Definition Depletion refers to the decline of production of an oil or gas field. Depletion may also be used for accounting in a similar way as depreciation to allow an owner or operator to account for the reduction of a product’s reserves. For tax purposes, there are two types of depletion; cost depletion and percentage depletion. Comments […]
ReadDefinition Brownfield refers to project of expansion or revamping or services on an existing facility By opposition greenfield is the common word to describe a new project. Comments In that respect a brownfield investment covers also the situation where a company or government entity purchases or leases existing production facilities to launch a new production activity. This is one […]
ReadDefinition Drilling charter refers to the decision of an operator to lease or hire the drilling rigs instead of using its own ones. The service company renting its drilling rig to an operator is called the charterer. Comments In the past each operating company used to have their own drilling rig for oil and gas […]
ReadDefinition Farm-in-Agreement is a contract signed between two companies, the Farmor and the Farmee, where the Farmor is the owner of the acreage and the Farmee is willing to perform the drilling and exploration in the acreage of the Farmor. The Farm-in-Agreement is very similar to the Farm-out-Agreement in the way that in both cases it […]
ReadDefinition NBR stands for Nitrile Butadiene Rubber or Acrylonitrile Butadiene Rubber or Buna-N or Perbunan. NBR is a synthetic rubber which belongs to the family of unsaturated copolymers of 2-propenenitrile and various butadiene monomers (1,2-butadiene and 1,3-butadiene) Comments NBR is produced in an emulsion polymerization system. The water, emulsifier/soap, monomers (butadiene and acrylonitrile), radical generating activator, and […]
ReadDefinition GCC Countries refers to the countries supporting this Gulf Cooperation Council whereas GCC is the acronym for Gulf Cooperation Council or Gulf Co-operation Council. The six GCC Countries are: – Bahrain – or Kingdom of Bahrain – Kuwait – Oman – or Sultanate of Oman – Qatar – Saudi Arabia – or Kingdom of Saudi Arabia (KSA) – UAE – […]
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