ECONOMIC REPORT 2013
74
JOA
Joint Operating Agreement
(between partners in a field)
kms
kilometres
KW
Kilo Watt (of electricity) – unit of
power: one thousand watts
KWh
Kilo Watt hour – unit of energy
LNG
liquefied natural gas
mboepd
million barrels of oil equivalent
per day
mbopd
million barrels of oil per day
mcm/d
million cubic metres per day (of gas)
mtoe
million tonnes of oil equivalent
mt/y
million tonnes per year
MW
Mega Watt (of electricity) – unit of
power: one million watts
MWhr
Mega-Watt Hour
NBP
National Balancing Point (fictional
location in Britain where the NTS
is notionally in balance and at
which the trading of gas takes
place)
NGL
natural gas liquid (e.g. butane,
propane)
NNS
northern North Sea
NTS
National Transmission System (high
pressure gas transmission system
in Britain operated by National Grid
– the ‘motorway’ network for gas)
OCGT
open cycle gas turbine
OECD
Organisation of Economic
Co-operation and Development
OGP
International Association of Oil and
Gas Producers
ONS
Office of National Statistics
OPEC
Organisation of Petroleum
Exporting Countries
opex
operating expenditure
OPITO
the upstream oil and gas industry’s
training organisation
OTC
over the counter
PAR
potential additional resources
PILOT
joint oil and gas industry –
government task force chaired by
the Secretary of State of DECC
PRT
Petroleum Revenue Tax
p/th
pence per therm (for gas)
R&D
research and development
RFCT
‘Ring Fence’ Corporation Tax
(as applied to upstream oil and
gas production)
ROV
remotely operated vehicle (subsea)
SC
Supplementary Charge (a corporate
tax applied to upstream oil and gas
production in addition to RFCT)
SCDI
Scottish Council for Development
and Industry
SIC
Standard Industrial Classification
(ref ONS)
sidetrack
description of a well that is started
from the bore of an existing well,
but is then deviated to create a
new well
SME
small to medium (sized) enterprise
SNS
southern North Sea (sometimes
referred to as ‘southern gas basin’)
STEM
Science, Technology, Engineering
and Maths
trillion
one million million or 10
12
tcm
trillion cubic metres
UKCS
United Kingdom Continental Shelf
UKTI
UK Trade & Investment
UDC
unit development cost
UOC
unit operating cost
WoS
west of Shetland (sometimes
referred to as ‘Atlantic margin’)
YTF
yet-to-find resources
Editorial Note:
• The drafting of this report was undertaken
during June and July 2013.
Designed and produced by The Design Team at Oil & Gas UK.
