Content of PetroWiki is intended for personal use only and to supplement, not replace, engineering judgment. SPE disclaims any and all liability for your use of such content. This refers to certain approved methods of computing depreciation allowance for federal and/or state income tax purposes. These methods permit relatively larger depreciation charges during the earlier years, in contrast to the straight-line method, under which the annual charges are the same for each year. This is sometimes referred to as accelerated depreciation (From AGA).
Content of PetroWiki is intended for personal use only and to supplement, not replace, engineering judgment. SPE disclaims any and all liability for your use of such content. Contractual agreement between legal parties to account for differences between chart measured quantities and the total confirmed quantities at a measuring point such as a plant. They are used to track over/under production relative to entitlements between producers, over/under deliveries relative to measured volumes between operators of wells, pipelines and LDCs.
Petroleum has been an internationally traded commodity since the late 1800s. In the early 1900s, Standard Oil Company of New Jersey held a near-monopoly on domestic oil supply and price. Specific judicial and legislative action by the United States government caused this monopoly to break up, and various large, integrated oil companies were formed, which participated in all petroleum industry segments from exploration to marketing. These major companies sought mineral development opportunities both domestically and abroad. At the same time, European oil companies also sought to capitalize on mineral development opportunities beyond their borders.
The decisions of Canada’s top court clarify when the duty to consult is triggered; confirmed that the Crown can discharge its duty to consult through the project approval process undertaken by the regulatory body; and illustrated how to, and how not to, discharge the duty. The Supreme Court of Canada has unanimously clarified several features of the crown’s duty to consult with and accommodate indigenous populations before project approvals are granted.
In response to questions from lawmakers on whether federal law adequately provides for the prosecution of "criminal activity against infrastructure," the Department of Justice recently committed to "vigorously" prosecute those who damage "critical energy infrastructure in violation of federal law." Water management for upstream will transform over the next few years. In many cases, more-effective water management will only be possible with water infrastructure.
A US appeals court overturned a district court’s preliminary injunction that prevented construction on part of Energy Transfer Partners' Bayou Bridge crude oil pipeline in the Atchafalaya Basin of Louisiana. The Texas Supreme Court ruled late in April that the Railroad Commission of Texas, the state’s oil and gas regulator, does not have exclusive jurisdiction over environmental contamination cases, which can be settled in court.
Royal Dutch Shell outlined a scenario in which, by 2070, we would be using far less of the company’s own product—oil—as cars become electric, a massive carbon storage industry develops, and transportation begins a shift toward a reliance on hydrogen as an energy carrier. The chair of SPE’s Climate-Change Task Force provides an overview of the process by which it developed the society’s strategy to address the emission goals of the Paris Agreement on Climate Change.