Words and phrases

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Appraisal well -  An exploration well drilled to determine the extent and size of a petroleum deposit that has already been discovered by a wildcat well.
Awards -  Companies that are approved as operators or licensees on the Nor-wegian shelf may apply to be awarded production licences. The awards take place through licensing rounds and annual allocations in predefined areas. The authorities decide which areas of the Norwegian shelf are to be opened for petroleum activity and which companies are to be awarded production licences after having submitted applications.
Awards in Pre-defined Areas (APA) -  These licensing rounds comprise new calls for applications in mature areas of the Norwegian shelf. The APA rounds are usually conducted on an annual basis.
Barrel of oil -  This is an American volumetric measurement. One barrel of oil equals 159 litres.
Barrier management -  Coordinated activities to establish and maintain barriers so that they maintain their function at all times.
Barriers -  Technical, operational and organisational elements which are intended individually or collectively to reduce possibility for a specific error, hazard or accident to occur, or which limit its harm/disadvantages.
Block -  A geographical unit of division used in the petroleum activities on the continental shelf. The maritime areas within the outermost limit of the con-tinental shelf are divided into blocks measuring 15 minutes of latitude and 20 minutes of longitude, unless adja-cent areas of land, borders with the continental shelves of other nations, or other factors decree otherwise.
Bond issue -  When you buy a bond, you lend money to the organisation that issues it. The company, in return, promises to pay interest payments to you for the length of the loan. Bonds are usually long-term, and investing in bonds usually entails less risk than investing in shares.
Contingent resources -  Recoverable petroleum volumes that have been discovered, but for which no decision has been taken, or permission given, to recover.
Corporate governance -  The system by which corporations are directed and controlled. The governance structure specifies the distribution of rights and responsibilities among different parti-cipants in the corporation (such as the board of directors, managers, share-holders, creditors, auditors, regulators, and other stakeholders) and specifies the rules and procedures for making decisions in corporate affairs.
Coupon/coupon rate -  The interest rate stated on a bond when it is issued, expressed as a percentage of the principal (face value).
Cretaceous period -  A geological period from about 146 to 66 million years ago. The name Cretaceous was derived from Latin creta, meaning chalk. Due to the high sea level and overall warm climate, marine limestone is the dominating rock type of this period in the North Sea area.
Discovery -  A petroleum deposit, or several petroleum deposits combined, which testing, sampling or logging have shown probably contain mobile petroleum. The definition covers both commercial and technical discoveries. The discovery receives the status of a field, or becomes part of an existing field when a plan for development and operation (PDO) is approved by the authorities.
Drilling programme -  This is a descrip-tion that contains specific information concerning wells and well paths relating to planned drilling and well activities.
Exogene geology -  This is the geo-logy relating to the external processes which alter the earth’s surface at sea or land, i.e., climate and climate-related processes.  The opposite is endoge-ne geology, which relates to internal processes originating within the earth, e.g., volcanoes, earth quakes and magmatic rocks.
Exploration facility -  A loan facility that a company has with a group of banks that can be used to fund the company’s exploration activities. The facility has security in the tax refund for exploration costs and in exploration licences.
Exploration well -  A well drilled in order to establish the existence of a possible petroleum deposit or to acquire information in order to delimit an established deposit. Exploration well is a generic term for wildcat and appraisal wells.
Fault -  A fracture separating two rock bodies that have been displaced relative to each other.
Field -  One discovery, or a number of concentrated discoveries, which the licensees have decided to develop and for which the authorities have appro-ved, or granted exemption for, a plan for development and operation (PDO).
High North -  This concept encompas-ses an area consisting of the entire circumpolar Arctic region, including the Barents region and the Barents Sea area.
Hydrocarbons -  Organic compounds based on molecular chains of carbon and hydrogen atoms. Oil and gas consist mainly of hydrocarbons.
Immature areas -  The immature areas on the Norwegian shelf are cha-racterised by unfamiliar geology, lack of infrastructure and often new techn-ological challenges. The uncertainty pertaining to the resource base is larger than in mature areas. However, it is still possible to make large discoveries in immature areas. ISO certification – ISO standards are pu-blished by the International Organization for Standardization. The standards have been developed to provide guidance to enterprises within quality management. ISO certificates are issued by approved certification bodies such as e.g. TI, Dovre, Nemko or DNV.
IW enterprise -  IW is an abbreviation for Inclusive Workplace. An IW enter-prise has entered into a cooperative agreement with NAV (the Norwegian Labour and Welfare Administration). The main objectives of the IW agreement are to prevent and reduce sickness absence, strengthen presence in the workplace and improve the working environment, and to prevent people from being excluded from or dropping out of the labour market.
Jurassic period -  The Jurassic is a geological period, from about 200 to 146 million years ago. On the timescale, the period follows the Triassic period and was followed by the Cretaceous peri-od. The Jurassic period is well known due to the fact that it was dominated by dinosaurs.
Licence -  A production licence is the concession, or right, to explore for petroleum resources and then recover / produce petroleum deposits in a stated geographical area on the Norwegian Continental Shelf for a certain period. This concession is granted by the aut-horities, represented by the Ministry of Petroleum and Energy, to one or more qualified oil companies, i.e. “license-es”. The cooperation between the oil companies in a licence is regulated by agreements stipulated by the authorities and signed by the parties.
Licensee -  Physical person or body corporate, or several such persons or bodies corporate, holding a licence according to the Petroleum Act or pre-vious legislation to carry out exploration, production, transportation or utilisation activities. If a licence has been granted to several such persons jointly, the term licensee may comprise the licences collectively as well as the individual licensee. A licensee must have been qualified by the authorities.
Lifting gas/gas lift -  Gas that is pum-ped into the well deep into the vertical section of the well. This gas is then produced back together with oil and water in the well. The effect of the gas lift is that it contributes to a lighter column (lower density), which facilitates and increases the production of oil.
Major accident -  An acute incident, such as a major discharge/emission or a fire/explosion, which immediately or subsequently causes several serious injuries and/or loss of human life, serious harm to the environment and/or loss of substantial material assets.
Mature areas -  Mature areas are cha-racterised by known geology and well developed or planned infrastructure. It is likely that discoveries will be made, but less likely that these new disco-veries will be large. These areas often include fields in the later stages of their lifetime, or fields that are shut down. Most new projects in mature areas are expected to be relatively small, often necessitating tie-in to existing fields to ensure profitability
mboepd -  thousand barrels of oil equivalents per day
mmboe -  million barrels of oil equivalents
NIBOR -  Norwegian Interbank Offered Rate. This is the rate which Norwegian banks indicate they are willing to lend to other banks for a specified term.
Nominee account -  An account set up by a nominee (the ’registered owner’) for administering securities or other assets held on behalf of the actual owner (the ’beneficial owner’) under a custodial agreement. The use of nomi-nee accounts complicates access to reliable information about the ownership.
Norwegian Continental Shelf -  The seabed and subsoil of the marine are-as extending beyond the Norwegian territorial sea, throughout the natural prolongation of the Norwegian land territory to the outer edge of the con-tinental margin, but no less than 200 nautical miles from the base lines from which the breadth of the territorial sea is measured, however, not beyond the median line to another state.
Ocean Bottom Seismic (OBS) -  This entails placing the acquisition system on the seafloor rather than employing conventional towed streamer techniqu-es. Placing the system on the seafloor results in better data, but is more time and cost consuming. Ocean bottom seismic is recognised as the best te-chnology available for mapping the seafloor geology in connection with oil and gas exploration.
Oil equivalent (o.e.) -  Used when oil, gas, condensate and NGL are to be totalled.  The term is either linked to the amount of energy liberated by combustion of the various types of petroleum or to the sales values, so that everything can be compared with oil.
Oil reservoir -  An underground mass of porous rock, usually sandstone or limestone, which contains deposits of petroleum that can be produced.
Operator -  One of the licensees in a licence who, on behalf of all the licensees, is in charge of the day-to-day management of the petroleum activity. The operator is appointed by the Ministry of Petroleum and Energy, but may change in connection with e.g. sale and purchase of owmership interests.
Palaeogene period -  This is a geologic period which extends from 66 to 56 million years ago.
Permian period -  Permian is a geo-logic period which extends from 299 to 251 million years ago. Several of the petroleum fields in the southern part of the North Sea are connected to reservoirs in Permian rocks or structures linked to these.
Petroleum -  This is a collective term for hydrocarbons. The term covers all liquid and gaseous hydrocarbons found in a natural state in the substrate, and also other substances recovered in connection with such hydrocarbons.
Petroleum activity -  All activity linked to subsea petroleum deposits, inclu-ding investigation, exploratory drilling, recovery, transport, utilisation and ter-mination, and also the planning of such activities, but not the transportation of petroleum in bulk by ship.
Plan for development and ope-ration (PDO) -  If a licencee decides to develop a petroleum deposit, the licensee shall submit to the Ministry of Petroleum and Energy for approval a plan for development and operation of the petroleum deposit. The plan shall contain an account of economic aspe-cts, resource aspects, technical, safety related, commercial and environmental aspects, as well as information as to how a facility may be decommissioned and disposed of when the petroleum activities have ceased.
Plateau production -  The maximum level of production over a time period.
Play -  A geographically and stratigrap-hically delimited area where a specific set of geological factors is present so that petroleum should be able to be proven in producible volumes. Such geological factors are a reservoir rock, trap, mature source rock, migration routes, and that the trap was formed before the migration of petroleum ce-ased. All discoveries and prospects in the same play are characterised by the play’s specific set of geological factors.
Porosity -  The porosity of a rock is the ratio of the volume of all the pores in a material to the volume of the whole rock.
Private placement -  The sale of securi-ties to a relatively small number of select investors as a way of raising capital.
Production rate -  The quantity of oil/gas that is produced during a given period, inter alia how many barrels of oil are produced per day.
Prospect -  A possible petroleum trap with an identifiable, delimited rock vo-lume.
Recovery factor -  The relationship between the volume of petroleum that can be recovered from a deposit and the volume of petroleum originally in place in the deposit.
Reserves -  Remaining, recoverable, saleable volumes of petroleum which the licensees have decided to recover and the authorities have given permis-sion to recover.
Revolving credit facility -  A loan facility that a company has with a group of banks that can be used to fund the company’s development projects. The facility has security in the development licences.
Sandstone -  A common sedimentary rock consisting of grains of sand ce-mented together by various substances. Some sandstones are porous because they possess open spaces within their structures. These open spaces may contain water or petroleum. Sandstones are important reservoir rocks in conne-ction with production of oil and gas.
Seismic (geophysical) investi- gations -  Seismic profiles are acquired by transmitting sound waves from a source above or in the substratum. The sound waves travel through the rock layers which reflect them up to sensors on the sea bed or at the surface, or down in a borehole. This enables an image of formations in the substratum to be formed. The seismic mapping of the Norwegian Continental Shelf started in 1962.
Sidetrack well -  This is to drill a se-condary well bore from an existing well bore towards a new well target or new well path because the first well path cannot be used due to technical reasons.
Subsurface subjects -  These teaching subjects include inter alia geology, geophysics and reservoir techniques.
Ticker/ticker code -  An arrangement of characters (usually letters) represen-ting a particular security listed on an exchange or otherwise traded publicly.
Triassic period -  Geological period which extends from 250 to 200 million years ago. This period lies between the Permian and Jurassic periods.
UN Global Compact -  A United Nati-ons initiative to encourage businesses worldwide to adopt sustainable and socially responsible policies, and to re-port on their implementation. The Global Compact is a principle-based framework for businesses, stating ten principles in the areas of human rights, labour, the environment and anti-corruption.
Undiscovered resources -  Reco-verable volumes of petroleum that it is estimated may be discovered with further exploration.
Unitisation -  If a petroleum deposit extends over more than one block with different licensees, or onto the continental shelf of another state, ef-forts shall be made to reach agreement on the most efficient co-ordination of petroleum activities in connection with the petroleum deposit as well as on the apportionment of the petroleum deposit. Agreements on joint production, transportation, utilisation and cessation of petroleum activities shall be submitted to the Ministry of Petroleum and Energy for approval.
Water injection - 

Refers to the method in the oil industry where water is injected into the reservoir, usually to increase pressure and thereby stimulate production. Water injection wells can be found both on- and offshore, to increase oil recovery from an existing reservoir. Water is injected to support pressure of the reservoir and to sweep or displace oil from the reservoir, and push it towards a production well.

Well -  A well is a hole drilled to find or delimit a petroleum deposit and/or produce petroleum or water for injection purposes, inject gas, water or another medium, or map or monitor well para-meters. A well may consist of one or more well paths and may have one or more terminal points.
Working Environment Committee (WEC) -  Pursuant to the Working En-vironment Act, undertakings which regularly employ at least 50 employ-ees shall have a working environment committee. The working environment committee shall make efforts to establish a fully satisfactory working environment in the undertaking.
Zero emissions and discharges -  This means that, in principle, no  environmentally hazardous substances, or other substances, are to be emit-ted or discharged if they can result in damage to the environment (detailed definition in White Paper no. 25 (2002-2003)). Special demands for emissions and discharges in the Barents Sea are that, in principle, no undesirable emis-sions or discharges are to take place during normal operations, irrespective of  whether they may result in damage to the environment (detailed definition in White Paper no. 38 (2003-2004)).