Economic Report 2013

c) Glossary of Terms and Abbreviations

API bbl

E&A EEA

American Petroleum Institute barrel (of oil) (one barrel = 0.16 m 3 and 7.55 barrels = one tonne) Balgzand (in the Netherlands) to Bacton (in Norfolk, England) gas pipeline billion cubic metres (one metre 3 = 35.3 cubic feet) billion cubic metres per year (of gas) Brown Field Allowance Department for Business, Innovation and Skills one thousand million or 10 9 barrel of oil equivalent: this includes oil, gas and other hydrocarbons and equates all of these with oil, in energy equivalent terms, so that a common measure can be made of any of them (one boe = 164 m 3 or 5.8 thousand cubic feet of gas) barrel of oil equivalent per day an oil or gas field already in production British Thermal Unit (of energy) Central Area Transmission System combined cycle (gas + steam) gas turbine carbon capture and storage Common Data Access (a subsidiary of Oil & Gas UK) contract for difference combined heat and power compressed natural gas carbon dioxide (one of the six ‘greenhouse gases’ under the Kyoto protocol) low density, liquid hydrocarbon usually associated with natural gas which, depending on temperature and pressure, can be gaseous central North Sea Corporation Tax (see also RFCT) Digital Energy Atlas & Library Department of Energy and Climate Change Decommissioning Relief Deed barrels per day capital expenditure Cessation of Production (from a field)

exploration and appraisal (drilling) European Economic Area (the EU plus Norway, Iceland and Liechtenstein) Energy Information Administration (of the USA) electricity market reform (by DECC)

BBL

EIA

bcm

EMR EOR E&P

enhanced oil recovery exploration and production (of oil and/or gas) European Union (the 28 member states)

bcm/y

BFA BIS

EU

EU ETS

European Union’s Emissions Trading Scheme Field Allowance, a tax relief for certain categories of field Field Development Plan Feed-in Tariff (for electricity) First Point Assessment Ltd, an organisation providing a registration, qualification and performance monitoring system of the industry’s suppliers and contractors floating production, storage and offloading (vessel) Gross Domestic Product (the main measure of domestic economic output) greenhouse gas (of which there are six under the Kyoto protocol) Henry Hub (the principal trading point for gas in the USA) Her Majesty’s Revenue and Customs (sometimes known as ‘the Exchequer’) high pressure, high temperature (of reservoirs) Health and Safety Executive Infrastructure Code of Practice (for third party access to platforms, pipelines etc) International Energy Agency (part of the OECD) Her Majesty’s Treasury gas to liquids Gross Value Added Giga Watt (of electricity): one billion watts

billion

boe

FA

FDP

FiT

FPAL

bpd

boepd

brownfield

FPSO

BTU

GDP

capex CATS CCGT

GHG

CCS CDA CfD CHP CNG CNS

GtL

GVA GW

HH

HMRC

CO

2

HMT HPHT

condensate

HSE ICoP

CoP

IEA

CT

DEAL DECC

IOC IOR ITF

International Oil Company increased oil recovery

Industry Technology Facilitator, a not-for-profit, industry owned body

DRD

73

ECONOMIC REPORT 2013