Category: Oil and Gas business

A term mostly employed to describe a variety of organizations established to attract venture capital to oil and gas exploration and development

Device used to calculate the distance of an obstacle based on the time a sound wave takes to travel to the obstacle and back

Treated oil that contains small amounts of basic sediments and water.

According to the Israeli Petroleum Law: The Minister may require lessees to supply first, at the market price, out of the petroleum produced by them in Israel and the petroleum products produced therefrom, such quantity of petroleum and petroleum products as, in his opinion, is required for Israeli consumption, and to refine it in Israel as far as they have refining facilities and to sell it in Israel. For this purpose, the Minister may require lessees to produce petroleum from their existing wells at a rate sufficient for the said purposes

Regarding oil and gas reserves, the term economic signifies that the income of a certain operation is greater than the expenses thereof

A well which does not contains quantities of oil or gas that can be produced commercially. A dry well (hole) is an exploratory or a development well found to be incapable of producing either oil or gas in sufficient quantities to justify completion as an oil or gas well

is the member of the drilling crew who operates a drilling rig; the person in charge of drilling operations and who supervises the drilling crew.

Expected to be the world’s longest pipeline (2,500 miles) originating in East Siberia and extending to a Pacific port and is Russia’s first pipeline to East Asia. VSTO is regarded as critical by the Chinese and Japanese as they are worried about their dependence on Middle Eastern energy sources and the routes by which the oil is transported. China is thus seeking to diversify its supply base and routes