Economic Output The quantity of a product that a company, sector, or economy can produce over a limited period of time. Natural gas liquids (NGLs) are hydrocarbons—in the same family of molecules as natural gas and crude oil, composed exclusively of carbon and hydrogen. ): an alkane that is a gas at atmospheric pressure and room temperature, but which can be liquefied by pressure for handling and use. Definitions by the largest Idiom Dictionary. This acts to lower the hydrostatic pressure at the bottom of the tubing, reducing its density. Proved property costs are generally depleted using the UOP method. FPO – Floating Production and Offloading - vessel with no or very limited (process only) on-board produced fluid storage capacity. The petroleum industry, also known as the oil industry or the oil patch, includes the global processes of exploration, extraction, refining, transporting (often by oil tankers and pipelines), and marketing of petroleum products.The largest volume products of the industry are fuel oil and gasoline (petrol). M or m – prefix designating a number in thousands (not to be confused with SI prefix M for, MAASP – Maximum Acceptable [or Allowable] Annular Surface Pressure, MAOP – Maximum Allowable Operating Pressure, MAWP – Maximum Allowable Working Pressure, Mboe – thousand barrels of oil equivalent, Mboed – thousand barrels of oil equivalent per day, Mcfe – thousand cubic feet of natural gas equivalent, MDRT – Measured Depth referenced to Rotary Table zero datum, MDSS – Measured Depth referenced to Mean Sea Level zero datum - "Sub Sea" level, MDR – Mud Damage Removal (acid bullheading), MEIC – Mechanical Electrical Instrumentation Commission, MERG – Merge FDC/CNL/Gamma Ray/Dual Laterolog/Micro SFL Log. Petroleum reservoirs are broadly classified as conventional and unconventional reservoirs. It is probably the most important part of the lease to the landowner. 1. ), RCR – Remote Component Replacement (Tool), REZ – Renewable Energy Zone (United Kingdom), RFCC – Ready for Commissioning Certificate, RFO – Ready for operations (pipelines/cables), RFR – Refer to Attached (Letter, Document, etc.). Oil and gas leases contain a royalty clause. World ... (API) gravity scale. There are five main types of fixed platform, ranging from the conventional fixed platform used at depths of up to 150m, to the tension leg platform that can be used at depths of 2000m. spectrometry, density, etc. RHD – Rectangular Heavy Duty - usually screens used for shaking. In that case "hook up" refers to making the connections from the well to the oil and gas separator and from the separator to either the storage tanks or … Special publication of the European Association of Petroleum Geologists No. In: Spencer, A.M. van Dijk, J.P. (1998); Analysis and modelling of fractured reservoirs. Buildings, Vehicle, Plant, Machinery, Software, Hardware, Furniture – Straight Line Method utilizing the number of years for respective asset classes. LTP – liner shaker, tensile bolting cloth, perforated panel backing. Though it differs from organization to organization however the general practice noticed in this regard are enumerated below: Let’s look at how to achieve that in SAP: Standard SAP Asset Depreciation configurations are useful (some of the important transaction codes are highlighted below) to set up the system so that DD & A can be executed as required: The configuration menu path for the UOP is as follows: Period/Year wise number of units will be entered here for respective Company Code & Depreciation Key combination. Definition of oil in the Idioms Dictionary. Mostly coming from user contributions, it is contextual and is meant for indicative purposes only. What is a Gas lift? van Dijk, J.P. (1996); Fracture potential and domain mapping; a new technique applied to Maastrichtian-Danian chalk in Block 2/5 (Norway). In: Chalk Geoscience Workshop. United Oil Products. Lease Amortization, Amortization of proved reserve etc. The terms upstream and downstream oil and gas production refer to an oil or gas company's location in the supply chain. Ethane, propane, butane, isobutane, and pentane are all NGLs (see table above). UOP: User Operation Prohibition: UOP: Use of Proceeds: UOP: University of Plymouth (UK) UOP: University of Portsmouth (UK) UOP: Universal Oil Products: UOP: University of the People (online academic institution; Pasadena, CA) UOP: Unit of Production (depreciation method) UOP: User Operation Prohibition (DVD) UOP: University of Peradeniya (Sri Lanka) UOP: Urinary Output: UOP Obviously, this list is not anywhere near exhaustive or definitive, but this should be the most comprehensive list anywhere. The oil and gas industry uses many acronyms and abbreviations.. Gas lifts use the artificial lift method by injecting gas into the production tubing to raise water or oil. Upstream, or exploration and production (E&P) companies, find reservoirs and drill oil and gas … The K factor or characterization factor is a systematic way of classifying a crude oil according to its paraffinic, naphthenic, intermediate or aromatic nature. The oil and gas industry uses many jargons, acronyms and abbreviations. This list is meant for indicative purposes only and should not be relied upon for anything but general information. MEST – Micro-electrical scanning tool (a dipmeter, aka. In an oil field, oil is almost always associated with a certain quantity of natural gas: newer oil wells are equipped for the recovery of both oil well gas and crude oil and hence the gas is an additional resource of the oilfield. TVDSS (True Vertical Depth Subsea), SSD – Sub Sea Level depth (in Metres or Feet, positive value in downwards direction with respect to the Geoid), SSSL – Supplementary Seismic Survey Licence (United Kingdom), a type of onshore licence, STG – Steam Turbine Generator (not to be confused with a GTG), STOIIP – Stock Tank Oil Initially In Place, STOP – Safety Training Observation Program, SURF – Subsea/Umbilicals/Risers/Flowlines, SUT(A/B) – Subsea Umbilical Termination (Assembly/Box), SWOT – Strengths, Weaknesses, Opportunities and Threats, TAGOGR – Thermally Assisted Gas/Oil Gravity Drainage, TCCC – Transfer of Care, Custody and Control, TCI – Tungsten Carbide Insert (a type of rollercone drillbit), TD – Total Depth (depth of the end of the well; also a verb, to reach the final depth, used as an acronym in this case), TDT GR – TDT Gamma Ray Casing Collar Locator Log, TGOR – Total Gas Oil Ratio (GOR uncorrected for, Thr/Th# – Thruster ('#'- means identification letter/number of the equipment i.e. Pipeline – Straight Line Method using committed field/asset production life or UOP method utilizing Proved Developed Reserves (it could be for pipelines which are dedicated to a single producing asset/field). company, business, science. Company Watch - Honeywell Significant areas in the new rules include standards for (1) the revised unit of property ( UOP ) definitions for real and personal property, (2) improvements to property, and (3) modifications to the rules for dispositions of property. oil phrase. top drive), DFI – Design, Fabrication and Installation résumé, DFIT – Diagnostic Fracture Injection Test, DG/DG# – Diesel Generator ('#'- means identification letter ou number of the equipment i.e. Depletion means reduction in the number of registered quantity or its equivalent measure for a particular & identifiable thing. MSI – Mechanical and Structural Inspection, MSIP – Modular Sonic Imaging Platform (Sonic Scanner), MT – Motor Temperature; DMT Parameter for ESP motor, NASA – Non Active Side Arm (term used in the, NEFE – Non Emulsifying Iron Inhibitor (usually used with hydrochloric acid), NFG – 'No Fucking Good' used for marking damaged equipment, not to be confused with NG being natural gas, NGDC – National Geoscience Data Centre (United Kingdom), NGRC – National Geological Records Centre (United Kingdom), NHDA – National Hydrocarbons Data Archive (United Kingdom), NMVOC – Non-Methane Volatile Organic Compounds, NORM – Naturally Occurring Radioactive Material, NP – Non Producing well (as opposed to P – Producing well), NPSH(R) – Net Positive Suction Head (Required), NUBOP - Nipple (ed),(ing) Up Blow Out Preventer, NUMAR – Nuclear and Magnetic Resonance - Image Log see also NMR, OCTG – Oil Country Tubular Goods (oil well casing, tubing, and drill pipe), OD – Outer Diameter (of a tubular component such as, OFIC – Offshore Interim Completion Certificate, ONAN – Oil Natural Air Natural cooled transformer, ONNR – Office of Natural Resources Revenue (formerly MMS), OOE – Offshore Operation Engineer (senior technical authority on an offshore, OPITO – Offshore Petroleum Industry Training Organization, ORM – Operability Reliability Maintainability, OTIP – Operational Testing Implementation Plan, OVID – Offshore Vessel Inspection Database, P – Producing well (as opposed to NP – Non Producing), PA – Producing Asset with Exploration Potential, PACO – Process, Automation, Control And Optimisation, PADPRT – Pressure Assisted Drillpipe Running Tool, PBR – Polished Bore Receptacle (component of a, PBU – Pressure Build Up (applies to integrity testing on valves), PCCC – Pressure Containing anti‐Corrosion Caps, PCCL – Perforation Casing Collar Locator Log, PCDC – Pressure Cased Directional (Geometry i.e. ITT – Internal Testing Tool. 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