ECONOMIC REPORT 2013
73
API
American Petroleum Institute
bbl
barrel (of oil) (one barrel = 0.16 m
3
and 7.55 barrels = one tonne)
BBL
Balgzand (in the Netherlands) to
Bacton (in Norfolk, England) gas
pipeline
bcm
billion cubic metres
(one metre
3
= 35.3 cubic feet)
bcm/y
billion cubic metres per year
(of gas)
BFA
Brown Field Allowance
BIS
Department for Business,
Innovation and Skills
billion
one thousand million or 10
9
boe
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 gas)
bpd
barrels per day
boepd
barrel of oil equivalent per day
brownfield
an oil or gas field already in
production
BTU
British Thermal Unit (of energy)
capex
capital expenditure
CATS
Central Area Transmission System
CCGT
combined cycle (gas + steam)
gas turbine
CCS
carbon capture and storage
CDA
Common Data Access
(a subsidiary of Oil & Gas UK)
CfD
contract for difference
CHP
combined heat and power
CNG
compressed natural gas
CNS
central North Sea
CO
2
carbon dioxide (one of the six
‘greenhouse gases’ under the
Kyoto protocol)
condensate
low density, liquid hydrocarbon
usually associated with natural
gas which, depending on
temperature and pressure, can
be gaseous
CoP
Cessation of Production
(from a field)
CT
Corporation Tax (see also RFCT)
DEAL
Digital Energy Atlas & Library
DECC
Department of Energy and Climate
Change
DRD
Decommissioning Relief Deed
E&A
exploration and appraisal (drilling)
EEA
European Economic Area
(the EU plus Norway, Iceland and
Liechtenstein)
EIA
Energy Information Administration
(of the USA)
EMR
electricity market reform (by DECC)
EOR
enhanced oil recovery
E&P
exploration and production
(of oil and/or gas)
EU
European Union
(the 28 member states)
EU ETS
European Union’s Emissions Trading
Scheme
FA
Field Allowance, a tax relief for
certain categories of field
FDP
Field Development Plan
FiT
Feed-in Tariff (for electricity)
FPAL
First Point Assessment Ltd,
an organisation providing
a registration, qualification and
performance monitoring system
of the industry’s suppliers and
contractors
FPSO
floating production, storage
and offloading (vessel)
GDP
Gross Domestic Product
(the main measure of domestic
economic output)
GHG
greenhouse gas (of which there are
six under the Kyoto protocol)
GtL
gas to liquids
GVA
Gross Value Added
GW
Giga Watt (of electricity):
one billion watts
HH
Henry Hub (the principal trading
point for gas in the USA)
HMRC
Her Majesty’s Revenue and
Customs (sometimes known as
‘the Exchequer’)
HMT
Her Majesty’s Treasury
HPHT
high pressure, high temperature
(of reservoirs)
HSE
Health and Safety Executive
ICoP
Infrastructure Code of Practice
(for third party access to platforms,
pipelines etc)
IEA
International Energy Agency (part
of the OECD)
IOC
International Oil Company
IOR
increased oil recovery
ITF
Industry Technology Facilitator, a
not-for-profit, industry owned body
c) Glossary of Terms and Abbreviations
