Backhaul voyages occur when cargo is moved on the return leg of a journey. As charter rates incorporate the return ballast leg of a journey, backhaul opportunities represent an opportunity for supplementary income for tanker owners. For example, a vessel could load in West Africa and head East on its return from a laden voyage from the Arabian Gulf to Europe or the US
To test a metal or an oil for purity or quality
A spherical object used to pump down the drill string or tubing to trip, release, or otherwise operate certain hydraulic-type tools.
An interest in a well that becomes effective at a specified time in the future, or on the occurrence of a specified event in the future
Territory that could be owned by another lessee and which is of the same or similar geological formation. Often information from a producing analogous reservoir or territory may also be used to conduct the analysis on the field in question
A fold in layers of rock caused by deformation. The older strata are found toward the center of the fold
The purchase of physicals or futures in one market against the sale of physicals or futures in another market in order to exploit price differentials between these markets. In moving physical oil between markets, the price differential has to be large enough to cover freight, insurance, volumetric loss and other handling charges. When this condition is met, the ‘arbitrage window’ is said to be open.
Such as in analogous features within two different reservoirs
A minor secondary fault
