Category: Oil and Gas business

Platform that is located above the subsea wellheads and is a deepwater floating drilling and production platform.

Gas that is compressed and injected back to the reservoir. In gas-condensate reservoirs, after the liquids or condensate are recovered at the surface, the residue gas (dry gas) is returned to the reservoir to maintain pressure. This prevents retrograde condensation which will form unrecoverable liquid hydrocarbons in the reservoir

Crude oil is a commodity, whose price is determined by the quality of the oil, the place where it is transferred, the time of the transfer, the size of the container and shipment options. The quality of the oil depends on whether it is light or heavy (API, gravity), whether it is sweet or sour (low or high sulfur content).

Production of oil and gas to date

Suitable for deep water exploration activities. Certain deep-draft semisubmersibles have columns and pontoons even deeper in the water which increases the draft and reduces the motion and thus can be used in ultra deepwater

The daily amount of gas necessary to meet the annual amount of natural gas consumed by a customer. The DCQ is equal to an energy consumer’s annual requirements divided by the number of days in the year (365 days). It is mainly a reference point from which other vital terms are calculated in a gas sales contract

The elapsed time for mud to circulate from the suction pit down the wellbore and back to the surface. The cycle time allows the mud engineer to catch “in” and “out” samples that accurately represent the same element of mud in a circulating system

Sampling can be done manually or automatically, it can be done in the tankers or in the pipeline. It is important that the product that enters the sampling bottle remains undisturbed by the sampling process itself and thus the type of bottle used must be adequate for crude oil (simple plastic bottle will not be suitable). Oil contains both particles and water which are not found homogeneously throughout the crude oil and thus it is important to sample the oil in a manner that will best be representative of the oil in place. Sampling should thus be carried out at the top, middle and bottom of the tank

Vessel in a gas processing plant that extracts butane from rich natural gas. See depropanizer

Establishment of current economic conditions should include relevant historical petroleum prices and associated costs and may involve an averaging period that is consistent with the purpose of the reserve estimate, appropriate contract obligations, corporate procedures, and government regulations involved in reporting these reserves