05.07.2009

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

The holder of a concession right

A grant of access for a defined area and time period that transfers certain rights to hydrocarbons that may be discovered from the host country to an oil and gas corporation. The corporation is generally responsible for exploration, development, production and sale of the hydrocarbons that may be discovered. The concession is typically granted under a legislated fiscal system where the host country collects taxes, fees and sometimes royalty on profits earned. A concession contract is a contract to grant a concession

The area on land or in the sea over which the concession has been granted

The power to take private property for public use by a state, municipality, or private person or corporation authorized to exercise functions of public character, following the payment of just compensation to the owner of that property. On 13 March 2000, Part 6A.2 of the Corporations Law was introduced as part of the Corporate Law Economic Reform Program (CLERP) to enable a person with a full beneficial interest in at least 90% of any class of securities in a company to compulsorily acquire the outstanding securities in that class. That power must be exercised within six months of becoming a 90% holder. Previously, compulsorily acquisitions could only take place following a takeover bid and the legislation provided only for the compulsory acquisition of shares A recent example of compulsory acquisition is such as when BG undertook the compulsory acquisition of the remaining shares in Queensland Gas Company which it does not already own. As at the end of trading on 4 December 2008, BG AUS had increased its stake in QGC to 96.62% of the issued share capital by way of the recommended on-market offer announced on 28 October 2008, it was able to move to compulsory acquisition of the outstanding QGC shares it does not own by lodging a compulsory acquisition notice