One of the main strategies of countries to ensure security of energy supply is to diversity the type of fuel (coal, oil, gas, etc.) and the number of suppliers for each fuel. Europe for instance is especially concerned due to its growing dependence on Russia which supplies 25% of the EU’s natural gas needs and …
Drillships are exactly as they sound: ships designed to carry out drilling operations. These boats are specially designed to carry drilling platforms out to deep-sea locations. A typical drillship will have, in addition to all of the equipment normally found on a large ocean ship, a drilling platform and derrick located on the middle of …
The act of boring a hole to determine whether hydrocarbons are present in commercially recoverable quantities in order to be able to produce these hydrocarbons. Drilling can be at first for exploratory purposes followed later by a development drilling. Drilling an oil/gas well is complex, expensive and potentially hazardous. The work is carried out by …
To remove from a list, especially from a list of securities that may be traded on a stock exchange
Used in both depletion and supply contracts of a gas sales agreement. It is the maximum daily amount that the buyer can nominate and which the seller is obliged to deliver. It is generally set at a fixed amount of the DCQ, such as 150% thereof.
Point where the gas is delivered by the seller to the buyer. Important to ascertain these points as any expenses beyond delivery point are to be paid by the buyer. For instance, the Delivery Point shall be the outlet flange of the Terminal at the point where the Terminal connects to the INGL system
In the summer of 2008, inadequate natural gas production capacity and strong demand created a large deficit that quickly exhausted inventories. The lack of an inventory buffer necessitated sharply higher prices to bring the demand down in line with supply to keep the market in balance (demand destruction). Due to the financial crisis which started …
Continue reading “Demand destruction versus supply destruction”
The mass or weight of a substance per unit volume. For instance, the density of a drilling mud may be 10 pounds per gallon. Specific gravity, relative density, and API gravity are other units of density. The weight of crude oil, indicating the proportion of large, carbon-rich molecules, generally measured in kilograms per cubic meter …
A log for open-hole surveying that responds to variations in the specific gravity of formations. It works as a contact log in that the logging tool is held against the wall of the hole
Such as in the installation was drained of gas; deplete the natural gas field; exhaust the natural gas field
