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Glossary of Terms

A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z

 

A
accountability: responsibility to someone for a particular activity. Everyone is accountable for delivering specific results or products as part of their job.
annual allowance: an amount of money provided to employees in certain locations; provides employees with the flexibility to use the allowance in the manner most meaningful to them, rather than the Company specifying how it is to be used.

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B
battery: a place where oil is collected from various pipelines.
business unit: segment of the Company with operations focused on a specific area of expertise or geography.

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C
Coalbed Methane (CBM) a sweet natural gas found in coal and used for home heating, natural gas-fired electrical generation and as an industrial fuel.
compressor site: a field location comprised of one or more compressor stations.
compressor station: a location on the system where the pressure of the gas is increased so the transportation of the gas can continue. Basic hydraulic theory for the transportation of gas is that gas will naturally flow from higher pressure locations to lower pressure locations.
contractor: independent incorporated business entities engaged to perform services for a Company. Services and deliverables are outlined in a written agreement between the entity and Company. Individuals performing the services are engaged by the business entity, which provides the business infrastructure to manage its workforce. Contractors can be companies from whom the organization has selected one or more specific individuals to perform a service (e.g. professional or technical specialists, temporary staffing agencies), or companies selected to perform a service without specifying the individuals who will provide the service (i.e. service providers such as document reproduction services; services for drilling, completions and workovers). The term contractor can refer to the business entity or an individual it employs.
control valve: a physical device that can regulate or control the flow within a pipeline, or upstream or downstream pressure.
conventional crude oil: petroleum found in liquid form, flowing naturally or capable of being pumped without further processing or dilution.

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D
delineation well: a well drilled just outside the proved area of an oil or gas reservoir in an attempt to extend the known boundaries of the reservoir.
development well: a well drilled within the area of an oil or gas reservoir known to be productive. Development wells are relatively low risk.
discount rate: the rate at which a series of future cash flows are discounted in order to determine their present value.
downstream: closer to the point of sale than to the point of production
downstream sector: the refining and marketing sector of the petroleum industry.
dry hole: a well found to be incapable of producing oil or gas in sufficient quantities to justify completion.

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E
established reserves: the portion of the discovered resource base that is estimated to be recoverable using known technology under present and anticipated economic conditions. Includes proved plus a portion of probable (usually 50%).
exploitation: various methods of optimizing oil and gas production or establishing additional reserves from producing properties through additional drilling or the application of new technology.
exploration: the act of searching for new, undiscovered oil and gas resources.
exploratory well-: a well drilled in an unproved area, either to find a new oil or gas reservoir or to extend a known reservoir. Sometimes referred to as a wildcat.

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F
field: a geographical area under which one or more oil or gas reservoirs lie.
flaring/venting: controlled burning (flare) or release (vent) of natural gas that can't be processed for sale or use because of technical or economic reasons.
flow-through evaluation:Assists with evaluation of potential targets for acquisition or disposition. May also solicit third party business for plants or pipelines. an approach to project economic evaluation that assumes taxes payable are calculated on a corporate basis that allows a project to take maximum tax deductions. Flow-through evaluations are required for large projects that require corporate impact analysis.
flow rate: the amount of volume per unit of time that is moving on the pipeline system.
fracture, refracture: the process of applying hydraulic pressure to an oil or gas bearing geological formation to crack the formation and stimulate the release of oil and gas.

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G
gross acres: the total acres covered by a license/lease.

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H
horizontal drilling: Assists with evaluation of potential targets for acquisition or disposition. May also solicit third party business for plants or pipelines.

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I
increased density/infill well: a well drilled in addition to the number of wells permitted under initial spacing regulations, used to enhance or accelerate recovery, or prevent the loss of proved reserves.
initial established: established reserves before production.

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M
meter station: a pipeline location with metering or measuring of gas flow as its primary function.
midstream: the processing, storage and transportation sector of the petroleum industry.

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N
Natural gas liquids (NGLs): liquid hydrocarbons that are extracted and separated during natural gas production. NGL products include ethane, propane, butane and natural gasoline.

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O
offshore: our exploration and production that occurs below the ocean floor and at a distance from the shore; "offshore oil reserves."
oilsands: a complex mix of sand, water and clay trapping very heavy oil known as bitumen.
onshore: exploration and production taking place on land.
Operating Divisions: Upstream and Midstream & Marketing are our two Operating Groups.
outage: used in relation to computer systems: any time that an application is unavailable to the end user; could occur because of network problems, system problems or application problems, or could be preplanned for system maintenance purposes. Also, a cessation in service, as in a power outage.

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P
policy: A clear and concise statement by the organization's executive leadership indicating the Corporation's intentions, principles and performance expectations relative to the Corporate Constitution and to its legal, regulatory, legislative, social and/or governance responsibilities.
proved reserves: estimates of oil, gas and NGL quantities thought to be recoverable from known reservoirs under existing economic and operating conditions.

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S
seismic: a tool for identifying underground accumulations of oil or gas by sending energy waves or sound waves into the earth and recording the wave reflections. Results indicate the type, size, shape and depth of subsurface rock formations.
service providers: a subset of contractors, service providers are independent incorporated business entities engaged to provide services to a Company. Service providers are generally companies selected to perform a service without specifying the individuals who will provide the service (e.g. document reproduction services; services for drilling, completions and workovers). Service providers may conduct their work onsite at Company facilities or offsite from their own facilities.
sour gas: natural gas at the wellhead may contain hydrogen sulphide (H2S), a toxic compound. Natural gas that contains more than 1 per cent of H2S is called sour gas.
stakeholders: people with an interest in the activities of the oil and gas industry are considered stakeholders. They may include landowners, municipalities, Aboriginal communities, recreational land users, other industries, environmental groups, governments and regulators.
station: remote pipeline facility including meter stations, compression stations, block valve sites, and control valve sites.
steam injection: a recovery technique in which steam is injected into a reservoir to reduce the viscosity of the crude oil.
storage facility: a storage facility uses some type of holding or storage vessel (most common are naturally occurring geological formations such as depleted reservoirs or salt caverns) to hold gas for future use by a company's customers. Natural gas is stored during the summer months and subsequently withdrawn in winter months when demand is higher due to heating requirements.
supplier: an organization that offers goods or services to a purchaser and may recommend opportunities for savings and improvements. Examples of suppliers include companies that sell pipe, valves and fittings, coiled tubing services or steel products.
sweet oil and gas: petroleum containing little or no hydrogen sulphide.

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T
tight gas: gas found in sedimentary rock that is cemented together so tight that flow rates are very low. Extracting tight gas usually requires enhanced technology like "hydraulic fracturing" where fluid is pumped into the ground to make it more permeable.

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U
undeveloped acreage: lease acreage on which wells have not been drilled or completed to a point that would permit the production of commercial quantities of oil or gas.
upstream: companies who explore for, develop and produce petroleum resources are known as the upstream sector of the petroleum industry.

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V
valve: a physical device that can regulate or control the flow of gas on the pipeline.

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W
wildcat: a well drilled in an area where no oil or gas production exists.
workover: the process of conducting remedial work, such as cleaning out a well bore, to increase or restore production.

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