International freight index for tankers. A method of calculation of payment for the transport of oil by ships for a single or several consecutive voyages. Worldscale is a table giving the amount of USD per ton oil for a number of standard routes. The rates listed in the table, so called flat rates termed W100, are revised annually.
The World Petroleum Council’s (WPC) main purpose is to catalyze and facilitate dialogue amongst internal and external stakeholders aimed at seeking solutions to key technical, social, environmental and management challenges in global energy issues for the benefit of mankind. In doing so, the WPC will contribute towards sustainable growth. The World Petroleum Council was founded in London in 1933. It is an international, unbiased, non-political organization that provides a forum for global issues on energy and petroleum and related matters. The mandate of the WPC is to promote the management of the world’s petroleum resources for the benefit of mankind. It aims to encourage the application of scientific advancements, technology transfer and the consideration of economic, financial, management, environmental and social effects on petroleum issues
Annual publication by the IEA
The World Energy Council is the most representative body of the energy industry with members in more than ninety countries. Its mission is to promote the sustainable supply and use of energy for the greatest benefit of all. The London-based organization has official consultative status with the United Nations
Workover is a term used to describe operations on a completed production well to clean, repair and maintain the well for the purposes of increasing or restoring production. > > > >
Usually involve using a workover rig to restore or stimulate production on a well. Workover operations could be necessary for instance if sand has clogged the tubing end of an open hole completion, thus reducing or cutting off the flow of fluid
A percentage of ownership in an oil and gas lease granting its owner the right to explore, drill and produce oil and gas from a the lease area. Working interest owners are obligated to pay a corresponding percentage of the cost of leasing, drilling, producing and operating a well. After royalties are paid, the working interest also entitles its owner to share in production revenues with other working interest owners, based on the percentage of working interest owned
