Oil & Gas UK Economic Report 2014

c) Glossary of Terms and Abbreviations

1

CNG CNS

API bbl

compressed natural gas

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) Brown Field Allowance Department for Business, Innovation & 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 natural gas) barrel of oil equivalent per day an oil or gas field already in production as applied to trading, the standard quality of oil in Europe and elsewhere comprising a blend of four North Sea crudes from the Brent, Ekofisk, Forties and Oseberg fields British Thermal Unit (of energy) compound annual growth rate Central Area Transmission System (for gas) combined cycle (gas + steam) gas turbine Common Data Access (a subsidiary of Oil & Gas UK) contract for difference (under EMR) methane (one of the six greenhouse gases under the Kyoto protocol) billion cubic metres per year (of gas) barrels per day capital expenditure carbon capture and storage

central North Sea

2

CO

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 cessation of production (from a field) Corporation Tax (see also RFCT) Digital Energy Atlas & Library Decommissioning Relief Deed exploration and appraisal (drilling) earnings before interest, tax, depreciation and amortisation European Economic Area (the EU plus Norway, Iceland and Liechtenstein) Energy Information Administration (of the USA) electricity market reform (by DECC) exploration and production (of oil and/or gas) European Union (the 28 member states) European Union’s Emissions Trading System field allowance, a tax relief for certain categories of field Field Development Plan (subject to approval by DECC) First Point Assessment Ltd, an organisation providing a registration, qualification and performance monitoring system of the industry’s suppliers and contractors Forties Production System (of oil) floating, production, storage and offloading (vessel) feed-in tariff (for electricity) Department of Energy & Climate Change enhanced oil recovery

2

BBL

condensate

bcm

3

bcm/y

CoP

BFA

CT

BIS

4

DEAL DECC

billion

boe

DRD E&A

5

EBITDA

EEA

6

EIA

bpd

boepd

EMR EOR E&P

brownfield

7

Brent

EU

EU ETS

8

BTU

FA

capex CAGR CATS

FDP

FiT

CCGT

FPAL

CCS CDA

CfD

CH

FPS

4

FPSO

CHP

combined heat and power

99

ECONOMIC REPORT 2014