Production forecasting glossary - PetroWiki

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This glossary was created through discussions among the steering committee for the SPE Global Integrated Workshop Series (GIWS) on Production Forecasting. Some definitions were not contested at all, others generated fierce discussions. The contract quantity is the contractually agreed volumes and limits: predefined (annual) volume of natural gas on contract level. A factor applied to forecasts to take into account the fact that a Production System will not always operate at 100% of its capacity. Available But Not Required, that part of the IPSC that is available for production but not produced because of low off-take demand.