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Definitions (106)
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signature bonus
The payment of a fee to a host government upon signing a PSC or a concession licence agreement. The bonus can often be a big factor in determining the winner of new acreage in licensing rounds.
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entitlement production
The production that the contractor or concession holder is entitled to physically receive. In a concession, this equates to concessionaire's working interest production excluding any royalty payments. In a PSC, this equates to the contractor's share of cost oil/gas and profit oil/gas. In a Risk Service Contact, it is the contractor cash f [..]
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fiscal regime
A representation of a fiscal system governed by tax law and/or specific contracts such as Production Sharing Contracts.
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glossary oil & gas
Click on one of the letters below to jump to that portion of the glossary. A
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abandonment
Removal of the production facilities on an oil or gas field following the end of production.
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acidisation or acidizing
Also referred to as acid treatment. A process where by acid is squeezed into tight and or damaged (usually limestone/chalk) reservoirs to improve the flow of hydrocarbons to the well. The acid dissolves a portion of the rock, thereby improving the porosity and permeability characteristics of the reservoir.
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api(american petroleum institute)
Primary US oil industry trade association. Conducts technical research and helps create standards for equipment and products from wellhead to retail outlet.
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api gravity
The American Petroleum Institute scale used to express the specific gravity of oils. The higher the API gravity, the lighter the crude (i.e. the higher the proportion of lighter fractions the oil contains). It is calculated as follows: °API = 141.5/(Specific Gravity at 60°F) - 131.5. For example, crudes with an API gravity of less than 20° are cons [..]
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appraisal
Activity immediately following successful exploration drilling, e.g. the drilling of a delineation well to determine the size and characteristics of the discovered reservoir.
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area rental
The cost of renting an oil and gas licence area for a defined period of time.
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