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Industry Glossary
Data Dictionary Services
Industry Glossaries:
 
Petroleum Equipment
                 
 Newbuild
Category
 

 

Petroleum Equipment
 Natural gas liquids (NGL)
Category
 

The portion of natural gas that is stripped out as liquids by special processing facilities at the surface.

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Petroleum Equipment
 Mud
Category
 

Pumpable fluids circulated in a drill hole to remove rock cuttings and coll the bit Mud is normally a mixture of water, clay, and chemical additives.

 

Petroleum Equipment
 Mud pumps
Category
 

A large high pressure pump used to circulate the mud on a drilling rig.

 

Petroleum Equipment
 Mcf
Category
 

One thousand cubic feet. The Mcf is a standard measure of natural gas volume. One Mcf is equal to one million BTU of energy at one atmosphere of pressure. MMCF represents one million cubic feet.

 

Petroleum Equipment
 Jackup Rig
Category
 

A type of mobile offshore drilling rig capable of working in water up to 400 feet deep.

 

Petroleum Equipment
 Mineral Rights
Category
 

The ownership rights of oil, gas, and other minerals under a given tract. These include the right to explore, drill, and produce the minerals or assign such rights to another party in the form of a lease.

 

Petroleum Equipment
 Dry Hole
Category
 

A well that contains no oil or gas, too little of either to make an adequate return on investment.

 

Petroleum Equipment
 Horizontal Drilling
Category
 

A drilling method where a vertical drilling hole is redirected so as to be parallel to oil formation.

 

Petroleum Equipment
 Floating offshore drilling rig
Category
 

A mobile offshore drilling unit that floats and is not secured to the seafloor when it is in drilling mode. Floating units include inland barge rigs, drill ships, ship-shaped barges, and semi-submersibles.

 

Petroleum Equipment
 Exploration
Category
 

The identification and examination of areas that could potentially contain oil and gas reserves.

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Petroleum Equipment
 Exploration costs
Category
 

Expenses incurred in identifying new exploration activities. This includes equipment, support personnel, facilities, depreciation, and other applicable costs.

 

Petroleum Equipment
 Dayrate
Category
 

The sum paid to a drilling contractor for each 24 hours of operation under a daywork contract. Under these agreements, contractors are paid on the basis of time worked, not footage drilled. Day rates can generally range from $45,000 to $80,000 per day.

 

Petroleum Equipment
 Barrel (BBL)
Category
 

A common unit of liquid measure in the petroleum industry. One barrel of oil equals 42 standard U.S. gallons or 35 British imperial gallon.

 

Petroleum Equipment
 Drill bit
Category
 

The cutting or boring element used to penetrate the earth in the digging of the well.

 

Petroleum Equipment
 Drill pipe
Category
 

Heavy seamless tubing used to rotate the bit and circulate the drilling fluid. Lengths of pipe approximately 30 feet long are coupled together by means of tool joints.

 

Petroleum Equipment
 Drill ship
Category
 

a self propelled floating vessel that specializes in penetrating deepwater and ultra deepwater formations.

 

Petroleum Equipment
 Blowout
Category
 

An uncontrolled flow of gas, oil, or other well fluids into the atmosphere or into an underground formation that is extremely wasteful of reservoir fluids. This is also called a gusher since it can occur when formation pressure exceeds the pressure applied to it by the column of drilling fluid.

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Petroleum Equipment
 Infill Drilling
Category
 

The drilling of new wells to increase production in a field. There are legal spacing standards between wells.

 

Petroleum Equipment
 Flooding
Category
 

Injecting water under pressure into a depleted well to force out remaining oil.

 

Petroleum Equipment
 Development Costs
Category
 

Expenses incurred to obtain access to proven reserves and to provide facilities for extracting , treating, gathering, and storing oil and gas.

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Petroleum Equipment
 Decline Rate
Category
 

The rate at which a reserve of natural resource is exploited, calculated as the inverse of the years of reserve remaining and expressed as a percentage.

 

Petroleum Equipment