Formations that have already been tapped of all their recoverable natural gas and which leaves an underground formation, geologically capable of holding natural gas. Using an already developed reservoir for storage purposes allows the use of the extraction and distribution equipment left over from when the field was productive. Of the three types of underground …
Continue reading “Depleted gas reservoir, depleted natural gas well”
Gas contract whereas all the gas in a specific field is dedicated to a single buyer. A depletion contract is usually for smaller amounts of gas or oil and it refers to a contract to supply hydrocarbons to a buyer from a seller’s specific dedicated field (as opposed to supply contract). In a depletion contract …
The depreciation of an investment related to the discovery and production of proven and developed natural gas reserves is done according to the depletion method, namely during each accountancy period, the investment will be depreciated based on the amount of gas actually produced divided by the amount of estimated proven developed gas. The reserves estimate …
Depreciation in the oil and gas exploration and development is usually charged over the lifetime of production, compared to current expense which is charged to current profits
The process of transforming seismic data from a scale of time (the domain in which they are acquired) to a scale of depth to provide a picture of the structure of the subsurface independent of velocity. Depth conversion, ideally, is an iterative process that begins with proper seismic processing, seismic velocity, analysis and study of …
Continue reading “Depth conversion; Time to depth conversion; Depth migration”
The relaxation, reduction or complete removal of legislated restrictions from an industry or industry sector whose activities were previously under strict government supervision. In the energy industry, it typically refers to restructuring legislation to de-monopolize the industry and create an environment for competitive business practices
Central lifting structure of a drilling rig which raises and lowers and provides rotary motion to the drilling pipe. Used to support the crown blocks and the drillstring of a drilling rig. Derricks are usually pyramidal in shape. The tower-like structure that houses most of the drilling controls
Companies that can provide integrated design, engineering, procurement, construction and project management services for the energy, infrastructure and petrochemical sectors. Service can include for instance engineering, procurement, fabrication and installation of offshore wellhead and process platforms including topsides and jackets, risers, submarine pipelines, underwater cables, single buoy mooring systems, etc.
The method of estimation of reserves or resources is called deterministic if a single best estimate is made based on known geological, engineering, and economic data
Developed reserves are expected to be recovered from existing wells including reserves behind pipe. Improved recovery reserves are considered developed only after the necessary equipment has been installed, or when the costs to do so are relatively minor. Developed reserves may be sub-categorized as producing or non-producing.
