estimated quantity of all hydrocarbons statistically defined as crude
oil or natural
gas, which geological and engineering data demonstrate
with reasonable certainty to be recoverable in future years from known
reservoirs under existing economic and operating conditions. Reservoirs
are considered proven if economic producibility is supported by either
actual production or conclusive formation testing. The area of an
oil reservoir considered proven includes those portions delineated
by drilling and defined by gas-oil or oil-water contacts, if any,
and the immediately adjoining portions not yet drilled, but which
can be reasonably judged as economically productive on the basis of
available geological and engineering data. In the absence of information
on fluid contacts, the lowest known structural occurrence of hydrocarbons
controls the lower proven limit of the reservoir.
oil: estimates include oil that can be produced
economically through application of improved recovery techniques following
successful completion of pilot testing. Estimates do not include:
oil that may become available
from known reservoirs but is reported separately as "indicated
oil, the recovery of which
is subject to reasonable doubt because of uncertainty as to geology,
reservoir characteristics or economic factors;
oil that may occur in untested
oil that may be recovered from
oil shales, coal, gilsonite and other such sources.
gas: estimates are prepared for
total recoverable natural gas, non-associated gas and associated-dissolved
gas. Estimates do not include gaseous equivalence of natural gas liquids
expected to be recovered from reservoir natural gas as it is produced,
being held in underground storage or non-hydrocarbon gases.
derrick complete with engine-house and other equipment necessary
for drilling oil and gas wells. Well (exploratory
and development): a hole drilled for the purpose of finding or
oil or natural
gas; or providing services related to the production
oil and natural
gas.Completion: this term refers to the installation of permanent equipment
for the production of oil or gas. Oil or gas well: a well completed for the production of oil or gas
from one or more zones or reservoirs. Dry hole: a well found to be incapable of producing either oil or
gas in sufficient quantities to justify completion as an oil or
a mixture of hydrocarbons that exists in a liquid phase in natural
underground reservoirs and remains liquid at atmospheric pressure
after passing through surface separating facilities. Production
volumes reported as crude oil include:
small amounts of hydrocarbons that exist in the gaseous phase
in natural underground reservoirs, but which are liquid at atmospheric
pressure after being recovered from oil well (casing head) gas
in lease separators;
amounts of non-hydrocarbons produced with the oil.
Natural gas liquids
those reservoir gases liquefied at the surface in lease
separators, field facilities or gas processing plants. NGLs consist
of field condensates and natural gas plant products such as ethane,
pentane, propane, butane and natural gasoline.
a mixture of hydrocarbon compounds and small quantities
of various non-hydrocarbons existing in the gaseous phase or in solution
with oil in natural underground reservoirs at reservoir conditions.
The natural gas volumes in this Bulletin refer to Standard Conditions
of 60o F, 14.73 psia (15.6o C, 760 mm/Hg).
Gross production: the total flow of natural
gas from oil and gas reservoirs of associated-dissolved and non-associated
gas. Marketed production: corresponds to gross
production, minus the volumes of gas flared or re-injected into fields,
minus the shrinkage. Re-injection: the total volume of natural
gas produced from oil and gas completions, processed through
gas-processing plants and field facilities, and used for gas lift,
gas injection, and cycling operations. Shrinkage: contraction due to natural
gas processing, purification for the extraction of natural gas liquids.
Flared: total volume of
vented or flared gas.Refinery capacity (operable): the maximum amount
of input to crude oil distillation units that can be processed in
an average 24-hour period.
Barrels per calendar day
the maximum amount
of input to crude
oil distillation units that can be processed in an average
Barrels per stream day
the total number of barrels processed in a refinery within
a year, divided by 365 days, thus reflecting all
the number of barrels of input that a refining facility
can process within 24 hours, operating at full capacity under optimal
crude and product slate conditions.
Output of refined products:
from the processing of crude
oil, and unfinished oils, NGLs, and other hydrocarbon compounds.
These include aviation gasoline, motor gasoline, naphtha, kerosene,
jet fuel, distillate fuel oil, residual fuel oil, liquefied petroleum
gas, lubricants, paraffin wax, petroleum coke, asphalt and other products.
Gasoline: a mixture of relatively volatile hydrocarbons,
with or without small quantities of additives, that have been blended
to form a fuel suitable for use in internal combustion engines; includes
gasoline used in aviation. .Kerosene: medium hydrocarbon
distillates in the 150° to 280° C distillation range, and
used as a heating fuel as well as for certain types of internal combustion
engine; includes jet fuel, which is a fuel of naphtha, or of kerosene
type, suitable for commercial or military purposes in aircraft turbine
engines. Distillates: middle distillate type of hydrocarbons.
Included are products similar to number one and number two heating
oils and diesel fuels. These products are used for space heating,
diesel engine fuel and electrical power generation. Residual
fuel oil: these are fuels obtained as liquid still bottoms
from the distillation of crude used alone or in blends with heavy
liquids from other refinery process operations. It is used for the
generation of electric power, space heating, vessel bunkering and
various industrial purposes.
the total amount of
petroleum products produced from refinery input in a given period,
excluding refinery fuels.
inland delivery, including refinery fuels and losses, as well as
products from gas plants; excluding
bunkers. As of this edition, processing gains are not deducted from
includes products from gas plants and excludes bunkers.
is the arithmetic average of seven selected crudes. These are:
Saharan Blend (Algeria); Minas (Indonesia); Bonny Light (Nigeria);
Arab Light (Saudi Arabia); Dubai (United Arab Emirates), Tia Juana
Light (Venezuela), and Isthmus (Mexico). Mexico is not a Member
announced price reflecting the market development
of crude oil and products.
the composite barrel is a consumption weighted average of final
consumer prices (including taxes) of the main groups of refined
Agreement of January 20, 1972, between certain
OPEC Member Countries and international oil companies introducing
adjustments to posted prices to take account of the world currency
situation. For its calculations, the Geneva I Agreement used the national
currencies of Belgium, France, Germany, Italy, Japan, Netherlands,
Sweden, Switzerland and the United Kingdom.