Offshore Pollution Liability Agreement

All offshore operators currently active in exploration and production on the UKCS are party to a voluntary oil pollution compensation scheme known as OPOL. Since the early 1970’s there has been a very substantial increase in the exploration for, and production of, oil from sources beneath the seabed off North-West Europe. At the same time …

Pollution episode

A period of abnormally high concentration of air pollutants, often due to low winds and temperature inversion, that can cause illness and death. A pollution episode is described as one that produces pollution of a level of one quarter of what is permissible according to the standard during 30 continuous minutes

Cross border cooperation; Forms of cooperation between two different O&G licensees whose field crosses the borderline of two countries:

(1) Full unitization: 1 operator, 1 development, 1 evacuation route where all costs in common, common stream at sales point; (2) Joint Development: 1 operator, 1 development, 1 or more evacuation route, some costs in common, individual sales rights; (3) Co Operative Development: 2 operators, 2 developments, 1 or more evacuation route, no costs in …

Econometrics

Econometrics is derived from several disciplines, including mathematical economics, statistics, economic statistics, and economic theory. The goal of econometrics is twofold: to give economic theory empirical data and to empirically verify it. It is a study that produces measurements, where qualitative data is turned into quantitative mathematical forms. Once this is performed, these statements can …