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7. Glossary
bbl
arrel ;oĨ oilͿ ;one ďarrel с 0͘1ϲ m
3
and 7͘ϱϱ ďarrels с one tonneͿ
bcm
illion cuďic metres ;one metre
3
с ϯϱ͘ϯ cuďic ĨeetͿ
BEIS
eƉartment Ĩor usiness, nergy & Industrial ^trategy
boe
arrel oĨ oil eƋuiǀalent ʹ this includes oil, gas and other hydrocarďons
and eƋuates these ǁith oil, in energy eƋuiǀalent terms, so that a
com
m on m
e asur
e can b
e m ade of any of t
h
e
m
boepd
Bar
r
e l of oil e
q uiv ale nt p
e
r day
Brownfield
A n oil or gas fie ld alr
e ady in p
r oduct ion
Brent
As aƉƉlied to trading, the standard Ƌuality oĨ oil in uroƉe and
elseǁhere comƉrising a ďlend oĨ Ĩour Eorth ^ea crudes Ĩrom the rent,
ŬoĨisŬ, &orties and Oseďerg Ĩields
Brexit
redžit is the ƉoƉular term Ĩor the UKΖs intended ǁithdraǁal Ĩrom the
E ur op
e an Union
Bull market
A marŬet in ǁhich share Ɖrices are rising, encouraging ďuying
Capital Allowances
A t
e
r
m use d t o de scr ib
e t
h
e av ailab ilit
y of an im
m
e diat
e de duct ion
against R
F
C
T and SC p ay
m
e nt s for alm ost all inv
e st
m
e nt e
x
p
e ndit ur
e
incur
r
e d on t
h
e UKC S
Carbon price
T
h
e am ount t
h at m ust b
e p aid for t
h
e r igh
t t o e
m it one t onne of C O
2
int o t
h
e at
m osp
h
e
r
e
CCS
arďon, caƉture and storage
CDA
ommon ata Access Limited ;a suďsidiary oĨ Oil & Gas UKͿ
Cost-plus contracts
A cont
r act w
h
e
r
e a cont
r act or is p aid for all it s allow
e d e
x
p
e nse s t o a
se
t lim it p lus addit ional p ay
m
e nt t o allow for p
r ofit
CO
2
arďon diodžide ;one oĨ the sidž greenhouse gases under the
Kyoto ƉrotocolͿ
CO
2
e
C ar
b on diox ide e
q uiv ale nt
CoP
C
e ssat ion of p
r oduct ion
CT
orƉoration Tadž ;see also Z& TͿ
Cushion gas
T
h
e m inim um v olum
e of gas r
e
q uir
e d in a st or age r
e se
r
v oir t o p
r ov ide
t
h
e ne ce ssar
y p
r
e ssur
e t o de liv
e
r gas t o cust om
e
r s w
h
e n r
e
q uir
e d
Direct employment
T
h ose e
m
p loy
e d b
y com
p anie s op
e
r at ing in t
h
e e
x
t
r act ion of oil and
gas and associat
e d se
r
v ice s
EMV
E
x
p
e ct
e d M one
t ar
y V alue
Enhanced loss flexibilities
nhanced aďility to carry ďacŬ or carry Ĩorǁard losses, esƉecially ǁith
regard to decommissioning losses, to generate a reƉayment oĨ tadž