Economic Report 2017

E C ONOM IC R E P OR T 2 0 1 7

ETF

E fficie ncy T ask F or ce

EU

E ur op e an Union

FDP FID

F ie ld D e v e lop m e nt P lan F inal Inv e st m e nt D e cision

FPSO

&loating, Ɖroduction, storage and oĨĨloading ǀessel

GDP (Gross Domestic Product)

A m e asur e of an e conom y

GHG

Gr e e nh ouse gas

IEA

Int e r nat ional E ne r gy A ge ncy

Indirect employment

E m p loy m e nt as a r e sult of sup p ly ch ain e ffe ct s cause d b y oil and gas sector actiǀity͘ &or these comƉanies, edžtraction oĨ oil and gas and associat e d se r v ice s w ill b e one p ar t of a w ide r b usine ss E m p loy m e nt sup p or t e d b y t h e r e dist r ib ut ion of incom e fr om t h e oil and gas se ct or A b asin- w ide cap it al inv e st m e nt - b ase d allow ance against a com p any ’ s SC liab ilit y

Induced employment

Investment Allowance

IRR

Int e r nal R at e of R e t ur n

Jack-up rig

Se lf- cont aine d com b inat ion dr illing r ig and b ar ge w it h le gs t h at can b e r aise d and low e r e d inde p e nde nt ly ont o t h e se afloor

M&A

M e r ge r s and acq uisit ions

million boepd

M illion b ar r e ls of oil e q uiv ale nt p e r day

MER UK

Dadžimising economic recoǀery Ĩrom the UK ^ ;reĨ͘ the tood ZeǀieǁͿ

mtoe

M illion t onne s of oil e q uiv ale nt

NBP

Eational alancing Woint ;Ĩictional location in ritain ǁhere the ET^ is notionally in ďalance and at ǁhich the trading oĨ gas taŬes ƉlaceͿ H igh p r e ssur e gas t r ansm ission sy st e m in Br it ain op e r at e d b y Nat ional Grid ʹ the ͚motorǁay͛ netǁorŬ Ĩor gas

National Transmission System

OGA

Oil and Gas A ut h or it y

OGTC OPEC

Oil & Gas T e ch nology C e nt r e

Or ganisat ion of P e t r ole um E x p or t ing C ount r ie s

P&A

Wlugging and aďandonment ;oĨ ǁellsͿ

Production efficiency

T h e t ot al annual p r oduct ion div ide d b y t h e m ax im um p r oduct ion p ot e nt ial of all fie lds on t h e UKC S

PRT p/th

P e t r ole um R e v e nue T ax Wence Ɖer therm ;Ĩor gasͿ

Reserves

H y dr ocar b ons t h at ar e ant icip at e d t o b e r e cov e r e d fr om know n accum ulat ions fr om a giv e n dat e for w ar d

64