A clastic sedimentary rock that contains large (greater then two millimeters in diameter) rounded particles. The space between the pebbles is generally filled with smaller particles and/or a chemical cement that binds the rock together
Consenting Party, is a party in a JOA who agrees to participate in and pay its share of the cost of an exclusive operation. Non-Consenting Party means each Party who elects not to participate in an Exclusive Operation. Consenting parties have thus to pay the entire cost and liability of conducting any exclusive operation. An …
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When near-term contracts for crude are cheaper than contracts for delivery in the future. A contango describes a market structure where barrels trade more cheaply on the spot market than those for delivery at future dates. A contango structure usually indicates that oil market players expect crude supplies to be less scarce in the short …
The portion of the sea bottom that slopes gradually from the edge of a continent. Usually defined as areas where water is less than 200 meters deep
Those quantities of petroleum which are estimated, on a given date, to be potentially recoverable from known accumulations but which are not considered to be commercially recoverable due to one or more contingencies which may include factors such as economic, legal, environmental, political, commercial, regulatory matters or a lack of markets. It is also appropriate …
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A line on a map that traces locations where the value of a variable is constant. For example, contour lines of elevation trace points of equal elevation across the map. All points on the “ten foot” contour line are ten feet above sea level
In the energy sector this is the principle of renegotiating the price established in a long term contract, such as the price of natural gas, due to changing market conditions. A price re-opener can be a potential clause in the original contract or a move by one party if he perceives that market conditions have …
Typically, in an LNG contract this is a period of twelve consecutive months beginning on the first day of October and ending on the thirty-first day of September. The October-September year allows buyers to avoid the risk of supply disruption that would follow from a supply contract expiring in the middle of winter in the …
Refers to a type of bilateral contract arrangement in which an energy producer or seller receives a fixed price for energy plus an adjustment value to cover any differences between the agreed-upon fixed price and the actual market price of the energy at the time it is delivered. CfD energy prices are usually set low …
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Compliant towers are much like fixed platforms. They consist of a narrow tower, attached to a foundation on the seafloor and extending up to the platform. This tower is flexible, as opposed to the relatively rigid legs of a fixed platform. This flexibility allows it to operate in much deeper water, as it can ‘absorb’ …
