Vocabulary

Certain expressions and terms may be difficult to understand or relate to. The below-mentioned list of vocabulary with some of the most used technical terms helps to make news and information about the projects easier to understand. Should you have questions, you are always welcome to contact Kris Kon.

BBL: Barrel: 42 US-gallons or 159 litres

BBLS: Barrels

CASING: A tube which isolates zones and keeps water, stones and other unwanted elements away.

FORMATION: A subterranean layer which consists of one kind of rock. A formation may contain one or more zones in various depths with oil- and/or gas deposits.

FRAC / MULTIFRAC: A liquid is pressed into a zone to increase the porosity of the ground and thus ease the flow of gas and oil, which may be subsequently extracted. It is not always necessary to perform FRAC on a well in order make the well produce, but often it will increase the production.

US-GALLON: 3.8 litres

LEASE: Area.
The owner of a lease owns the right to mineral deposits in this area and in the underground.

LOG: A log of a well shows the occurrences of oil and/or gas as well as other details about the drilling.

MCF: 1,000 cubic feet of gas. 1 acre-foot = 0.0283 cubic metres.

MMCF: 1 mio. cubic feet of gas.

BCF: 1 billion cubic feet of gas.

OIL CUT: The oil percentage in the liquid from the well. The higher oil-cut, the more oil in the liquid.

PDP: Proven Developed Producing. Well with proven, producing reserves.

PDNP: Proved Developed Not Producing. Well with proven reserves that does not produce.

PUD: Proven UnDeveloped. Well with proven reserves that are not developed and does not produce.

RECOMPLETION: Repetition of former work on the well in order to optimize production.

TUBING: Tubing can be made after the casing is in place in the well. Tubing secures that oil and gas reach the surface with the right pressure. Tubing is typically 5-10 cm in diametre.

WILD CAT DRILLING: A high risk drilling in an area without proven oil and gas occurrences.

WILD CAT ZONE: A zone which occurs in a drilling beyond the expected zones.

ZONE: A formation in the underground may contain one or more zones of oil- and/or gas occurrences in various depths.

 

  • How much gasoline does a barrel of crude oil produce?

A barrel of crude oil is about 42 US gallons (159 litres). Oil refineries heat it to 370 degrees celcius, as the vapor rises it is transformed into various oil products. The lighter molecules of gasoline, diesel or jet fuel continue to rise until it is cooled and syphooned into seperate holding tanks. A barrel of crude oil can make about 19 US gallons of gasoline (72 litres), 10 gallons of diesel (38 litres), 4 gallons of jet fuel (15 litres) and another 9 gallons of other oil products (34 litres) such as liquid petroleum gas, plastics, lubricants or heating oil. A flight from San Francisco to Tokyo may take about 9,000 US gallons of jet fuel which requires about 2,250 barrels of crude oil to extract.

 

Currency

EUR745,47
GBP837,00
SEK71,28
USD665,95

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