Glossary of Oil and Gas Terms used in oil and gas industry. It is not intended to be a definitive or exhaustive reference, nor should it be relied upon or used in the development of contracts, investment decisions or reporting
A well permanently plugged in the drilling phase for technical reasons.
An exploration well drilled to determine the extent and size of a petroleum deposit that has already been discovered by a wildcat well.
An annual fee which the licensees pay the Government for each square kilometre of the acreage covered by a production licence.
Natural gas dissolved in oil.
Companies that are approved as operators or licensees may apply to be awarded production licences. The awards take place through licensing rounds and annual allocations in predefined areas. The relevant authoritis decide which areas are to be opened for petroleum activity and which companies are to be awarded production licences.
Land leased for oil and gas exploration and/or land for which the Licensee owns the mineral rights
A convex-upward formation of rock layers, which may form a trap for hydrocarbons
An underground layer of water-bearing permeable rock or unconsolidated materials (gravel, sand, silt or clay) from which groundwater can be extracted using a water well.