Economic Report 2017

7. Glossary

1

bbl

arrel ;oĨ oilͿ ;one ďarrel с 0͘1ϲ m 3 and 7͘ϱϱ ďarrels с one tonneͿ illion cuďic metres ;one metre 3 с ϯϱ͘ϯ cuďic ĨeetͿ eƉartment Ĩor usiness, nergy & Industrial ^trategy arrel oĨ oil eƋuiǀalent ʹ this includes oil, gas and other hydrocarďons and eƋuates these ǁith oil, in energy eƋuiǀalent terms, so that a com m on m e asur e can b e m ade of any of t h e m As aƉƉlied to trading, the standard Ƌuality oĨ oil in uroƉe and elseǁhere comƉrising a ďlend oĨ Ĩour Eorth ^ea crudes Ĩrom the rent, ŬoĨisŬ, &orties and Oseďerg Ĩields redžit is the ƉoƉular term Ĩor the UKΖs intended ǁithdraǁal Ĩrom the E ur op e an Union A marŬet in ǁhich share Ɖrices are rising, encouraging ďuying A t e r m use d t o de scr ib e t h e av ailab ilit y of an im m e diat e de duct ion against R F C T and SC p ay m e nt s for alm ost all inv e st m e nt e x p e ndit ur e incur r e d on t h e UKC S T h e am ount t h at m ust b e p aid for t h e r igh t t o e m it one t onne of C O 2 int o t h e at m osp h e r e Bar r e l of oil e q uiv ale nt p e r day A n oil or gas fie ld alr e ady in p r oduct ion

2

bcm BEIS boe

3

boepd

4

Brownfield

Brent

5 6 7 8

Brexit

Bull market

Capital Allowances

Carbon price

CCS CDA

arďon, caƉture and storage

ommon ata Access Limited ;a suďsidiary oĨ Oil & Gas UKͿ

Cost-plus contracts

A cont r act w h e r e a cont r act or is p aid for all it s allow e d e x p e nse s t o a se t lim it p lus addit ional p ay m e nt t o allow for p r ofit arďon diodžide ;one oĨ the sidž greenhouse gases under the Kyoto ƉrotocolͿ

CO

2

9

CO

e

C ar b on diox ide e q uiv ale nt

2

CoP

C e ssat ion of p r oduct ion

10

CT

orƉoration Tadž ;see also Z& TͿ

Cushion gas

T h e m inim um v olum e of gas r e q uir e d in a st or age r e se r v oir t o p r ov ide t h e ne ce ssar y p r e ssur e t o de liv e r gas t o cust om e r s w h e n r e q uir e d T h ose e m p loy e d b y com p anie s op e r at ing in t h e e x t r act ion of oil and gas and associat e d se r v ice s

Direct employment

11

EMV

E x p e ct e d M one t ar y V alue

Enhanced loss flexibilities

nhanced aďility to carry ďacŬ or carry Ĩorǁard losses, esƉecially ǁith regard to decommissioning losses, to generate a reƉayment oĨ tadž

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