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 following guidelines are provided to promote consistency in production forecasting and reporting. "Reporting" refers to the presentation of evaluation results within the business entity conducting the evaluation and should not be construed as replacing guidelines for subsequent public disclosures under guidelines established by regulatory and/or other government agencies, or any current or future associated accounting standards. Commercial terms refer both to those specified in Production Operating Agreements (POA) and to the tax laws existing in the affected countries. The POA typically describes the production entitlement of the operating groups and the mechanisms for sharing or recovering costs. The majority of this document focuses on forecasting the total production from a reservoir or field (gross volumes forecast).
The guidance focuses on the business purpose of health services in the oil and gas sector and the additional value that effective leadership around health and human performance can bring. IPIECA, the oil and gas industry association for environmental and social issues, has released a new fact sheet in an effort to promote carbon capture and storage. SPE signed agreements with two leading industry associations to promote knowledge sharing and best practice in social responsibility. An online seminar set for 14 November will introduce IPIECA's new Community Liaison Officers Team Building and Management Guidance. Three global energy industry associations have signed on to the Methane Guiding Principles to increase focus on reducing methane emissions across the natural gas value chain.
The guidance focuses on the business purpose of health services in the oil and gas sector and the additional value that effective leadership around health and human performance can bring. SPE signed agreements with two leading industry associations to promote knowledge sharing and best practice in social responsibility. The International Association of Oil and Gas Producers recently released the second edition of Report 456, Process Safety—Recommended Practice on Key Performance Indicators. The report provides guidance on identifying leading and lagging process-safety KPIs for the upstream oil and gas industry. The International Association of Oil and Gas Producers has updated its set of Life-Saving Rules to simplify and improve them.
The $10-billion deal will add liquefaction and export capabilities to the existing facility in Sabine Pass, Texas, according to a Reuters report. Golden Pass currently handles up to 2 Bcf/D of natural gas imports to North American markets. McDermott and Nakilat-Keppel Offshore Marine (N-KOM) agreed to an exclusive cooperation agreement for offshore engineering, procurement, construction, and installation projects within Qatari waters.
It will provide re ... Harkand has secured a USD 5 million contract from Swiber Offshore Mexico to perform saturation divin ... Two Bumi Armada subsidiary companies secured USD 300 million worth of contracts from ElectroGas for ... Amec Foster Wheeler has been awarded a contract by BP worth more than USD 73 million. Tam International, which provides inflatable and swellable packers for the oil and gas industry, has ... Sanchez Energy closed a deal with a subsidiary of Sanchez Production Partners to sell wellbore and a ... Penn West Petroleum has entered into a USD 321 million agreement with Freehold Royalties to sell an ... Bonterra Energy has acquired Cardium formation-focused assets in the Pembina area of Alberta, Canada ... Petrobras has sold its assets in Argentina’s Austral basin to Compañia General de Combustibles for U ... Pemex signed an agreement worth USD 1 billion with private equity firmFirst Reserve to jointly inves ... Gulfport Energy entered into an agreement to acquire Paloma Partners III for USD 300 million. Apache sold its 13% stake in the Wheatstone LNG terminal in Western Australia and 50% interest in th ... Oil and gas safety company Secorp opened a new office in Hobbs, New Mexico. Bill Barrett Corp. has signed agreements with several undisclosed recipients for the sale of the maj ... Encana said it will sell its remaining 54% stake in PrairieSky Royalty via a USD-2.4-billion Cardinal Energy entered into an agreement with an unnamed seller to acquire assets whose total daily ... Petrobras has awarded a contract, worth USD 465 million over a period of 5 years, to Aker Oilfield S ... CGG received contracts for the 3D seismic acquisition of four surveys using its marine broadband tec ... IKM Subsea, a subsidiary of IKM Group, has been awarded a contract by Eni Indonesia to provide remot ... OneSubsea, Schlumberger, and Helix Energy Solutions signed a letter of intent to develop technologie ... Premier Hytemp has committed to opening a USD-20-million, 67,000-ft2 precision engineering facility ... Expro has constructed a new 20,000‑m2 facility in Macaé, Brazil.
What Does the New Silk Road Mean For Oil and Gas? Executives from two of Asia’s largest national oil companies declared China’s Belt and Road Initiative project a driving force behind their shifting priorities to diversify the world’s energy mix. An assortment of sustainability initiatives shows how the oil and gas industry, leveraging its reach, diversity, and resources, is going well beyond just supplying energy to impact the world for the better. In September 2015, the United Nations adopted 17 Sustainable Development Goals, addressing the global challenges facing humanity, including poverty, inequality, health, education, energy, climate, the environment, and prosperity. Are you annoyed by all the wrong things passing for facts about oil and gas?
ExxonMobil signed a sales and purchase agreement with Zhejiang Provincial Energy Group for LNG supply. Zhejiang Energy is expected to receive 1 mtpa over 20 years. Coal remains the biggest challenge to LNG in Asia. The move comes weeks after Gazprom announced a final development concept for the project. Other projects Shell is developing with Gazprom, including the Sakhalin 2 export facility, will not be impacted by the decision.
SPE signed agreements with two leading industry associations to promote knowledge sharing and best practice in social responsibility. The world’s sources of oil and gas supply and demand are changing, which is captured by a report from the International Association of Oil & Gas Producers. Technological advancements and economic development are serving as catalysts behind a new energy landscape. Adopting a robust set of Life-Saving Rules can reduce fatalities and lost-time injuries.