2D, 3D | Two dimensional, three dimensional (seismic surveys) |
AVO | Amplitude Variation with Offset |
Basin | A depression in which sediments accumulate. |
bbl | Barrel. The standard barrel of crude oil or other petroleum product is 42 gallons (approx 35 Imperial gallons or 159 L) |
bcf | Billion cubic feet |
Block | A defined area of the earth's surface used to delineate licences. |
Barrels of oil equivalent per day | |
bopd | Barrels of oil per day |
Controlled Source ElectroMagnetic Survey. Technology remotely detects the resistivity profile of the subsurface. Resistive anomalies may be associated with hydrocarbon accumulation. | |
Downstream | Refining of crude oil and the marketing and distribution of oil products that occur after refining. |
DHI | Direct Hydrocarbon Indicator |
FIG | Falkland Island Government |
FOGL | Falkland Oil and Gas Limited |
FPSO | Floating Production, Storage & Offtake vessel |
Hydrocarbon | A chemical compound consisting only of the elements: carbon & hydrogen. Hydrocarbons, which are combustible, are the main components of fossil fuels, which include petroleum, coal and natural gas. |
Joint venture | Participation in an oil & gas project through an equity share. The working relationship is governed by a joint venture agreement. |
Lead | A geographical structure which may contain hydrocarbons. |
Licence | Exploration licence - permits only geological and geophysical surveying and the drilling of shallow wells. Production licence - exclusive rights for the licensee to search for, drill and extract petroleum. |
LNG | Liquid Natural Gas |
mmbbl | Million barrels |
mmboe | Millions of barrels of oil equivalent |
mmcf | Millions of cubic feet |
mmscfd | Millions of standard cubic feet per day |
Operator | The member of a joint venture which has been appointed to carry out operations on behalf of all parties in the joint venture. |
Petroleum | Also called 'crude oil' - is a naturally occurring liquid found in formations in the the Earth consisting of a complex mixture of hydrocarbons. |
PL | Production Licence |
Prospect | A lead which has been fully evaluated and is ready to drill. |
| Play | Prospects within a ‘play’ have the same central geologic characteristics for example in terms of age and reservoir type. |
Reserves | Oil reserves refer to portions of oil in place (STOOIP) that are recoverable under technical and economic constraints. |
Reservoir | A subsurface, porous, permeable rock formation in which oil and gas are found. |
Seismic | Data that are acquired by reflecting sound from underground strata and are processed to yield a picture of the sub-surface geology of an area. |
Semi-submersible | Mobile offshore drilling platform with floats or pontoons submerged to give stability while operating, kept in position by anchors or dynamic positioning. |
| Spud | To start to drill a well |
STOOIP | Stock Tank initially in Place. Oil in place is the total hydrocarbon content of an oil reservoir, before the commencement of production. Stock tank refers to the storage vessel. |
sq km | Square kilometres |
tcf | Trillion cubic feet |
Upstream | Refers to the exploration, production and transport of oil & gas, prior to refining |
