Glossary of Terms

Glossary of Terms

Term Explanation
1C Low estimate scenario of Contingent resources
1P Proven reserves
2C Best estimate scenario of Contingent resource
2P Proven and Probable reserves
3C High estimate scenario of Contingent resources
3P Proven and Probable and Possible reserves
AAPG American Association of Petroleum Geologists
API Measure of the specific gravity of the petroleum fraction relative to water
AVO Amplitude Versus Offset (geophysics)
BBL/MMSCF Barrels per Million Standard Cubic Feet of gas
BBL Oilfield Barrel (equates to 42 US Gallons, about 159 litres)
BCF Billions of Cubic Feet of gas
BCPD Barrels of Condensate Per Day
BHA Bottom Hole Assembly
BHP Bottom Hole Pressure
BOE Barrels of Oil Equivalent (6,000 cubic feet of gas equals 1 barrel of oil equivalent)
BOEPD Barrels of Oil Equivalent Per Day
BOP Blow Out Preventer
BTU British Thermal Unit
CAPEX CAPital EXpenditure
CGR Condensate to Gas Ratio
DST Drill Stem Test
E&P Exploration and Production
FID Final Investment Decision
FPSO Floating Production Storage Offloading vessel
FSO Floating Storage Offloading vessel
GDT Gas Down To
GIIP Gas Initially In Place
GOC Gas Oil Contract
GUT Gas Up To
GWC Gas Water Contract
HIIP Hydrocarbon Initially In Place
IOOA Irish Offshore Operators Association
MMBC Millions of Barrels of Condensate
MMBO Millions of Barrels of Oil
MMBOPD Millions of Barrels of Oil Per Day
MMBOE Millions of Barrels of Oil Equivalent
MMBOEPD Millions of Barrels of Oil Equivalent Per Day
MMBTU Million British Thermal Units
MMSCF Millions of Standard Cubic Feet of gas
MMSCFD Millions of Standard Cubic Feet of gas Per Day
NPV Net Present Value
ODT Oil Down To
OPEX OPerating EXpenditure
OUT Oil Up To
OWC Oil Water Contact
PESGB Petroleum Exploration Society of Great Britain
SPE Society of Petroleum Engineers
STOIIP Stock Tank Oil Initially In Place
TCF Trillion Cubic Feet of gas
TVDSS True Vertical Depth Subsea
WUT Water Up To