Provisional license
A temporary license given by the Minister of National Infrastructures to a person who shall receive a production license when the conditions stipulated in it and the provisions of the Law are met
Pumped storage hydro-electricity power station; pumped storage hydro-electric technology; pumped storage technology
Generation of electricity by the difference in height between two water reservoirs. The water flows down from the upper reservoir to the lower reservoir via pipelines that activate electricity generation turbines. The pumping of the water from the lower reservoir to the upper reservoir is undertaken by these same turbines activated by an electric pump. …
Pumping well
A well that does not flow naturally and requires a pump to bring the product to the surface
PVT behavior; Pressure volume temperature behavior
It is important to develop mathematical relationships for predicting the behavior of fluids/gases under any imaginable condition of pressure, temperature and volume (P-V-T). This is a very challenging problem. The way science approaches these sorts of problems is to introduce simplifications of the physical reality, by formulating a set of assumptions and coming up with …
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Quadrant
An area subdivision of the UKCS of 1 degree of longitude by 1 degree of latitude – typically around 6600 sq km. On the UKCS each Quadrant is further subdivided into 30 blocks.
Quarry; Quarried material; Quarry aggregate
A surface mine usually for the extraction of construction stone
Range of uncertainty (oil and gas reserves)
The “range of uncertainty” reflects a reasonable range of estimated potentially recoverable volumes for an individual accumulation. Any estimation of resource quantities for an accumulation is subject to both technical and commercial uncertainties, and should, in general, be quoted as a range. In the case of reserves, and where appropriate, this range of uncertainty can …
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Rathole
Extra hole drilled beyond the target of the well. When drilling to a target depth in a well, one would drill a few meters past the target to allow tools and casing to cover the target zone completely
Ratio Oil Exploration Ltd.; Ratio license
Ratio was established in 1993 and has hitherto (2010) carried out 17 drillings at a total cost to itself of 100 million shekels. The chairman of the board is Yishayahu Shaike Landau. Ratio is a TASE public traded L.P. which currently holds interest of 12.3% in the Med Yavne lease, 25% in the Sarit License, …
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Reasonable certainty
If determinist methods for estimating reserves are used, then reasonable certainty is intended to express a high degree of confidence that the quantities will be recovered. If probabilistic methods are used, there should be at least a 90% probability that the volumes actually recovered will equal or exceed the estimate. The SEC considers the concept …