Reservoir risk can be appraised according to the reservoir pressure, which is analyzed by a pressure survey. One of the basic principles of a natural gas reservoir is if you remove one cubic feet of gas from a reservoir that is 100 cf in volume you have taken out 1% of the volume and the …
A permeable rock that may contain oil or gas in appreciable quantity and through which petroleum may migrate. For rocks to contain oil and gas they must have two important properties: (1) a place to store the oil and gas, namely the pores. The more pores the more oil or gas that can be contained …
Such as the residual capacity in an LNG gasification facility, after certain capacity has been allocated and/or booked
Any estimation of resource quantities is subject to uncertainty and should thus be expressed as a potential range. The function of the three primary categories of reserves (proved, probable, possible) is to illustrate the range of uncertainty in the estimate of the potentially recoverable volume of petroleum from a known accumulation. Such estimates, which are …
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Used to describe oil and gas that may be present even though there is no specific data supporting the estimate, such as when conditions appear to be geologically favorable. Not to be confused with “reserves” (see reserves)
Traditional measures of profitability. Profit returns divided by the volume of resources devoted to the activity. Although oil and gas companies’ profits have risen to record highs as the price of oil has soared, their profitability as measured by return on capital employed has stagnated. In the upstream side of the business average return on …
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These are very similar to the production sharing contracts, with the exception of contractor payment. With these contracts, the contractor usually receives a defined share of revenue rather than a share of the production. As in the production-sharing contract, the contractor provides the capital and technical expertise required for exploration and development. If exploration is …
The reserve flow project of Katza is a unique system that allows the bi-directional flow of crude oil from the Med to the Red Sea. The assumption is that the increase in consumption of crude oil produced in Russia or Eastern Asia can represent a reliable source of energy supply to the growing demand for …
A pipe between a seabed BOP and a floating drilling rig. The section of pipework that joins a seabed wellhead to the Christmas tree. A pipe or assembly of pipes used to transfer produced fluids from the seabed to the surface facilities or to transfer injection fluids, control fluids, or lift gas from the surface …
All rock at or near Earth’s surface is being modified by the processes of metamorphism, melting, crystallization, lithification and weathering. These processes move rock material through the states of metamorphic rock, igneous rock, sedimentary rock, melts and sediments. The natural and continuous cycling of rock material through these states is known as the rock cycle
