Category: Oil and Gas business

Means gross proved reserves plus gross probable reserves

Relative to light crude oil and in general is any crude oil which does not flow easily and often a diluent is added at intervals in pipelines to ease the flow. Physical properties that distinguish heavy crudes from lighter ones include higher viscosity and specific gravity as well as heavier molecular composition

As per Gas Law: pressure greater than 16 bar in the transmission system

amount of rock in the trap above the hydrocarbon water contact

The total acres or wells, as the case may be, in which a working interest is owned.

Joint ventures in an oil and gas production project look at the number of wells in terms of gross wells and net wells. A gross well is a well in which a working interest is owned. The number of gross wells is the total number of wells in which a working interest is owned

Petroleum distillates with an approximate boiling range from 651 degrees Fahrenheit to 1000 degrees Fahrenheit

Term used to define when a party farms into a project as per the terms defined in an agreement, and normally entails the farm-in party paying his pro-rata past costs as well as his future expenses. Alternatively, under a ground floor arrangement the farm-in party may only have to pay his pro-rata future expenses and all past costs will be borne solely by the farmor