Oil glut; Gas glut, Glut in oil
Surplus of crude oil and/or gas due to either falling demand or additional sources. In September 2008 OPEC’s president Chakib Khelil said the group was worried about a glut in oil
Oil Refinery Ashdod, Paz Oil Refinery Ashdod Ltd., Ashdod Oil Refinery; (Paz IPP; Paz power station; Oil Refinery power station)
The government of Israel determined on 26 December 2004, that Oil Refineries Ltd. (“ORL”) will be privatized by way of splitting the oil refineries into two companies, so that a subsidiary of ORL named Oil Refinery – Ashdod Ltd. (“ORA”) will be established and all it’s shares will be sold, by private sale, as one …
Oil rent theory
Theory postulated by Luciani Giacomo according to which countries in which there is a steady and significant income from oil, there is no struggle for human rights. The political and social tranquility attained by regimes with a steady income from oil is a result of their ability to fulfill the needs of their citizens, generally …
Oil reservoir development and production phases
Crude oil development and production in oil reservoirs can include up to three distinct phases: primary, secondary and tertiary (or enhanced) recovery. During primary recovery, the natural pressure of the reservoir or gravity is what drives oil into the wellbore, combined with artificial lift techniques (such as pumps) which bring the oil to the surface. But …
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Oligopoly
A market condition in which sellers are so few that the actions of any one of them will materially affect price and have a measurable impact on competitors. While cartel is often used in place of oligopoly, cartels don’t necessarily have the ability to control the market, and they aren’t necessarily created for the purpose …
Nitrogen oxides
A class of polluting emissions produced by the consumption of fossil fuels, especially by automobiles and coal-fired generating stations. Nitrogen oxides are converted to acids, usually highly corrosive nitric acid, when exposed to water molecules in the atmosphere, and this eventually falls to earth as acid rain
Nitrogen rejection
It is not unusual to discover natural gas deposits containing substantial levels of nitrogen. More often than not, these discoveries are not developed because the nitrogen levels exceed the four percent inert requirement for pipeline gas. A Nitrogen Rejection System may provide an economically practical approach to the development of these resources. Nitrogen rejection can …
Non commercial discovery; Non commercial field; Non commercial well; Non commercial reservoir; Noncommercial gas field
An oil or gas field which is deemed cannot be produced commercially because although it may contain hydrocarbons these cannot be produced and marketed to the market at a commercial viable price. A well that cannot be produced and marketed economically, because the cost of development is too high, the price that the hydrocarbons can …
Non consent and sole risk; Non consenting party
Parties with small percentage interests in a JOA will not want to be voted into activities which they may not support or not be able to fund, whereas parties with significant interests in the block may not want to be prevented from developing the asset because they cannot pass the voting hurdle. There are thus …
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Nonfungible product
A gasoline blend or blendstock that cannot be shipped via existing petroleum product distribution systems because of incompatibility problems. Gasoline/ethanol blends, for example, are contaminated by water that is typically present in petroleum product distribution systems