), PUQ – Production Utilities Quarters (Platform), PVTRE – Pressure Volume Temperature Report, PWD – Pressure While Drilling. List of acronyms in oil and gas exploration and production, American Association of Petroleum Geologists, Canadian Association of Petroleum Producers, European Association of Geoscientists & Engineers, FMI – formation micro imaging log (azimuthal microresistivity), FMS – formation multi-scan log; formation micro-scan log, International Association of Drilling Contractors, International Marine Contractors Association, Independent Petroleum Association of America, National Association of Corrosion Engineers, Organization of Petroleum Exporting Countries, Petroleum Exploration Society of Great Britain, Provision and Use of Work Equipment Regulations, Surface Controlled Subsurface Safety Valve, Society of Petrophysicists and Well Log Analysts, Tubing Retrievable Surface Controlled Sub-Surface Valve, Tubing Retrievable Surface Controlled Sub-Surface Safety Valve, United Kingdom Offshore Operators Association, Wireline Retrievable Surface Controlled Sub-Surface Valve, International Association of Oil & Gas Producers, "BP names VP of offshore activities in AGT region", http://www.standard.no/PageFiles/1315/D-010r3.pdf, Bureau of Safety and Environmental Enforcement, http://www.slb.com/services/characterization/geophysics/wireline/vertical_seismic_imager.aspx, Oiltrashgear Oilfield Acronyms & Terminology, SPWLA Petrophysical Curve Names and Mnemonics, https://en.wikipedia.org/w/index.php?title=List_of_abbreviations_in_oil_and_gas_exploration_and_production&oldid=1005068806, Short description is different from Wikidata, Creative Commons Attribution-ShareAlike License, 1oo2 – One out of two voting (instrumentation), 2C – Proved and probable Contingent Resources, 2oo2 – Two out of two voting (instrumentation), 2oo3 – Two out of three voting (instrumentation), 3C – three components seismic acquisition (x,y and z), 3C – Proved, probable and possible Contingent Resources, 3P – proved, probable and possible reserves, 4D – multiple 3Ds acquired over time (the 4th D) over the same area with the same parameters (, 8rd – eight round (describes the number of revolutions per inch of pipe thread), AADE – American Association of Drilling Engineers, AAPL – American Association of Professional Landmen, AAODC – American Association of Oilwell Drilling Contractors (obsolete; superseded by, ABAN – Abandonment, (also as AB and ABD and ABND), ABSA – Alberta Boilers Safety Association, ADE – Advanced Decision Making Environment, ADEP – Awaiting Development with Exploration Potential, referring to an asset, ADT – Applied Drilling Technology, ADT log, ADM – Advanced Diagnostics Module (Fieldbus), AFE – Authorization For Expenditure, a process of submitting a business proposal to investors, AGT – (2) Authorised Gas Tester (certified by OPITTO), AIPSM – Asset Integrity and Process Safety Management, AL – appraisal license (United Kingdom), a type of onshore licence issued before 1996, ALAP – as low as possible (used along with density of mud), ALC – aertical seismic profile acoustic log calibration report, ALLMS – Anchor Leg Load Monitoring System, AMS – auxiliary measurement service log; Auxiliary Measurement Sonde (temperature), APWD – annular pressure while drilling (tool), ASOG – Activity Specific Operating Guidelines, ASTM – American Society for Testing and Materials, ASCSSV – annulus surface controlled sub-surface valve, AV – annular velocity or apparent viscosity, AVGMS – Annulus Vent Gas Monitoring System, B or b – prefix denoting a number in billions, Bcf – billion cubic feet (of natural gas), Bcfe – billion cubic feet (of natural gas equivalent), BGL – below ground level (used as a datum for depths in a well), BHA – bottom hole assembly (toolstring on, BHCT – bottomhole circulating temperature, BIVDL – BI/DK/WF/Casing collar locator/gamma ray log, BLD - Bailed (refers to the practice of removing debris from the hole with a cylindrical container on a wireline. It also creates the summary and detailed monthly revenue and expense statements that the operator is required to submit to the non-operators. Former Vice President Joseph R. Biden said Thursday that he would "transition" away from the oil-and-gas industry even as he continued to deny that he would ban fracking. The oil and gas industry should also be prized as a source of good American jobs. spectrometry, density, etc. Detailed statements reflecting itemized expenses and revenues are also provided. Obviously, this list is not anywhere near exhaustive or definitive, but this should be the most comprehensive list anywhere. Thr3 or Thr#3 means Thruster Nr 3), THP – Tubing Hanger Pressure (pressure in the, TMCM – Transverse Mercator Central Meridian, TNDTG – Thermal Neutron Decay Time/Gamma Ray Log, TOFD – Time of first data sample (on seismic trace), TOFS – Time of first surface sample (on seismic trace), TOVALOP - Tanker Owners Voluntary Agreement Concerning Liability for Oil Pollution, TRCFR – Total Recordable Case Frequency Rate, TTVBP – Through Tubing Vented Bridge Plug, TUTB – Topside Umbilical Termination Box/Unit/Assembly (TUTU), TVBDF – True Vertical Depth Below Derrick Floor, TV/BIP – Ratio of Total Volume (ore and overburden) to Bitumen In Place, TVDRT – True Vertical Depth (referenced to) Rotary Table zero datum, TVDKB – True Vertical Depth (referenced to) Top Kelly Bushing zero datum, TVDSS – True Vertical Depth (referenced to) mean sea level zero datum, UBHO – Universal Bottom Hole Orientation (sub), UBIRE – Ultrasonic Borehole Imager Report, UCIT – Ultrasonic Casing Imaging Tool (high resolution Casing & Corrosion Imaging tool), UCSU – Upstream Commissioning and Start-Up, ULCGR – Uncompressed LDC CNL Gamma Ray Log, UMCA – Umbilical Midline Connection Assembly, USIT – Ultra Sonic Imaging tool (cement bond logging, casing wear logging), UTA/B – Umbilical Termination Assembly/Box, UTAJ – Umbilical Termination Assembly Jumper, UWILD – Underwater Inspection in Lieu of Dry Docking, VDU – Vacuum Distillation Unit, used in processing, VGMS – Vent Gas Monitoring System ( Flexible riser annulus vent system), VLTCS – Very Low Temperature Carbon Steel, VSI – Versatile Seismic Imager (Schlumberger VSP tool), VTDLL – Vertical Thickness Dual Laterolog, WAG – Water Alternating Gas (describes an injection well which alternates between water and gas injection), WITS – Well Site Information Transfer System, WHMIS – WorkPlace Hazardous Material Information Systems, WOC – Water Oil Contact (or Oil Water Contact), WOE – Well Operations Engineer (a key person of, WPQ/S/T – Weld Procedure Qualification/Specification/Test, WQ – A textural parameter used for CBVWE computations (, WR – Wireline Retrievable (as in a WR Plug), WSOG – Well Specific Operation Guidelines, WSS – Well Services Supervisor (leader of, XL – or EXL, Exploration Licence (United Kingdom), a type of onshore licence issued between the First Onshore Licensing Round (1986) and the Sixth (1992), XMAC – Cross-Multipole Array Acoustic log, XMAC-E – XMAC Elite (Next generation of XMAC), XPERM – Matrix Permeability in the X-Direction, Z – depth, in the geosciences referring to the depth dimension in any x, y, z data, This page was last edited on 5 February 2021, at 20:51. 3, Springer-Verlag, Heidelberg, 267–280. This definition appears very frequently and is found in the following Acronym Finder categories: Business, finance, etc. RMLC – Request for Mineral Land Clearance, ROB – Received On Board (Used for Fuel / Water received in bunkering operations), ROV/WROV – Remotely Operated Vehicle/WorkClass Remotely Operated Vehicle, used for, RPM – Revolutions Per Minute, (Rotations Per Minute), RSES – Responsible for Safety and Environment on Site, RSPP – a publicly traded, oil and gas producer focused on horizontal drilling of multiple stacked pay zones in the oil-rich Permian Basin, RST – Reservoir Saturation Tool (Schlumberger) Log, RTTS – Retrievable Test-Treat-Squeeze (packer), SAFE – Safety Analysis Function Evaluation, SCADA – Supervisory Control and Data Acquisition, SCBA – Self-Contained Breathing Apparatus, SCUBA – Self-Contained Underwater Breathing Apparatus, SCF – standard cubic feet (of natural gas), SCM(MB) – Subsea Control Module (Mounting Base), SDT – Step Draw-down Test (sometimes SDDT), SEA – Strategic Environmental Assessment (United Kingdom), Semi (or Semi-Sub) – Semi-Submersible Drilling Rig, SFERAE – Global Association for the use of knowledge on Fractured Rock in a state of Stress, in the field of Energy, Culture and Environment, SGSI – Shell Global Solutions International, SHDT – Stratigraphic High Resolution Dipmeter Tool, SIF – Safety Instrumented Functions (Test), SIGTTO – Society of International Gas Tanker and Terminal Operators, SIPCOM - Simultaneous Production & Commissioning, SIPES – Society of Independent Professional Earth Scientists, United States, SIPROD - Simultaneous Production & Drilling, SITHP – Shut In Tubing Hanger/Head Pressure (another term for CITHP), SMPC – Subsea Multiphase Pump: Pump, which can increase flowrate and pressure of the untreated wellstream, SPAMM – Subsea Pressurization and Monitoring Manifold, SPHL – Self Propelled Hyperbaric Lifeboats, SPM – Strokes Per Minute (of a positive-displacement pump), SPM – Shots per meter (when perfing in metric units), SRD – Seismic Reference Datum, an imaginary horizontal surface at which TWT is assumed to be zero, SS – Subsea, as in a datum of depth, e.g. To be able to work effectively in Oil & Gas Accounting, you need to understand some of the terminology for the oil & gas industry. BOLO handles accounting, production and operations, land and lease management, compliance and audit, and tax and asset management for mid-tier U.S. E&P companies. It monitors the oil-level RTD and activates the pump when it senses an oil temperature drop of 60°F (33°C) below setpoint, indicating the oil has moved Though working as a consultant, most of her career has been spent in corporate finance. COPAS does not publish overhead rates. See other definitions of JIB. A day after Joseph R. Biden Jr. called for a transition away from oil and natural gas, industry executives said the country would need its products for decades to come. What does the future hold for oil and gas? Find out more about the day to day activities of working offshore. Social Science. "[a] well that does not produce oil or gas in commercial quantities, including a well that is drilled for the purpose of ascertaining the existence, location, or extent of an oil or gas reservoir (e.g., a … The overhead fees are to compensate the Operator for the cost of providing overhead functions. Life Offshore. Find out what is the full meaning of JIB on Abbreviations.com! Other than the oil and gas lease itself, the division order is undoubtedly the most common legal instrument mineral owners are asked to sign. (42) Renumbered and updated Exhibit 4.41.1-26, Analysis of SPE Factual Scenarios of Probable Reserves. The JOA also designates one company as the operator and the remaining companies -- investors -- as the non-operators. Today they are often used in the Middle East and Central Asia.. A producing oil and gas well is a well that is actively being produced as a flowing or pumped well to extract oil and gas from below the surface, which is then sold to an oil and gas purchaser. RHD – Rectangular Heavy Duty - usually screens used for shaking. ), boed – barrel(s) of oil equivalent per day, boepd – barrel(s) of oil equivalent per day, BOTTO – bottom hole pressure/temperature report, BPV – back pressure valve (goes on the end of coiled tubing a drill pipe tool strings to prevent fluid flow in the wrong direction), BRT – below rotary table (used as a datum for depths in a well), BSEE – US: Bureau of Safety and Environmental Enforcement, BTEX – benzene, toluene, ethyl-benzene and xylene, BTO/C – break to open/close (valve torque), bwd – barrels of water per day (often used in reference to, CAAF – Contract Authorization Approval Form, CAODC – Canadian Association of Oilwell Drilling Contractors, CART – cam-actuated running tool (housing running tool), CCL – casing collar locator (in perforation or completion operations, the tool provides depths by correlation of the casing string's magnetic anomaly with known casing features), CCLBD – Construction / Commissioning Logic Block Diagram, CCLTP – casing collar locator through tubing plug, CDRCL – compensated dual resistivity cal. Former Vice President Joseph R. Biden said Thursday that he would "transition" away from the oil-and-gas industry even as he continued to deny that he would ban fracking. (Ed.). A year and a half after leading a mutiny of shareholders to take control of the nation’s largest natural gas producer, CEO Toby Rice is proud to reveal the completed remodel. JIB includes charging costs and distributing the revenue to the non-operators, based on the contractual agreements. This definition appears very frequently and is found in the following Acronym Finder categories: Business, finance, etc. How Oil & Gas JobSearch can help. An ORRI is a fractional, undivided interest with the right to participate or receive proceeds from the sale of oil and/or gas. The operator incurs all direct and indirect costs for operating the property and receives all revenue from sales of the oil or gas. Features. Revenue/Royalty Statements and Tax Forms. Other Resources: FPO – Floating Production and Offloading - vessel with no or very limited (process only) on-board produced fluid storage capacity. Looking for oil and gas accounting courses for new employees? In addition, COPAS does not endorse the use of “benchmark” rates for overhead. The term AFE stands for Authorisation for Expenditure.This particular term is used in order to drilling and completion costs. MEST – Micro-electrical scanning tool (a dipmeter, aka. Mostly coming from user contributions, it is contextual and is meant for indicative purposes only. PRODUCTION DECLINE RATES: The production decline rate is a measure of how rapidly the production is declining from a well, field or group of fields. Join over 90% of the oil and gas industry utilizing EnergyLink's secure cloud-based JIB module. Due to the declining oil and gas prices, there has been increased The oil and gas industry uses many acronyms and abbreviations.. Oil & gas royalties are paid monthly, consistent with the normal accounting cycle of the producer, unless the obligation does not meet the minimum check requirement for that particular state. log, CDF – Core contaminated by drilling fluid, CHCNC – CHCNC gamma ray casing collar locator, CHECK – checkshot and acoustic calibration report, CHESM – contractor, health, environment and safety management, CHK - choke (a restriction in a flowline or a system, usually referring to a production choke during a test or the choke in the well control system), CHOPS – Cold Heavy Oil Production with Sand, CHP – casing hanger pressure (pressure in an, CHOTO – Commissioning, Handover & Takeover, CITHP – closed-in tubing head pressure (tubing head pressure when the well is shut in), CNFDP – CNFD true vertical-depth playback log, CNCF – field-normalised compensated neutron porosity, CO – change out (ex. Costs incurred may include labor, repairs and maintenance, overhead and the costs of materials and supplies. Due to the capital intensive, high-risk nature of developing oil and gas properties, companies routinely combine their capital and knowledge in joint operations to share the cost and reduce risk. 'Joint Interest Billing' is one option -- get in to view more @ The Web's largest and most authoritative acronyms and abbreviations resource. The oil and gas industry uses many jargons, acronyms and abbreviations. LTP – liner shaker, tensile bolting cloth, perforated panel backing. Payment Options – Payments can be remitted by check or ACH/Wire. Personal Job Recommendations. (41) Added IRM 4.41.1.9 Activities and Services Provided on the U.S. A producing oil and gas well is a well that is actively being produced as a flowing or pumped well to extract oil and gas from below the surface, which is then sold to an oil and gas purchaser. It does a really good job of handling the oil and gas side of the accounting software package. This list is meant for indicative purposes only and should not be relied upon for anything but general information. Oil & Gas Accounting 101 – Terminology . The latest Democrat Presidential debate between remaining nomination hopefuls former-Vice President Joe Biden and U.S. Sen. Bernie Sanders saw Biden, the widely-regarded front-runner, take a harder stance on increase oil and gas regulation he would enact if elected President. MSI – Mechanical and Structural Inspection, MSIP – Modular Sonic Imaging Platform (Sonic Scanner), MT – Motor Temperature; DMT Parameter for ESP motor, NASA – Non Active Side Arm (term used in the, NEFE – Non Emulsifying Iron Inhibitor (usually used with hydrochloric acid), NFG – 'No Fucking Good' used for marking damaged equipment, not to be confused with NG being natural gas, NGDC – National Geoscience Data Centre (United Kingdom), NGRC – National Geological Records Centre (United Kingdom), NHDA – National Hydrocarbons Data Archive (United Kingdom), NMVOC – Non-Methane Volatile Organic Compounds, NORM – Naturally Occurring Radioactive Material, NP – Non Producing well (as opposed to P – Producing well), NPSH(R) – Net Positive Suction Head (Required), NUBOP - Nipple (ed),(ing) Up Blow Out Preventer, NUMAR – Nuclear and Magnetic Resonance - Image Log see also NMR, OCTG – Oil Country Tubular Goods (oil well casing, tubing, and drill pipe), OD – Outer Diameter (of a tubular component such as, OFIC – Offshore Interim Completion Certificate, ONAN – Oil Natural Air Natural cooled transformer, ONNR – Office of Natural Resources Revenue (formerly MMS), OOE – Offshore Operation Engineer (senior technical authority on an offshore, OPITO – Offshore Petroleum Industry Training Organization, ORM – Operability Reliability Maintainability, OTIP – Operational Testing Implementation Plan, OVID – Offshore Vessel Inspection Database, P – Producing well (as opposed to NP – Non Producing), PA – Producing Asset with Exploration Potential, PACO – Process, Automation, Control And Optimisation, PADPRT – Pressure Assisted Drillpipe Running Tool, PBR – Polished Bore Receptacle (component of a, PBU – Pressure Build Up (applies to integrity testing on valves), PCCC – Pressure Containing anti‐Corrosion Caps, PCCL – Perforation Casing Collar Locator Log, PCDC – Pressure Cased Directional (Geometry i.e. Generation, accumulation and production of Europe's hydrocarbons III.
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