Glossary

B

Brent

A type of sweet crude oil sourced from the North Sea. It is used as a benchmark to price European, African, and Middle Eastern oil being exported to the West.

Brown Field Investment

When an existing production facility has been purchased to launch a new production activity.

C

Corporate Social Responsibility

A management concept whereby companies integrate social and environmental concerns in their business operations and interactions with their stakeholders. (Via Wikipedia)

D

Delineation Well

A well drilled to determine the boundary of a discovered reservoir.

Diluent

A hydrocarbon fluid used to dilute heavy-oil to reduce its viscosity.

E

Enhanced Oil Recovery (EOR)

Using techniques to increase the amount of crude oil that can be extracted from an oil field than could otherwise be produced by the natural pressure in the reservoir.

H

Heavy-Oil

A type of crude oil with high viscosity and high specific gravity. Additionally, heavy-oils typically have low hydrogen-to-carbon ratios, high asphaltene, sulfur, nitrogen, heavy metal content, and higher acid numbers.

Horizontal Drilling

A type of directional drilling where the departure of the wellbore from vertical exceeds 80 degrees. Horizontal wells typically penetrates a greater length of the reservoir than vertical wells.

L

Legacy Asset / Legacy Field

An existing production facility which has been purchased to launch a new production activity.

R

Remediation

The act or process of cleaning up contaminated sites.

Reserves

The amount of technically and economically recovered oil. Can be given as 1P (proven) 2P (proven & probable) or 3P (proven, probable & possible).

S

Shareholder

Any person, company or other institution that owns at least one share of a company’s stock.

W

Water and Polymer Flooding

An EOR method that uses water or a chemical solution (polymer) to help move and recover more oil.

Working interest (WI)

A percentage of ownership in a lease granting its owner the right to explore, drill and produce from a tract of property.