Oil & Gas Glossary 1.0

A natural gas liquid recovered from gas well gas (associated and non-associated) in lease separators of field facilities.

A small house used for keeping lease records, changing clothes, or any other use around a lease.

Lease Automatic Custody Transfer, possible where measuring equipment installed at the point of transfer from lease to pipeline is so completely automated as not to require any manual activity or witnesses.

Hydrocarbons which are in the gaseous state under reservoir conditions but which become liquid either in passage up the hole or at the surface.

A porous and permeable underground formation containing an individual and separate natural accumulation of producible hydrocarbons (oil and/or gas) which is confined by impermeable rock or water barriers and is characterized by a single natural pressure system. A subsurface, porous, permeable rock body in which oil and/or gas is stored, Most reservoir rocks are limestones, dolomites, sandstones, or a combination of these. The three basic types of hydrocarbon reservoirs are oil, gas, and condensate. An oil reservoir generally contains three fluids - gas, oil, and water - with oil the dominant product. In the typical oil reservoir, these fluids occur in different phases because of the variance in their gravities. Gas, the lightest, occupies the upper part of the reservoir rocks; water, the lower part; and oil, the intermediate section. In addition to its occurrence as a cap or in solution, gas may accumulate independently of the oil; if so, the reservoir is called a gas reservoir. Associated with the gas, in most instances, are salt water and some oil. In a condensate reservoir, the hydrocarbons may exist as a gas, but, when brought to the surface, some of the heavier ones condense to a liquid.

A system of operating a certain oil and condensate reservoir in order to conduct some form of pressure maintenance, repressuring, waterflood, or other cooperative form to increase ultimate recovery.

Lease operator or pumper.

A facility located at the surface for the purpose of:

The total production of oil from a well or lease during a specified period of time.

(1) to achieve the recovery of natural gas liquids from the stream of natural gas which may or may not have been processed through lease separators and field facilities, and

A truck equipped with a pair of poles, and hoisting equipment for use in lifting heavy machinery around a lease.

The person or company, either proprietor or lessee, actually operating an oilwell or lease. Generally, the oil company by whom the drilling contractor is engaged.

A lease storage tank to which produced oil is run.

Also called a lease operator or pumper. See pumper

A lease or a number of leases of adjoining tracts of land that constitute a unit of acreage sufficient to justify the expense of drilling a wildcat.

A tank used in the field to receive crude oil as it comes from the well. Also called a flow tank or lease tank.

A reduction in US taxes for owners of an economic interest in minerals in place to compensate for the exhaustion of an irreplaceable capital asset. This economic interest includes mineral interest, working interest in a lease, royalty, overriding royalty, production payment interest, and net profits interest.