Oil & Gas UK Economic Report 2015

81 / 88

ECONOMIC REPORT 2015 81
10. Glossary
bbl barrel (of oil) (one barrel = 0.16 m3
and 7.55 barrels = one tonne)
bcm billion cubic metres
(one metre3 = 35.3 cubic feet)
bcm/y billion cubic metres per year
(of gas)
BGS British Geological Survey
billion one thousand million or 109
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 m3 or 5.8 thousand
cubic feet of natural gas)
boepd barrel of oil equivalent per day
bpd barrels per day
brownfield an oil or gas field already in
production
Brent 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
BTU British Thermal Unit (of energy)
CAGR compound annual growth rate
capex capital expenditure
CDA Common Data Access Limited
(a subsidiary of Oil & Gas UK)
CNS central North Sea
CO2 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)
DECC Department of Energy
& Climate Change
Direct those employed by companies
employment operating in the extraction of oil
and gas and associated services
DRD Decommissioning Relief Deed
E&A exploration and appraisal (drilling)
EBITDA earnings before interest, tax,
depreciation and amortisation
EIA Energy Information Administration
(of the USA)
EMV Expected Mutual Value
EOR enhanced oil recovery
E&P exploration and production
(of oil and/or gas)
EU European Union (the 28 member
states)
EUA EU Allowances
EU ETS European Union’s Emissions Trading
System
FDP Field Development Plan (subject to
approval by DECC)
FPSO floating, production, storage and
offloading (vessel)
GDP gross domestic product (the main
measure of domestic economic
output)
Geological description of a well that has had
sidetrack a change in target location but
surface location has remained
the same
GHG greenhouse gas (of which there are
six under the Kyoto protocol)
greenfield an undeveloped oil or gas field
(as opposed to ‘brownfield’)
1
2
3
4
5
6
7
8
9
10