Agreement between the owners of a single oil or gas field which extends into more than one license area to develop the field as a single unit and to allocate reserves, production costs, etc. The operations are thus carried out jointly to maximize recovery among separate operators within a common reservoir. A unitization agreement between parties provides for unitizing two blocks under two separate contracts from the same host government.
Unproved reserves are based on geological and/or engineering data similar to that used in estimates of proved reserves, but technical, contractual, economic or regulatory uncertainties preclude such reserves being classified as proved. Unproved reserves may be further classified as probable and possible reserves. Unproved reserves may be estimated assuming future economic conditions different from those prevailing at the time of the estimate. The effect of possible future improvements in economic conditions and technological developments can be expressed by allocating appropriate quantities of reserves to the probable and possible classifications. Under the new SEC rules (end 2009), probable and possible reserves may be disclosed separately on a voluntary basis
A new type of drilling rig, such as the one ordered by BP Exploration Alaska to drill in the Liberty field in the Beaufort Sea off Alaska, nearly 2 miles deep and with offsets as long as 8 miles. BP will own the land-based rig and will use it to drill as many as six extended-reach wells into Liberty field beginning in 2010. One of the design requirements of the rig was the ability to drill wells out to 8.3 miles (43,824 ft).
A single geological petroleum structure or petroleum field which includes gas and/or oil and which extends over more than one block
The portion of discovered or undiscovered petroleum-initially-in-place quantities not currently considered to be recoverable. A portion of these discoveries may become recoverable in the future as commercial circumstances change, technological developments improve or additional data is acquired, but the remaining portion may never be recovered due to the physical/chemical constraints represented by subsurface interaction of fluids and reservoir rock
Undiscovered Petroleum-initially-in-place is that quantity of petroleum which is estimated, on a given date, to be contained in accumulations yet to be discovered. The estimated potentially recoverable portion of Undiscovered Petroleum-initially-in-place is classified as Prospective Resources
Flexible connecting sheath, containing flexible pipes and cables. An assembly of hydraulic hoses which can also include electrical cables or optic fibers, used to control subsea structures from a platform or a vessel.
