Reference
Product Sharing Contract (PSC) |
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A policy designed to transfer exploration risks and funding of exploration and development efforts on new acreage to the interested oil companies. |
Joint Ventures (JV) |
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This is when two or more oil companies enter into an agreement for joint development of jointly held oil prospecting licences or oil mining leases (OMLs) and facilities. |
Memorandum Of Understanding (MOU) |
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A package of incentives offered by government to joint venture partners to encourage them to step up exploration efforts to increase the country’s oil reserves and production. |
Drilling Engineer
A Drilling Engineer creates and implements procedures to drill wells as safely and efficiently as
possible and have the responsibility of managing costs while getting information to evaluate the formations
drilled.
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Mud Engineer
A Drilling Engineer creates and implements procedures to drill wells as safely and efficiently as
possible and have the responsibility of managing costs while getting information to evaluate the formations
drilled.
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Reservoir Engineer
A Drilling Engineer creates and implements procedures to drill wells as safely and efficiently as
possible and have the responsibility of managing costs while getting information to evaluate the formations
drilled.
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Completions Engineer
A Drilling Engineer creates and implements procedures to drill wells as safely and efficiently as
possible and have the responsibility of managing costs while getting information to evaluate the formations
drilled.
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Oil Blocks
An oil exploration block is a large area of land, typically in 1000s of sq. kilometers, that is awarded to oil drilling
and exploration companies by a country's government. It is either awarded by the government and paid for by taxes on the
company, or it is auctioned by the government that owns the land.
Companies who bid for land do so using calculated probabilities of striking oil in the land. However, in most auctions,
the company does not have definitive proof that oil exists in the land for which it bids.
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Oil Fields
The term "oil field" or "oilfield" refers to a region with an abundance of oil wells extracting petroleum (crude oil)
from below ground. Because the oil reservoirs typically extend over a large area, possibly several hundred kilometres
across, full exploitation entails multiple wells scattered across the area. In addition, there may be exploratory wells
probing the edges, pipelines to transport the oil elsewhere, and support facilities.
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Exploratory Wells
A deep hole, in the earth, that a petroleum or natural gas company drills in the hopes of locating a new source of fossil
fuel. An exploratory well represents a risk for the company drilling it, because it is not known, before investing in the
well, how much oil or natural gas it might contain. The well may turn out to be a profitable new source of fossil fuel, or
it may contain noncommercial quantities of fuel that aren't worth extracting; in the latter case, the well may be plugged
and abandoned.
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Pipelines
Pipeline infrastructure used to transport crude oil, natural gas, condensate, water or other products from the oil
reservoirs and fields over a large area, possibly several hundred kilometres.
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Infrastructure
Oil & Gas infrastructure, could refer to an Oil Refinery, Tanker Terminal, Gas Plant, Platform or Onshore Terminal.
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Operators
Operators are the owners of the right to drill or produce a well, or the entity contractually charged with drilling of a
test well and production of subsequent wells. They include the oil producing companies and the oil servicing companies.
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Updates
Updates refer to any timestamped piece of information regarding oil blocks, oil fields, exploratory wells, pipelines,
infrastructure or operators.
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