Petrofac worldwide

Glossary

A

  • AGMAnnual general meeting
  • Appraisal wellA well drilled as part of an appraisal drilling programme, carried out to determine the likely reserves and production rate of a field.
  • Associated gasNatural gas associated with oil accumulations, which may be dissolved in the oil at reservoir conditions.

B

  • BacklogBacklog consists of the estimated revenue attributable to the uncompleted portion of lump-sum engineering, procurement and construction contracts and variation orders.
  • Barrel

    A unit of volume measurement used for petroleum.

  • bbl

    One barrel of oil

  • bcfBillion cubic feet
  • bcm

    Billion cubic metres

  • BITCBusiness in the Community
  • BlockAn area subdivision of the UKCS of 10 minutes of latitude by 12 minutes of longitude measuring approximately 10 x 20 km, forming part of a quadrant. Each quadrant is divided into a grid five blocks wide and six deep and numbered 1 to 30 from NW to SE e.g. block 9/13 is the 13th block in quadrant 9.
  • BOSIETBasic offshore safety induction and emergency training
  • BrownfieldAn existing oil or gas field that has matured to a production plateau.
  • Brownfield developmentAn investment in an existing onshore or offshore facility to enhance its production capacity, thereby increasing recovery and extending field life.

C

  • Capex

    Capital expenditure

  • CBTComputer based training
  • CISCommonwealth of Independent States
  • Commercial fieldAn oil or gas field judged to be capable of producing enough net income to make it worth developing.
  • Completion

    The installation of permanent wellhead equipment for the production of oil & gas.

  • CondensateHydrocarbons which are in the gaseous state under reservoir conditions and which become liquid when temperature or pressure is reduced.
  • CPFCentral processing facility
  • CSRCorporate social responsibility
  • Cubic foot

    A standard unit used to measure quantity of gas (at atmospheric pressure); 1 cubic foot = 0.0283 cubic metres.

D

  • DBSPDeferred bonus share plan
  • DECCDepartment of Energy and Climate Change
  • DecommissioningThe technical work undertaken at the end of field production life to prepare the facilities for safe removal e.g. plugging and abandoning production wells, removal of platforms and cleaning the area of toxic substances.
  • Development phase

    The phase in which a proven oil or gas field is brought into production by drilling production (development) wells.

  • DiscoveryAn exploration well which has yielded hydrocarbons.
  • Duty HolderA contracting model under which a service company provides a complete managed service, covering production and maintenance work, both offshore and onshore, to reduce the costs of operations and to extend the life of the facilities.

E

  • EBITDAEarnings before interest, tax, depreciation, amortisation and impairment
  • ECOMEngineering, Construction, Operations & Maintenance
  • ECSEngineering & Consulting Services
  • Enhanced oil recovery (EOR)A generic term for techniques used to increase the amount of crude oil that can be extracted from an oil field.
  • EPCEngineering, procurement and construction
  • EPCICEngineering, procurement, construction, installation and commissioning
  • Equity

    Value of all assets owned by a company

  • ERPEnterprise resource planning
  • ERSCEmergency Response Service Centre
  • ESSEmergency shutdown system
  • ExComExecutive Committee
  • Exploration drillingDrilling carried out to determine whether hydrocarbons are present in a particular area.
  • Exploration phaseThe search by petroleum geologists and geophysicists for hydrocarbon deposits beneath the earth’s surface followed up where appropriate by exploratory drilling.
  • Exploration well

    A well in an unproven area or prospect, may also be known as a "wildcat well".

F

  • FDIForeign direct investment
  • FEEDFront end engineering and design
  • FIDFinancial investment decision
  • Field development plan (FDP)The process and plan to develop a field from initial subsurface model to first oil and beyond.
  • FOETFurther offshore emergency training
  • FPFFloating production facility
  • FPSOFloating production, storage and offloading facility
  • FPVFloating production vessel
  • FRCFast rescue craft
  • FSOFloating storage and offloading
  • FSUFloating storage unit

G

  • G/CGas condensate
  • Gas/oil ratio

    The volume of gas at atmospheric pressure produced per unit of oil produced.

  • Gas fieldA field containing natural gas
  • Gas injection

    The process whereby separated associated gas is pumped back into a reservoir for conservation purposes or to maintain the reservoir pressure.

  • GoM

    Gulf of Mexico

H

  • HSEHealth and Safety Executive
  • HSSEIAHealth, safety, security, environment and integrity assurance
  • HUETHelicopter underwater escape trainer
  • HydrocarbonA compound containing only the elements hydrogen and carbon - can be solid, liquid or gas.

I

  • IEAInternational Energy Agency
  • IESIntegrated Energy Services. The IES division harnesses Petrofac’s existing service capabilities and delivers them on an integrated basis to resource holders with the aim of supporting the development of their oil and gas resources, enhancing production from their mature reservoirs and helping them to build national capability.
  • IFRSInternational Financial Reporting Standards. The IFRS foundation is an independent, not-for-profit private sector organisation working in the public interest.
  • IOC

    International oil company

J

  • JV

    Joint venture

L

  • LNG

    Liquefied natural gas

  • LPG

    Liquefied petroleum gas

  • LSTKLump-sum turnkey project. An agreement in which a contractor designs, constructs and manages a project until it is ready to be handed over to the customer and operation can begin.
  • LTI

    Lost Time Incident

M

  • MEMMajor emergency management
  • Metric tonneEquivalent to 1000 lbs, 2204.61 lbs; 7.5 barrels
  • mmboeMillion barrels of oil equivalent
  • mmcfd

    Millions of cubic feet per day (of gas)

  • MOPUMobile offshore production unit
  • MOUMemorandum of understanding

N

  • NEBOSHNational Examination Board of Occupational Safety and Health
  • NGONon-governmental Organisation
  • NOC

    National oil company

O

  • OCA

    Offshore Contractors Association

  • OCPOffshore Capital Projects
  • OECOnshore Engineering & Construction
  • Oil fieldA geographic area under which an oil reservoir lies
  • OPEC

    Organisation of Petroleum Exporting Countries

  • OPITOOffshore Petroleum Industry Training Organisation. The oil and gas industry’s focal point for skills learning and workforce development.
  • OPOOffshore Projects & Operations

P

  • PECProduction enhancement contract
  • Platform

    An offshore structure that is permanently fixed to the seabed.

  • PLCPublic Limited Company
  • PMCProject management contractor - managing an external construction contractor to construct a facility.
  • Possible reservesThose reserves which at present cannot be regarded as ’probable’ but are estimated to have a significant, but less than 50% chance of being technically and economically producible.
  • Primary recovery

    Recovery of oil or gas from a reservoir purely by using the natural pressure in the reservoir.

  • Proven fieldAn oil or gas field with determined estimated reserves
  • PSPPerformance share plan

R

  • R&DResearch and development
  • RIFRRecordable injury frequency rate
  • ROCEReturn on capital employed
  • RSCRisk service contract
  • RSERisk, safety and envionmental
  • RSPRestricted share plan

S

  • Semi-submersible rig

    Mobile drilling platform that floats on submerged pontoons giving it stability while operating.

  • SGPShetland Gas Plant
  • SIPShare incentive plan
  • SOSREPSecretary of State Representative
  • Stablisation

    Removing volatile compounds from a crude oil to reduce its bubblepoint pressure (and its RVP).

T

  • TSRTotal shareholder return
  • Turn-key projectA contract under which a firm agrees to fully design, construct and equip a manufacturing/business.service facility and turn the project over to the purchaser when it is ready for operation for remuneration.

U

  • UKCS

    United Kingdom Continental Shelf

  • UpstreamThe segment of the petroleum industry having to do with exploration, development and production of oil and gas resources.

W

  • WTO

    World Trade Organisation

Y

  • y-o-y

    Year-on-year

 

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