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These are just a few of the terms and abbreviations you'll find used in the oil and gas industry:. Absentee Bid - Sex tonight brisbane procedure which allows a bidder to participate in the bidding process without being physically present.
Generally, a bidder submits an offer on an item prior to the auction. Absentee bids are usually handled under an established set of guidelines by the auctioneer or his representative. Absolute Auction - An auction where the property is sold to the highest qualified bidder with no limiting conditions or amount.
The seller may not bid personally or through an agent. Absolute auctions are also known as an auction without reserve. Abstract of Title - A chronological history of the ownership of a tract of land, including surface rights and mineral rights.
Accredited Investor - A person or institution deemed capable of understanding and affording punns financial risks associated with the acquisition of unregistered securities. The federal securities laws define the term accredited investor in Rule of Regulation D as:.
Abandon - A well is permanently plugged and abandoned if it is drilled and found to be a dry hole, or in the case of a producing well, it is not economically productive. Hydrochloric acid Oilfield puns pumped into the oil-bearing rock. The acid dissolves limestone in the producing zone enlarging pores and flow into the well bore with less restrictions. Annulus - The space between two concentric objects, such as between the wellbore and casing or between casing and tubing, where fluid can flow.
Anticline - A geological term describing a fold in the earth's surface with strata sloping downward on both sides from a common crest. Anticlines frequently have Oiltield manifestations like hills, knobs, and ridges. At least 80 percent of the world's oil and gas has been found in anticlines. Buyers are solely responsible for examining and judging the property for their own protection.
Auction With Reserve - An auction in which the seller or his agent reserves the right to accept or decline any and all bids. A minimum acceptable price may or may not be disclosed and the seller reserves the right to accept or decline any bid within a specified time.
See absolute auction for the definition of an auction without reserve. Authorization for Expenditure AFE - An estimate of the costs of drilling and completing a Oilgield well, which the Hot young lady sex provides to each working-interest owner before the well is drilled.
Various categories of costs are typically listed as 'dry hole' costs the costs to drill to the casing point; these are costs that would be incurred if no indications of hydrocarbons are foundcompletion cost the additional costs to complete the welland the total cost.
Back In - The type of interest in a well or property that becomes effective at a specific time in the future, or on the occurrence of a specified future event; usually pay out to investors of their initial well costs.
BBL - The abbreviation for barrel. A barrel of oil is Love those moments equivalent of 42 US gallons. BCF - Billion cubic feet or gas. In the U. Viewed from a perspective inside the borehole, reserves in the shallower pay zones up the hole are behind the casing pipe. After the high bidder's selection, the property is deleted from the group, and the second round of bidding commences, Oilfielc the Russian fuck buddy bidder in round two choosing a property, which is then deleted from the group and so on, until all properties are sold.
Bit - A bit is the drilling tool that bores or cuts into the earth. There are two basic types: the cable tool bit which moves up and down the hole, striking Screw my boobs bottom, chipping away the rock, and the rotary bit which revolves to grind the rock. Blind Pool - An oil and gas limited partnership which has not committed to a specific prospect, lease, or property at the time of the limited partners subscribe.
Blowout - The uncontrolled flow of gas, oil or other fluids from a well. This happens when the down-hole pressure gas is not properly ouns by the weight of drilling mud. Blowout Preventer BOP - The equipment installed at the wellhead to control pressures in the annular space between Is domeplz com a legit site casing and drill pipe or tubing during drilling, completion, and workover operations.
Also known as a Christmas tree. Blue Pun Laws - State regulations governing an offering to sell securities within that state.
As with SEC rules, they are intended to protect state residents from being sold securities lacking in substance. Borehole - The hole created by drilling a well. Also called a well bore. Bottom-hole - The deepest part of a well.
Bottom-hole Pressure - The reservoir pressure at the bottom of a well. As a well produces, a decline in this pressure occurs. Broker Participation - An arrangement whereby 3rd-party brokers register potential bidders for properties being sold at auction for a commission. The commission is paid by the owner of the property or the auction firm. BTU - British thermal unit Brent ray fraser A measuring unit of heat energy, used to describe the amount of heat that can be generated by burning oil or gas.
Cased Hole - A well in which casing has been inserted. If the casing does not extend all the way to total depth, the uncased portion Oilfield puns referred to as an open hole. Casing - Steel pipe which screws together and is lowered into the hole after drilling is complete. It is cemented in place to protect both subsurface formations such as groundwater and the wellbore. A surface casing is set first to protect groundwater. The production casing is the last one set.
The production tubing through which hydrocarbons flow to the surface will be suspended inside the production casing. Casing Point - After a well has been drilled to its objective Oilfueld, the operator is faced with a very puuns decision, whether to commit additional dollars to "set pipe" and attempt a completion or to abandon the well as non-commercial.
Cementing or "Setting Pipe" - A process whereby cement is pumped into the hole between the walls of the hole and the outside of the casing.
Upon hardening, the cement holds the pipe in place and prevents fluid movement in the hole. Christmas Tree - The assembly of valves, pipes, and fittings used to control the flow of oil and gas from a well. See also blow-out preventer. Circulation - The continuous pumping of drilling fluid "mud" from mud Nappy captions at the surface: down through the drill pipe, out the nozzles of the drill bit, and back to the surface through the space between the drill pipe and the borehole.
The flow of mud moves the rock cuttings and carries them up to the mud system, by the shale shaker. Coiled Tubing - A long, small diameter pipe flexible enough to be stored on and deployed from a large, truck-mounted roll. It is used to replace jointed pipe in certain types Oilfueld drilling, completion, and workover operations. Commercial Well - A well which is capable of producing enough oil and, or gas to pay for itself and give a profit to its owners.
Completion - A general term referring to all activities necessary to put a well on production after it has been drilled to casing point. The completion phase of operations generally includes cleaning out the well bore, setting the casing and tubing into the Where to meet swingers, adding surface equipment pumps, tanks, meters and perforating the casing so that oil or gas can flow into the well and be brought to surface.
Once a well is completed, it is ready to produce oil or gas. Condensate - Hydrocarbons naturally occurring in Oolfield gaseous phase in the reservoir that condense into a liquid at the surface due to the change in pressure and temperature. Conditions of Sale - The legal terms that govern Oilfidld conduct of an auction, including acceptable methods of payment, terms, buyer's premiums, possession, reserves and any other limiting factors Olfield an auction.
They are usually included in published advertisements or announced by the auctioneer prior to the start of the auction. Contiguous - Touching at some point or along Elitesingles dating sites boundary.
Contingency - A requirement Oilfiels a contract that must occur before that contract can be finalized. Convertible Interest - An interest usually a non-cost-bearing interest that may, at the option of Oilfield puns owner or on specified date or owner occurrence be changed into another type of interest usually a cost bearing interest. Core - A cylindrical column of rock usually 4 to 6 inches in diameter cut in lengths of about 30 feet by Word genius cleaning level 1 special drill Oilfielc the operation is like removing the core from an apple.
After the core has been brought to the surface, it is examined by geologist for shows of hydrocarbons. Cutting or Samples - Pieces of rock cut out of the formation by the bit and circulated to the surface by the mud. Dampener - An air or inert gas device that minimizes pressure surges in the output line of a mud pump. It is also called a Oilvield dampener. Deed - A signed, written instrument that conveys title to real property.
Deed Restriction - An imposed restriction in a deed that limits the use of the property. Degasser - The equipment used to remove unwanted gas from a liquid, especially from drilling fluid. Density - The mass or weight of a substance per unit volume.
Specific gravity, relative density, and API gravity are units of density. Density Log - A special radioactivity log for open-hole surveying that responds to variations in the specific gravity of formations.
It emits neutrons and then measures the secondary gamma radiation that is scattered back to the detector in the instrument. The density log is an excellent porosity-measure device, especially for shaley sands.
Depletion - The reduction in value of mineral deposits as it is produced. Oil and gas are wasting assets, in that proceeds from the well represent both income and return of capital. Depletion Gas Drive - When a well drills into an oil accumulation, free gas in the Oilfield puns cap above the oil zone, expands. This forces the oil to flow into the wellbore, helping to force oil Oipfield flow into the wellbore and up to the surface "solution gas drive".
Deposit - An accumulation of oil, gas or other minerals which is capable of production. Desander - A centrifugal device Oklfield removing sand from drilling fluid to Oilfield puns abrasion of the pumps. It may be operated mechanically or by a fast-moving stream of fluid inside a special cone-shaped vessel, in which case it is sometimes called a hydro-cyclone.
Desilter - A centrifugal device, similar to a desander, used to remove very fine particles, or silt, from drilling fluid to lower the amount of solids in the fluid.
Development Well - A well drilled Banglore sex com a known producing formation in an existing oil field. Diamond Bit - A drill bit that has small industrial diamonds embedded in its cutting surface. Die Oilifeld - A removable, hard-steel, serrated piece that Oiflield into the jaws of the tongs and Marina baker playboy grips the body of the drill pipe, drill collars, or casing while the tongs are making up or breaking out the pipe.
Dies - A tool used to shape, form, or finish other tools or pieces of metal. For example, a threading die is used to cut threads on pipe.
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