An agreement regarding use of terminals, such as where a company for instance locks up an LNG’s terminal’s entire import capacity or shares capacity with third parties. Some of the basics of terminal use agreements for LNG include agreement regarding vessel berthing and unloading, LNG storage, regasification of LNG, transportation to redelivery point (with gas …
A structure, usually a small building on a fenced-off lot, that contains any combination of routing or cutoff switches, transformers, surge arresters, capacitors, power conditioners and other equipment needed to insure smooth, safe flow of current. Substations are most commonly seen in residential and industrial areas, where one or more high voltage lines can often …
A safety device installed in the upper wellbore to provide emergency closure of the producing conduits in the event of an emergency. Two types of subsurface safety valve are available: surface-controlled and subsurface controlled
This smelly substance, a gas with the distinctive odor of rotten eggs, is produced as a byproduct of burning sulfur-containing fossil fuels such as coal and natural gas. This substance changes into highly corrosive sulfuric acid when exposed to water vapor suspended in the air, and when it falls back to earth as acid rain, …
Part of the capital costs actually incurred up to the date of reserves estimation minus depreciation and amortization expenses. Items such as exploration costs, land acquisition costs, and costs of financing can be included. A sunk cost is a cost that has already been incurred, and therefore cannot be avoided by any strategy going forward. …
The concept that the oldest rock layers are at the bottom of a sequence with younger rock layers deposited on top of them. This can be considered a rule that applies in all situations, except where the rocks are extremely deformed
Systems used in industry to monitor and control plant status and provide logging facilities. In the transmission and distribution of natural gas, the SCADA systems can assimilate gas flow control and measurement with other accounting, billing, and contract systems to provide a comprehensive measurement and control system for the transmission/distribution network. This allows accurate, timely …
A supply contract is generally not related to a particular reservoir and the ACQ for each year of the contract life is agreed from the start (as opposed to a depletion contract)
The first string of casing put into a well. Surface casing is cemented into bedrock and serves to shut out shallow water formations and as a foundation for well control during drilling operations.
The pressure measured at or near the surface in a well. This measurement of pressure is usually performed by inserting a gauge into the production string just below the shut-in valve
