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E
C ONOM IC R
E
P OR
T
2
0
1
7
ETF
E fficie ncy T ask F or ce
EU
E ur op
e an Union
FDP
F ie ld D
e
v
e lop
m
e nt P lan
FID
F inal Inv
e st
m
e nt D
e cision
FPSO
&loating, Ɖroduction, storage and oĨĨloading ǀessel
GDP (Gross Domestic Product)
A m
e asur
e of an e conom
y
GHG
Gr
e
e nh ouse gas
IEA
Int
e
r nat ional E ne
r gy A ge ncy
Indirect employment
E
m
p loy
m
e nt as a r
e sult of sup
p ly ch ain e ffe ct s cause d b
y oil and gas
sector actiǀity͘ &or these comƉanies, edžtraction oĨ oil and gas and
associat
e d se
r
v ice s w ill b
e one p ar
t of a w ide
r b usine ss
Induced employment
E
m
p loy
m
e nt sup
p or
t
e d b
y t
h
e r
e dist
r ib ut ion of incom
e fr om t
h
e oil
and gas se ct or
Investment Allowance
A b asin-
w ide cap it al inv
e st
m
e nt
-
b ase d allow ance against a com
p any
’ s
SC liab ilit
y
IRR
Int
e
r nal R at
e of R
e
t ur n
Jack-up rig
Se lf- cont aine d com
b inat ion dr illing r ig and b ar ge w it
h le gs t
h at can b
e
r aise d and low
e
r
e d inde
p
e nde nt ly ont o t
h
e se afloor
M&A
M
e
r ge
r s and acq uisit ions
million boepd
M illion b ar
r
e ls of oil e
q uiv ale nt p
e
r day
MER UK
Dadžimising economic recoǀery Ĩrom the UK ^ ;reĨ͘ the tood ZeǀieǁͿ
mtoe
M illion t onne s of oil e
q uiv ale nt
NBP
Eational alancing Woint ;Ĩictional location in ritain ǁhere the ET^ is
notionally in ďalance and at ǁhich the trading oĨ gas taŬes ƉlaceͿ
National Transmission System
H igh p
r
e ssur
e gas t
r ansm ission sy st
e
m in Br it ain op
e
r at
e d b
y Nat ional
Grid ʹ the ͚motorǁay͛ netǁorŬ Ĩor gas
OGA
Oil and Gas A ut
h or it
y
OGTC
Oil & Gas T
e ch nology C
e nt
r
e
OPEC
Or ganisat ion of P
e
t
r ole um E
x
p or
t ing C ount
r ie s
P&A
Wlugging and aďandonment ;oĨ ǁellsͿ
Production efficiency
T
h
e t ot al annual p
r oduct ion div ide d b
y t
h
e m ax im um p
r oduct ion
p ot
e nt ial of all fie lds on t
h
e UKC S
PRT
P
e
t
r ole um R
e
v
e nue T ax
p/th
Wence Ɖer therm ;Ĩor gasͿ
Reserves
H
y dr ocar
b ons t
h at ar
e ant icip at
e d t o b
e r
e cov
e
r
e d fr om know n
accum ulat ions fr om a giv
e n dat
e for
w ar d