Economic Report 2013

JOA

PAR

Joint Operating Agreement (between partners in a field)

potential additional resources joint oil and gas industry – government task force chaired by the Secretary of State of DECC Petroleum Revenue Tax pence per therm (for gas) research and development ‘Ring Fence’ Corporation Tax (as applied to upstream oil and gas production) remotely operated vehicle (subsea) Supplementary Charge (a corporate tax applied to upstream oil and gas production in addition to RFCT) Scottish Council for Development and Industry Standard Industrial Classification (ref ONS) description of a well that is started from the bore of an existing well, but is then deviated to create a new well small to medium (sized) enterprise southern North Sea (sometimes referred to as ‘southern gas basin’) Science, Technology, Engineering and Maths

PILOT

kms KW

kilometres

Kilo Watt (of electricity) – unit of power: one thousand watts Kilo Watt hour – unit of energy million barrels of oil equivalent per day million barrels of oil per day million cubic metres per day (of gas) million tonnes of oil equivalent Mega Watt (of electricity) – unit of power: one million watts National Balancing Point (fictional location in Britain where the NTS is notionally in balance and at which the trading of gas takes place) natural gas liquid (e.g. butane, propane) National Transmission System (high pressure gas transmission system in Britain operated by National Grid – the ‘motorway’ network for gas) liquefied natural gas million tonnes per year Mega-Watt Hour northern North Sea Organisation of Economic Co-operation and Development International Association of Oil and Gas Producers open cycle gas turbine

PRT p/th R&D RFCT

KWh LNG

mboepd

mbopd mcm/d

ROV

mtoe mt/y MW

SC

SCDI

MWhr

NBP

SIC

sidetrack

NGL

SME SNS

NNS NTS

STEM

trillion

one million million or 10 12

OCGT OECD

tcm

trillion cubic metres

UKCS UKTI UDC UOC WoS

United Kingdom Continental Shelf

UK Trade & Investment unit development cost unit operating cost

OGP

ONS OPEC

Office of National Statistics Organisation of Petroleum Exporting Countries operating expenditure

west of Shetland (sometimes referred to as ‘Atlantic margin’)

YTF

yet-to-find resources

opex

OPITO

the upstream oil and gas industry’s training organisation

OTC

over the counter

Editorial Note: • The drafting of this report was undertaken during June and July 2013.

Designed and produced by The Design Team at Oil & Gas UK.

74

ECONOMIC REPORT 2013