Most O&G companies nowadays all adopt principles of CR, which is a widely used term open to many interpretations. In principle, the term describes a company’s core approach to doing business with the stated aim to adhere to the highest standards of business conduct, world-class treatment of staff and contractors, good relationships with communities and …
Considerable attention has been directed throughout the world to assessing the economic consequences to electric energy customers of failures in electricity supply. The primary thrust in these studies has been to obtain a quantitative appreciation of the worth of electric energy supply in order to create a balance between reliability cost and reliability worth. The …
Continue reading “Cost of non-supply of energy; Economic cost of non supply”
The fixed set of pulleys located at the top of the derrick or mast, over which the drilling line is threaded. The companion blocks to these pulleys are the traveling blocks. By using two sets of blocks in this fashion, great mechanical advantage is gained, enabling the use of relatively small drilling line (0.75 to …
Converting gas volumes to the oil equivalent is customarily done on the basis of the heating content or calorific value of the fuel. There are a number of methodologies in common use. Before aggregating, the gas volumes first must be converted to the same temperature and pressure. Common industry gas conversion factors usually range between …
Completion of a well. The process by which a well is brought to its final classification – basically dry hole, producer, or injector. It is also a generic term used to describe the assembly of downhole tubulars and equipment required to enable safe and efficient production from an oil or gas well. Completion can also …
The date on which the installation of permanent equipment has been completed as reported to the appropriate regulatory agency. The date of completion of a dry hole is the date of abandonment as reported to the appropriate agency. The date of completion of a service well is the date on which the well is equipped …
Continue reading “Completion date; Actual completion date; Completed well”
A grant of access for a defined area and time period that transfers certain rights to hydrocarbons that may be discovered from the host country to an oil and gas corporation. The corporation is generally responsible for exploration, development, production and sale of the hydrocarbons that may be discovered. The concession is typically granted under …
Liquid hydrocarbons produced with natural gas which are separated from it by cooling, expansion, and various other means. Hydrocarbons which are in the gaseous state under reservoir conditions but which become liquid either in passage up the hole or at the surface. Condensate is the hydrocarbon liquid that is separated from natural gas because of …
Conformity refers to parallel strata that have undergone a similar geologic history, deposited in succession without interruption
Such as when the holder of a capacity in an LNG facility is not able to use it and/or has not released the capacity itself, it then becomes necessary for the LSO to make this capacity available to the rest of the market as firm capacity. Holders of unused capacity should also be encouraged to …
Continue reading “Congestion management; Congestion management procedures (LNG)”
