Loss leader
A commodity offered especially at cost or even below cost to attract customers
Lost time injury, Lost time injuries; Lost Time Injury Frequency, loss time injury; Lost Time Injury Incidence Rate
Lost Time Injury Frequency, expressed as injury frequency per million hours worked. Lost Time Injuries is any work related injury or illness that prevents an employee to carry out a work day after the said incident. Exploring, developing and producing hydrocarbons is an intrinsically hazardous activity. LTIs are an important element of an oil and …
Low/best/high estimates (oil and gas reserves)
Low, Best and High Estimates of potentially recoverable volumes should reflect some comparability with the reserves categories of Proved, Proved plus Probable and Proved plus Probable plus Possible respectively. While there may be a significant risk that sub-commercial or undiscovered accumulations will not achieve commercial production, it is useful to consider the range of potentially …
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LPG market in Israel
The LPG (cooking gas) industry in Israel comprises a broad, nationally deployed system and includes facilities for the production, storage, filling, handling, and delivery of LPG to consumers. Four gas companies are today active in the branch: Amisragas, Dorgaz, Supergaz and Pazgaz, accounting for 92% of Israel’s LPG gas market. The LPG market in Israel …
Maintenance shutdown; Maintenance period; Maintenance days
Period during which power plants, pipelines, LNG facilities are shut down to carry out, either planned or ad hoc, maintenance work. All power plants, and other energy related infrastructure such as pipelines need to shut down for certain periods of maintenance so that even a coal station that works all year as base load would …
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Make good LNG
A clause in some long term LNG contracts allowing buyer to reduce one Contract Year ACQ, which is made up in full by increasing the ACQ in the following year or years
Make-up LNG
When a payment for LNG is made under Take or Pay clause, the buyer is often contractually permitted to take delivery of the same amount of (normally free) LNG at a later date. Quantity of make-up LNG allowed to be taken is frequently restricted
Managed volumes (of LNG)
Comprises all LNG volumes contracted for purchase and having related revenue and other operating income recognized in the applicable period
Mandatory Tenders Law, 5752-1992; Mandatory Tender Regulations, 5753-1993
The central edict of the law can be found in clause 2 that states that governmental companies will not enter into contracts, for the provision of goods, land, services or work, except through the holding of a public tender that ensures equal opportunity to all to participate therein.
Manual gate valve
As the term implies, these are manually operated block valves. Manual Gate Valves are placed in check valve sections from time to time in order to ensure more positive isolation than check valves can provide.