Oil & Gas UK Economic Report 2015

10. Glossary

1

2

CoP

bbl

cessation of production (from a field)

barrel (of oil) (one barrel = 0.16 m 3 and 7.55 barrels = one tonne) billion cubic metres (one metre 3 = 35.3 cubic feet) billion cubic metres per year (of gas) British Geological Survey 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 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 barrels per day an oil or gas field already in production

CT

bcm

Corporation Tax (see also RFCT)

3

DECC

Department of Energy & Climate Change

bcm/y

Direct

those employed by companies operating in the extraction of oil and gas and associated services Decommissioning Relief Deed exploration and appraisal (drilling) earnings before interest, tax, depreciation and amortisation Energy Information Administration (of the USA) Expected Mutual Value enhanced oil recovery exploration and production (of oil and/or gas) European Union (the 28 member states) European Union’s Emissions Trading System Field Development Plan (subject to approval by DECC) floating, production, storage and offloading (vessel) gross domestic product (the main measure of domestic economic output) description of a well that has had a change in target location but surface location has remained the same greenhouse gas (of which there are six under the Kyoto protocol) an undeveloped oil or gas field (as opposed to ‘brownfield’) EU Allowances

employment

BGS

4

billion

DRD E&A

boe

EBITDA

5

EIA

EMV EOR E&P

6

boepd

bpd

brownfield

EU

7

Brent

EUA

EU ETS

FDP

8

BTU

FPSO

CAGR capex

GDP

capital expenditure

9

CDA

Common Data Access Limited (a subsidiary of Oil & Gas UK)

Geological sidetrack

CNS

central North Sea

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

10

2

GHG

condensate

greenfield

81

ECONOMIC REPORT 2015

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