Functional unbundling is the separation of component parts of a previously unified product or service usually provided by a single party into distinct products or services each provided by different parties. In an unbundled market, consumers in the energy sector no longer have to buy transmission service, marketing and storage from the same supplier. A …
A broad class of hydrocarbon deposits of a type (such as gas in tight sandstones, gas shales and coal-bed gas) that historically have not been produced using traditional development methods
All the necessary approvals for developing the oil or gas field have been obtained and development of the project is underway
Storage is required in order to meet high seasonable demand for natural gas (i.e. during cold winter months in Europe and the US). Since the system works more efficiently with a constant flow throughout the year, gas is put into storage during lower summer demand periods to be used during peak times. Storage is also …
A type of backup system, usually battery-powered, used to insure continuous availability of power in the event of an interruption of service
The United States Energy Association (USEA) is the U.S. Member Committee of the World Energy Council (WEC). USEA is an association of public and private energy-related organizations, corporations, and government agencies. USEA represents the broad interests of the U.S. energy sector by increasing the understanding of energy issues, both domestically and internationally. In conjunction with the …
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Unproved reserves are based on geological and/or engineering data similar to that used in estimates of proved reserves, but technical, contractual, economic or regulatory uncertainties preclude such reserves being classified as proved. Unproved reserves may be further classified as probable and possible reserves. Unproved reserves may be estimated assuming future economic conditions different from those …
The portion of discovered or undiscovered petroleum-initially-in-place quantities not currently considered to be recoverable. A portion of these discoveries may become recoverable in the future as commercial circumstances change, technological developments improve or additional data is acquired, but the remaining portion may never be recovered due to the physical/chemical constraints represented by subsurface interaction of …
A well located high on a structure where the oil-bearing formation is found at a shallower depth
Upstream (exploration and production), midstream (processing and transportation) and downstream (refining and marketing) operations. Three component sectors define the global oil and gas industry: upstream, midstream, and downstream: 1. Upstream segment of natural gas business – Exploration and Production (E&P) – The E&P cycle includes exploration, appraisal, development, production and abandonment. This phase includes exploration, …
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