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
Made with FlippingBook