Category: Oil and Gas business

Refers to the delivery basis for most traditional long term LNG contracts. Agreed price includes cost of freight and insurance for transporting the LNG by tanker to buyers’ facilities. Usually contrasted with Free On Board (FOB)

The party disposing of the interest in a farm-in / farm-out agreement is the farmor

A well drilled: a) to find and produce oil or gas in an area previously considered unproductive; b) to find a new reservoir in a known field or c) to extend the limit of a known oil or gas reservoir.

Any well drilled for the purpose of securing geological or geophysical information to be used in the exploration or development of oil, gas, geothermal, or other mineral resources, except coal and uranium, and includes what is commonly referred to in the industry as “slim hole tests,” “core hole tests,” or “seismic holes”.

The process of drilling for and bringing petroleum from its underground reservoirs to the surface

Some financial contracts are also concerned with the physical delivery of the natural gas, like NYMEX gas contracts, but the primary purpose is to manage price risk rather than deliver or receive gas

In so far as the E&P of natural gas this includes finding and producing natural gas from natural gas fields or associated gas that is produced with crude oil