Oil & Gas UK Economic Report 2014

mb/d

million barrels per day (of oil) million barrels of oil equivalent per day million cubic metres per day (of gas) maximising economic recovery from the UKCS (ref. the Wood Review) Mega Watt (usually of electricity) – unit of power: one million watts Mega-Watt hour – unit of energy 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 (for example butane, propane) National Transmission System (high pressure gas transmission system in Britain operated by National Grid – the ‘motorway’ network for gas) normally unattended installation Organisation of Economic Co-operation and Development (based in Paris) International Association of Oil and Gas Producers northern North Sea open cycle gas turbine Ministry of Defence million tonnes of oil equivalent million tonnes per year

GDP

gross domestic product (the main measure of domestic economic output) greenhouse gas (of which there are six under the Kyoto protocol)

mboepd

mcm/d MER UK

GHG

GtL

gas to liquids

greenfield

an undeveloped oil or gas field (as opposed to ‘brownfield’)

MoD mtoe mt/y

GVA GW

gross value added

Giga Watt (usually of electricity) – unit of power: one billion watts Henry Hub (the principal trading point for gas in the USA) Her Majesty’s Revenue and Customs (sometimes known as ‘the Exchequer’) Her Majesty’s Treasury (of which HMRC is part) high pressure, high temperature (of reservoirs) Infrastructure Code of Practice (for third party access to platforms, pipelines etc) International Energy Agency (part of the OECD) international oil company Industry Technology Facilitator, a not-for-profit, industry-owned body Interconnector UK, the company which owns and operates a two-way gas pipeline between Bacton (in Norfolk, England) and Zeebrugge (in Belgium) Joint Operating Agreement (between partners in a field) unit of energy under the International System of Units, named after James Joule, an English physicist improved oil recovery Kilo Watt (usually of electricity) – unit of power: one thousand watts Kilo Watt hour – unit of energy kilometre Health and Safety Executive Infrastructure Access Group (of PILOT)

MW

HH

MWh

HMRC

NBP

HMT

HPHT

NGL

HSE IAG

NNS NTS

ICoP

IEA

NUI

OCGT OECD

IOC IOR

ITF

OGP

IUK

ONS

Office of National Statistics Organisation of Petroleum Exporting Countries

OPEC

opex

operating expenditure

OPITO

the upstream oil and gas industry’s training organisation in the UK

JOA

OTC PAR

over the counter

Joule

potential additional resources production efficiency, a measure of a field’s performance by comparing actual production as a percentage of the maximum production potential, after allowing for the natural decline of a reservoir, the reliability of infrastructure, the effects of shutdowns and major maintenance, and the like

PE

km KW

KWh LNG

liquefied natural gas

LTO

light, tight oil

100

ECONOMIC REPORT 2014