Working within the Oil and Gas industry will introduce you to a host of industry-specific vocabulary and new terminology.
This article looks at the letter "O", and some words associated with the upstream sector.
Oil field - An accumulation, pool or group of subsurface oil pools. An oil field consists of a reservoir that traps hydrocarbons from being covered by impermeable or sealing rock. It may also contain associated gas.
Oil in place - An estimated measure of the total amount of oil contained in a reservoir, and, as such, a higher figure than the estimated recoverable reserves of oil.
Operator - The company that has legal authority to drill wells and undertake production of hydrocarbons. The operator is often part of a consortium (an association of several companies) and acts on behalf of this consortium.
Opex - An abbreviation for “operating expenditure” - an expense a business incurs through its normal business operations. Operating expenses can include rent, equipment, inventory costs, payroll, insurance and funds allocated for research and development.
Overboard Water - Another name for produced water or brine produced from oil and gas wells - water produced from a wellbore that is not a treatment fluid. The characteristics vary and use of the term often implies an unknown composition. It is generally accepted that water within the pores of shale reservoirs is not produced due to its low relative permeability and that fact that its mobility is lower than that of gas.
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