a well or from pressurized equipment

One of the best sites that provides quantitative data on the major fundamentals of the energy market. The review is used for reference by the media, academia, world governments and energy companies, and is one of the most widely respected publications in the field of energy economics

When a governmental body offers exploration acreage for leasing by exploration and production companies, typically in return for a licensing fee and an obligation to perform a set program. This program can include acquisition of seismic data or drilling a well. Exploration licenses are initially of limited duration (about 3-5 years) after which there might be a requirement to return half or more of the licensed acreage to the state after the licensee has selected the area in which he wants to pursue his activities. If hydrocarbons are discovered, a separate production license or production-sharing agreement is usually drawn up before development can proceed

A depression in the crust of the Earth, caused by plate tectonic activity and subsidence, in which sediments accumulate. Sedimentary basins vary from bowl-shaped to elongated troughs. Basins can be bounded by faults. If rich hydrocarbon source rocks occur in combination with appropriate depth and duration of burial, then a petroleum system can develop within the basin.

A reference of depth. Depth measurements are commonly referenced to the number of feet below the kelly bushing, so that 8327 KB signifies 8327 feet below the kelly bushing (see also kelly bushing)

The difference in the value of natural gas in the market in two separate places at the same time

The firm base rock to which is anchored the geological structure of interest to petroleum geologists. Usually synonymous with the Precambrian but the term may also be applied to any widespread association of igneous and metamorphic rocks which are covered by unmetamorphosed sediments. The ancient rock that lies below sedimentary strata; it does not contain oil or gas >

Pertaining to the sea floor

A measured amount in which crude oil and refined product shipments are sent through a pipeline.

(1) In a pipeline operation, ‘batch’ refers to the separate pumping of oil product that is next to another oil product to prevent mixing of deliveries. (2) In a refining operation, the mixing of two grades of crude oils, to improve the distillation