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Appraisal
Drilling: Drilling carried out following the discovery
of a new field to determine the physical extent,
amount of reserves and likely production rate of
the field.
Aromatics: Hydrocarbons that have at least one
benzene ring as part of their structure. Aromatics
include benzene, toluene and xylenes.
Barrels of Oil Equivalent
(BOE): A term used to
quantify oil and natural gas amounts using the
same measurement. Gas volumes are converted to
barrels on the basis of energy content — 6,000 cubic feet of gas equals one barrel
of oil.
Coke: A solid carbon product produced by thermal
cracking.
Commercial Field: An oil or natural gas field that,
under existing economic and operating conditions,
is judged to be capable of generating enough revenues
to exceed the costs of development.
Condensate: Light liquid hydrocarbons. As they
exist in nature, condensates are produced in natural
gas mixtures and separated from the gases by absorption,
refrigeration and other extraction processes.
Cyclohexane: The cyclic form of hexane used as
a raw material in the manufacture of nylon.
Deepwater: Water depth of at least 1,000 feet.
Directional Drilling: A technique whereby a well
deviates from vertical in order to reach a particular
part of a reservoir or to safely drill around well
bores in highly congested areas.
Distillates: The middle range of petroleum liquids
produced during the processing of crude oil. Products
include diesel fuel, heating oil and kerosene.
Downstream: Refining, marketing and transportation
operations.
Ethylene: Basic chemical used in the manufacture
of plastics (such as polyethylene), antifreeze
and synthetic fibers.
Exploitation: Focused, integrated effort to extend
the economic life, production and reserves of an
existing field.
Feedstock: Crude oil, natural gas liquids, natural
gas or other materials used as raw ingredients
for making gasoline, other refined products or
chemicals.
Floating Production, Storage
and Offloading (FPSO) Vessel: A floating facility for production, storage
and offloading of oil.
Oil and associated gas from a subsea reservoir
are separated on deck, and the oil is stored in
tanks in the vessel’s hull. This crude oil
is then offloaded onto shuttle tankers to be delivered
to nearby land-based oil refineries, or offloaded
into large crude tankers
for export to world markets. The gas is exported
by pipeline or reinjected back into the reservoir.
Gas-to-Liquids (GTL): A process that converts natural
gas to clean liquid fuels.
Hydrocarbons: Organic chemical compounds of hydrogen
and carbon atoms that form the basis of all petroleum
products.
Improved Recovery: Technology for increasing or
prolonging the productivity of oil and gas fields.
This is a special field of activity and research
in the oil and gas industry.
Liquefied Natural Gas (LNG): Gas, mainly methane,
that has been liquefied in a refrigeration and
pressure process to facilitate storage or transportation.
Liquids: An aggregate of crude oil and natural
gas liquids; also known as hydrocarbon liquids.
Margins: Difference between sales prices and feedstock
costs, or in some instances, the difference between
sales prices and feedstock and manufacturing costs.
Midstream: Natural gas gathering, processing and
marketing operations.
Natural Gas Liquids (NGL): A mixed stream of ethane,
propane, butanes and pentanes that is split into
individual components. These components are used
as feedstocks for refineries and chemical plants.
Olefins: Basic chemicals made from oil or natural
gas liquids feedstocks; commonly used to manufacture
plastics and gasoline. Examples are ethylene and
propylene.
Paraxylene: An aromatic compound used to make polyester
fibers and plastic soft drink bottles.
Polyethylene: Plastic made from ethylene used in
manufacturing products including trash bags, milk
jugs, bottles and pipe.
Polypropylene: Basic plastic derived from propylene
used in manufacturing products including fibers,
films and automotive parts.
Reservoir: A porous, permeable sedimentary rock
formation containing oil and/or natural gas, enclosed
or surrounded by layers of less permeable or impervious
rock.
Return on Capital Employed
(ROCE): A ratio of income
from continuing operations, adjusted for after-tax
interest expense and minority interest, to the
yearly average of total debt, minority interest
and stockholders’ equity.
Styrene: A liquid hydrocarbon used in making various
plastics by polymerization or copolymerization.
Syncrude: Synthetic crude oil derived by upgrading
bitumen extractions from mine deposits of oil sands.
S Zorb™ Sulfur Removal Technology
(S Zorb SRT): The name for ConocoPhillips’ proprietary
sulfur removal technology for gasoline. The technology
removes sulfur to ultra-low levels while preserving
important product characteristics and consuming
minimal amounts of hydrogen, a critical element
in refining.
Tension-Leg Platform: A semisubmersible offshore
platform held in position by multiple cables anchored
to the ocean floor.
Throughput: The average amount of raw material
that is processed in a given period by a facility,
such as a natural gas processing plant, an oil
refinery or a petrochemical plant.
Total Recordable Rate: A metric for evaluating
safety performance calculated by multiplying the
total number of recordable cases by 200,000 then
dividing by the total number of work hours.
Upstream: Oil and natural gas exploration and production,
as well as gas gathering activities.
Wildcat Drilling: Exploratory drilling performed
in an unproven area, far from producing wells. |
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