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BBL Barrel of oil
A unit of volume for crude oil and petroleum products. Oil production is often given in numbers of barrels per day. One barrel of oil =
- About Tethys Oil
- Corporate governance
- Investor Relations
BBL Barrel of oil
A unit of volume for crude oil and petroleum products. Oil production is often given in numbers of barrels per day. One barrel of oil = 159 litres
BOE Barrel of oil equivalent
A unit of energy based on the approximate energy released when burning a single barrel of crude oil. The BOE is used by oil and gas companies as a way of combining oil and natural gas reserves and production into a single measure. Roughly equivalent to 5,800 cubic feet of natural gas or 1,700 kWh.
Barrels of Oil per Day
A measure developed by the American Petroleum Institute (API) of how heavy or light a petroleum liquid is compared to water. If its API gravity is greater than 10, it is lighter and floats on water, if less than 10, it is heavier and sinks. The measure was designed so that most values would fall between 10° and 70° API gravity. As an example Brent is a light crude and has a gravity of 38,06° API.
A well drilled as a part of an appraisal drilling program which is carried out to determine the physical extent, reserves and likely production rate of a field.
A country’s exploration and production area is divided into different geographical blocks. An agreement is entered into with a host country granting the company the right to explore and produce oil and gas in the designated area, in return for paying to the government licence fees and royalties on production. (Also referred to as Concession(s) or Licence(s)).
Uncontrolled release of oil, gas or water from an oil well.
A reference oil for the various types of oil in the North Sea, used as a basis for pricing. API gravity of around 38°. West Texas Intermediate (WTI) and Dubai are other reference oils.
Agreement entered into with a host country granting the company the right to explore and produce oil and gas in a designated area, in return for paying to the government license fees and royalties on production. (Also referred to as Block(s) or Licence(s)).
A low-density mixture of hydrocarbon liquids that are present as gaseous components in the raw natural gas produced from many natural gas fields. Its presence as a liquid depends on temperature and pressure conditions in the reservoir allowing condensation of liquid from vapor.
A share of oil produced used to cover ongoing operations costs and to recover past exploration, appraisal and development expenditures.
The oil produced from a reservoir, after the gas is removed in separation. Crude oil is a fossil fuel formed by plant and animal matter several million years ago.
A well drilled in a proven producing area for the production of oil or gas.
The part of oil industry that include refining and distribution of oil as fuel, heating oil or as raw material for the petrochemical industy.
Any exploratory or development well that does not find commercial quantities of hydrocarbons.
Exploration and Production Sharing Agreement
Drilling carried out to determine whether hydrocarbons are present in a particular area or structure.
A fracture within rock structures where relative motion has occurred across the fracture surface.
Farm out/ farm in
The holder of shares in an oil licence may transfer (farm out) shares to another 