Glossary:Balancing agreement - PetroWiki

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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.