05.07.2009

Australia’s biggest petroleum producer and the world’s largest mining company. Its petroleum unit contributed abut 15% of BHP’s revenue for the 2007 fiscal year. Proven reserves were 1.35 billion barrels of oil equivalent, with “probable reserves” to be developed within a decade from projects in Australia, Algeria and the Gulf of Mexico adding a further 2.24 billion barrels

Multinational gas company with operations in 27 countries. BG Group is operator of an exploration license covering the entire marine area offshore the Gaza Strip. Following acquisition of over 1 000 square kilometers of 3D seismic data, BG Group drilled two successful wells in second half 2000 (Gaza Marine-1 and Gaza Marine-2). Reserves are estimated to be around 1 tcf. In 2001, a technical review recommended a sub-sea development and pipeline to an onshore processing terminal. In 2002, an outline Development Plan was approved by the Palestinian Authority. During late 2002, BG Group acquired an additional 925 kilometers of 2D seismic data over the area between the existing discoveries and the shore. BG Group holds 90% equity in the license, which would be reduced to 60% if the Consolidated Contractors Company (its current 10% partner in the license) and the Palestine Investment Fund, exercise their options at development sanction.

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 >

A power station devoted to the production of baseload supply of electricity. Baseload plants are the production facilities used to meet all or some of a given region’s / country’s continuous energy demand, and produces energy at a constant rate, usually at the lowest end of the price scale relative to other production facilities available to the system. In Israel the coal power stations work as baseload power stations

Enter into a competitive bid process to obtain the license rights over a certain acreage in order to drill for oil and gas

A motion to buy a futures or options contract at a specified price. Opposite of offer