Oil & Gas Glossary : Back
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the following oil and gas and related investment terms for their
the rods - To pull pump rods out of the well and hang them in
the derrick on rod hangers. ^ top...
oil - Oil use for residential heating. ^ top...
oil - A type of crude petroleum characterized by high viscosity
and a high carbon-to-hydrogen ration. It is usually difficult and
costly to produce by conventional techniques. ^ top...
by production - Refers to an oil and gas property under lease,
in which the lease continues to be in force, because of production
from the property. ^ top...
of a well - A written account of a well's drilling and
operation, required by law in some states. ^ top...
Horizon - A specific sedimentary layer in a cross section of land,
especially one in which a petroleum reservoir is found. ^ top...
drilling - The newer and developing technology that
makes it possible to drill a well from the surface, vertically down
to a certain level, and then to turn at a right angle, and continue
drilling horizontally within a specified reservoir, or an interval
of a reservoir. ^ top...
Horsehead - The curved guide or head piece on the well end of a
pumping jack's walking beam. The guide holds the short loop of cable,
called the bridle, attached to the well's pump rods. ^ top...
fracturing - A method of stimulating production from
a low-permeability formation by creating fractures and fissures
by applying very high fluid pressure. ^ top...
Hydrocarbons - A large class of organic compound of hydrogen and
carbon. Crude oil, natural gas, and natural gas condensate are all
mixtures of various hydrocarbons, among which methane is the simplest. ^ top...
Hydrometer - An instrument that measures the specific gravity of
liquids. ^ top...
head - The height of a column of liquid. The difference
in height between two points in a body of liquid. ^ top...
In situ -
In its original place. Refers
to methods of producing synfuels underground, such as underground
gasification of a coal seam
heating oil shale underground
to release its oil. ^ top...
producer - 1. A person or corporation that produces
oil for the market, who has no pipeline system or refining. 2. An
oil entrepreneur who secures financial backing and drills his own
wells ^ top...
drilling - Wells drilled to fill in between established
producing wells to increase production. ^ top...
potential - Flow rate measured during the initial completion
of a well in a specific reservoir (initial daily rate of production). ^ top...
well - A well employed for the introduction into an underground
stratum of water, gas or other fluid under pressure. Injection well
are employed for the disposal of salt water produced with oil or
other waste. They are also use for a variety of other purposes:
1) Pressure maintenance, to introduce a fluid into a producing formation
to maintain underground pressures which would otherwise be reduced
by virtue of the production or oil or gas, 2)Secondary recovery
operations, to introduce a fluid to decrease the viscosity of oil,
reduce its surface tension, lighted its specific gravity, and drive
oil into producing wells, resulting in greater production of oil. ^ top...
drilling costs - Expenditures, deductible for federal
income tax purposes, incurred by an operator for labor, fuel, repairs,
hauling, and supplies used in drilling and completing a well for
production. ^ top...
Tax Credit (ITC) - A credit against income taxes, usually
computed as a percent of the cost of investment in certain types
of assets. ^ top...
map - A geological map showing the thickness and shape
of underground formations. A tool used to determine underground
oil and gas reservoirs. ^ top...
or Unit - An oil-pumping unit. The pumping jack's walking beam
provides the up-and-down motion
to the well's pump rods. ^ top...
rig - A floating platform with legs on each corner that
can be lowered to the sea bottom to raise or jack up the platform
above the water. ^ top...
fuel - See Kerosene. ^ top...
Jetting - Injecting gas into a subsurface formation for the purpose
of maintaining reservoir pressure. ^ top...
Joint - A single section of drill pipe, casing, or tubing, usually
about 30 feet long. ^ top...
Operating Agreement - A detailed written agreement between
the working interest owners of a property which specifies the terms
according to which that property will be developed. ^ top...
venture - A large-scale project in which two or more parties
(usually oil companies) cooperate. One supplies funds and the other
actually carries out the project. Each participant retains control
over his share, including liability and the right to sell. ^ top...
basket - A magnet used to retrieve small tools lost in the
well. A fishing instrument. ^ top...
bushing - Part of the drilling rig, the Kelly is a long hollow
steel bar that connects to the
upper end of the drill string. ^ top...
Kerogen - The hydrocarbon in oil shale. Scientists believe that
kerogen was the precursor of petroleum and that petroleum development
in shale was somehow prematurely arrested. ^ top...
Kerosene - The petroleum fraction containing hydrocarbons that
are slightly heavier than those found in gasoline and naphtha. Kerosene
(also spelled kerosene) was the most important petroleum product
because of its use for home and commercial lighting; in recent years
demand has risen again as a result of kerosene's use in gas turbines
and jet engines. ^ top...
Keyseating - A condition in which the drill collar of another part
of the drill string becomes wedged in a section of crooked hole. ^ top...
Occurs - when the pressure encountered in a formation exceeds
the pressure exerted by the column of drilling mud circulating through
the hole. If uncontrolled, a kick leads to a blowout. ^ top...
a well - To overcome downhole pressure by adding weighting
elements to the drilling mud. ^ top...
time - The time it takes for cuttings to be carried (circulate)
from the bottom of the borehole
up to the surface by the mud
system. ^ top...
Landman - A self-employed individual or company employee who secures
oil and gas leases, checks legal titles, and attempts to cure title
defects so that drilling can begin. ^ top...
royalty - The share of the gross production of the oil
and gas on a property without deducting any of the cost of producing
the oil or gas. The usual landowner's royalty is one-eighth of gross
production. ^ top...
of capture - A legal concept on which oil and gas law in some
states is based: since petroleum is liquid, and hence mobile, it
is not owned until it is produced. ^ top...
lines - The lines through which production from individual
wells is run to tanks. ^ top...
(Oil and Gas) - A contract by which the owner of the mineral
rights to a property conveys to another party, the exclusive right
to explore for and develop minerals on the property, during a specified
period of time. ^ top...
acquisition costs - Bonus payments. ^ top...
broker - An individual engaged in obtaining leases for speculation
or resale. ^ top...
hound - Someone who goes out and aggressively acquires oil
and gas leases from the landowner, and then turns around and sells
or trades them to an oil company planning to drill a well in the
area. ^ top...
offering (lease sale) - An area of land offered for
lease - usually by the U.S. Department of Interior - for the
for and production of specific
natural resources such as oil and gas. Such a lease conveys
no title or occupancy rights apart from
the right to search for and produce
petroleum or other natural resources subject to the conditions
stated in the lease. ^ top...
or Sublease - Any transaction in which the owner of operating
rights in a property assigns all or a portion of these rights to
any other party. ^ top...
costs - The costs of producing oil from a well or lease;
the operating expenses. ^ top...
Lignite - A solid fuel of a grade higher than peat but lower than
bituminous coal. ^ top...
Limestone - Sedimentary rock largely consisting of calcite. On
a world-wide scale, limestone reservoirs probably contain more oil
and gas reserves than all other types of reservoir rock combined. ^ top...
partner - In a limited partnership, a partner whose liability
is limited to the amount of his investment in the partnership (plus
any assessments and his share of undistributed partnership earnings). ^ top...
partnership - A partnership in which the general partner
manages the partnership's activities and is solely liable for them.
The limited partners are liable only to the extent of their contributions. ^ top...
(liquefied natural gas) - Natural gas that has been converted
to a liquid through cooling to -260 degrees Fahrenheit at atmospheric
pressure. ^ top...
Logs - Records made from data-gathering devices lowered into the
wellbore. The devices transmit signals to the surface which are
then recorded on film and used to make the record describing the
formation's porosity, fluid saturation, and lithology. The filing
of a log is required by the federal government if the drill site
is on federal land. ^ top...
circulation - A serious condition that occurs when drilling
mud pumped into the well does not return to the surface, but goes
into the porous formation, crevices, or caverns instead. ^ top...
(liquefied petroleum gases) - Hydrocarbon fractions
lighter than gasoline, such as ethane, propane and butane, kept
in a liquid
state through compression and/or
refrigeration, commonly referred to as "bottled gas." ^ top...