Oilfield Glossary
Oilfield Glossary
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Oil and Gas Business

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oil and gas business  Exploration and production transactions between partners, governments and lease-holders require a common vocabulary. Expectations between parties, expiration dates and lease terms must be specified explicitly to carry out oil and gas ventures. Definitions within this discipline span a broad range of terms that are specific to the oil industry, ranging from abandonment costs to authority for expenditure, severance and working interest. All have been reviewed by technical experts in this field. 

A

abandonment costs AFE assignment authority for expenditure

B

back in back-in bid and study agreement bonus consideration

C

carried working interest concession conveyance cost oil
communitization

D

delay rental division order due diligence

F

farmee farmout fee-simple interest foreign content
farmor fee simple interest

G

government take

H

HBP held by production horizontal severance

L

lessor royalty licensing round local content

M

marketing agreement mineral interest multiple service contract

N

net profits interest net revenue interest nonparticipating royalty nonparticipating royalty interest

O

oil and gas lease operating interest overriding royalty overriding royalty interest
operating agreement operator

P

paid up lease pooling production bonus production sharing contract
paid-up lease preferential right to operate production payment profit oil
participating interest preferential right to purchase production penalty proration unit
payout primary term production service contract

Q

quitclaim

R

regulatory body right of first refusal royalty royalty interest
relinquishment

S

secondary term shut in royalty spacing unit surface interest
severance shut-in royalty

T

TEA technical evaluation agreement term lease top lease

U

unitization

V

vertical severance

W

working interest