2D, 3D |
Two dimensional, three dimensional (seismic
surveys) |
AIM |
Alternative Investment Market |
AGM |
Annual General Meeting |
AVO |
Amplitude Variation with Offset |
Basin |
A downdropped fault block, or graben, which fill with sediments. |
| bbl |
Barrel.
The standard barrel of crude oil or other petroleum product is 42 US gallons (approx 35 Imperial gallons or 159 L). |
bcf |
Billion cubic feet |
bfpd |
Barrels of fluid per day |
Block |
Subdivision of sea area for the purpose of licensing that area for exploration and production rights - to a company or joint venture.
UK block = 1/30 of a quadrant = (approx) 200-250 sq km.
Quadrant = one degree x one degree |
boepd |
Barrels of oil equivalent per day |
bopd |
Barrels of oil per day |
CSEM |
Controlled Source ElectroMagnetic Survey. Technology which defines resistive anomalies in the subsurface and can be used as a direct hydrocarbon indicator. |
CSR |
Corporate Social Responsibility |
Downstream |
Refining of crude oil and the marketing and distribution of oil products that occur after refining. |
DHI |
Direct Hydrocarbon Indicator |
Farm in |
Where a company joins a joint venture in return for paying for future joint venture operations. |
| FIG |
Falkland Island Government |
FOGL |
Falkland Oil and Gas Limited |
FPSO |
Floating Production, Storage & Offtake vessel |
FRS |
Financial Reporting Standard |
GBP |
British Pound |
Graben |
A depressed block of land bordered by parallel faults. Graben is a german word meaning "ditch". |
HSE
|
Health Safety & Environment |
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 |
LSE |
London Stock Exchange |
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. |
| p |
Penny or pence Sterling |
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. |
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. |
| STOOIP |
Stock Tank Original Oil 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 |
| TLW |
Tullow Oil plc |
Upstream |
Refers to the exploration, production and transport of oil & gas, prior to refining. |
UK |
United Kingdom |
US$ |
US Dollar |
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