If you're new to the oil and gas world or are even just considering an energy-related job at this stage, our "Oil & Gas Terminology Series" will help you get clued up with some of the industry's jargon.
This week, we’re focusing on the letter "C", and a handful of keywords associated with drilling, rock formations and oil fields.
CAPEX: a company’s capital expenditure in the current year. Its money the organisation uses to improve its fixed assets such as land, equipment, vehicles or buildings.
Cementation: when ions in groundwater chemically precipitate and form a new crystalline material between sedimentary grains.
Clastic: rocks that are composed of fragments or broken pieces of older rock.
Commercial field: when an oil and/or gas field is judged to be worth developing. It means the field is capable of producing enough net income, at low risk, to make it economic for development. The opposite of this is a Marginal Field – this means the oil field may not produce enough net income to be worth development.
Completion: the process of making a well ready for production after drilling operations. It usually involves the installation of permanent wellhead and downhole equipment.
Compressor: a mechanical device, such as an engine, used to reduce the volume of gas so it can increase the pressure. This allows the gas to flow more easily through a pipeline or from a reservoir.
Contingent resources: quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations. However, the project(s) are not yet considered mature enough for commercial development.
Conventional oil: oil found or expected to be found within a conventional reservoir. Usually, it refers to crude oil, petroleum or raw natural gas.
Core and coring: a term associated with drilling. Coring is the process in which a continuous cylindrical sample of rock from the wellbore is taken to assess the productivity of oil well drilling. Normally it’s taken in 30 ft sections using a “core barrel” tool. This process provides valuable information about the rock being drilled and can be used during the exploration phase.
Creaming Curve: a statistical technique used to present the relationship between aggregated or cumulative resource from wells drilled.
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Did you miss our last Terminology blog? Last time we focussed on a handful of keywords begining with the letter 'B'