03.08.2009

The closer the price of LNG is to crude oil means the higher oil parity; if the price of LNG equates the price of crude oil in Boe terms then that is the full oil parity; if the price of LNG exceeds the price of crude oil in Boe terms then the situation can be defined as broken oil parity. If parties agree on coefficient of 0.1724 for indexation then it will result to the full oil parity situation whereby the LNG in terms of Boe would have the same price of one barrel of crude oil. Many formulae include an S-curve, where the price formula is different above and below a certain oil price, to dampen the impact of high oil prices on the buyer, and low oil prices on the seller. The formula would include a floor and a cap price to safeguard developers/sellers on the low end and buyers on the high end,

The ratio of theoretical production rate versus the actual production rate obtained during the drillstem test.

A christmas tree installed on the ocean floor

This modified version of the floating production spar features an open truss in the lower hull, which reduces weight significantly and lowers overall cost

Seismic data are used to map subsurface formations. A 2-D survey reveals a cross section of the subsurface. In a 3-D survey, seismic data are collected in the inline and crossline directions to create a three-dimensional image of the subsurface. In a 4-D or time-lapse 3-D survey, 3-D surveys are repeated over time to track fluid movement in the reservoir.

Such as when the price of oil is being driven by investor sentiment, not market fundamentals

The largest ever oil spill, which occurred on March 24, 1989 at 4 minutes past midnight. The oil tanker Exxon Valdez struck a reef in Alaska’s Prince William releasing a total of 11,000,000 gallons of Alaska North Slope crude oil that leaked from the ruptured hull of the ship, impaled by the jagged rocks of Bligh Reef. Within two months, the oil had been driven along a path stretching 470 miles to the southwest. The initial cleanup of the spill took three years, and the cost was over $2.1 billion

This is a semi-submersible floating platform with a central processing facility that removes water and raw liquids, including condensate, from the natural gas field.

Ten Petroleum Company Ltd. markets and supplies fuel through full service filling stations with no extra charge. The company operates a few dozen self-service filling stations across Israel. The company’s annual turnover stands at NIS 1 billion. In 1994, the company was acquired by businessman Eliezer Fishman. The company is owned by Eliezer Fishman (85%) and Excellence (15%).