Elephant Oil
BOE: (Barrel of Oil Equivalent)
The term allows for a single value to represent the sum of all the hydrocarbon
products that are forecast as resources. Typically, condensate, oil, bitumen, and
synthetic crude barrels are taken to be equal (1 bbl = 1 BOE). Gas and NGL quantities
are converted to an oil equivalent based on a conversion factor that is recommended
to be based on a nominal heating content or calorific value equivalent to a barrel
of oil. Glossary of Petroleum Resources Management System - June 2018 (revised
version)
Converting gas volumes to the oil equivalent is customarily done on the basis of the
heating content or calorific value of the fuel. There are a number of methodologies
in common use. Before aggregating, the gas volumes first must be converted to the
same temperature and pressure. Common industry gas conversion factors usually
range between 1.0 barrel of oil equivalent (boe) = 5.6 thousand standard cubic feet of
gas (mscf) to 1.0 boe = 6.0 mscf Glossary of Reserves/Resources Terminology - 2005.
GLOSSARY & DEFINITIONS
Lead:
A project associated with a potential accumulation that is currently poorly defined
and requires more data acquisition and/or evaluation to be classified as a Prospect.
A project maturity sub-class of Prospective Resources. Glossary of Petroleum
Resources Management System - June 2018 (revised version).
Mmbls:
Million barrels
MMboe:
Million Barrels of Oil Equivalent
MMstb:
Million standard barrels
OQIP:
Original oil in place. The total quantity of oil that is estimated to exist originally in
naturally occurring reservoirs, as of a given date. Petroleum in-place, crude oil in-
place, natural gas in-place, and natural bitumen in-place are defined in the same
manner.
MELEPHANT OIL
Play:
A project associated with a prospective trend of potential prospects, but which
requires more data acquisition and/or evaluation to define specific Leads or
Prospects. Glossary of Petroleum Resources Management System June 2018
(revised version)
Recoverable:
The volume of hydrocarbons that is estimated to be recoverable from the formation
under planned production methods. This volume depends strongly on the revenue
received from the oil and the operating cost because these economic factors will
determine which recovery methods are employed and the duration of production.
Reserves:
Those quantities of petroleum anticipated to be commercially recoverable by
application of development projects to known accumulations from a given date
forward under defined conditions. Reserves must satisfy four criteria: they must be
discovered, recoverable, commercial, and remaining (as of a given date) based on
the development project(s) applied. Glossary of Petroleum Resources Management
System - June 2018 (revised version)
Resource:
Term used to encompass all quantities of petroleum (recoverable and unrecoverable)
naturally occurring in an accumulation on or within the Earth's crust, discovered and
undiscovered, plus those quantities already produced. Further, it includes all types of
petroleum whether currently considered conventional or unconventional. (See Total
Petroleum Initially-in-Place.) Glossary of Petroleum Resources Management System
- June 2018 (revised version
TCF:
Trillion (one million million) cubic feet
Sources: https://petrowiki.spe.org/PetroWik; Society of Petroleum Engineers, Petroleum Resources Management System, June 2018
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