DEFINITIONS
Proven crude oil reserves:
 
the estimated quantities of all liquids statistically defined as crude oil. They consist of those quantities of crude oil which by analysis of geoscience and engineering data can be estimated with reasonable certainty to be commercially recoverable, from a given date forward, from known reservoirs and under defined economic conditions, operating methods and government regulations (source: SPE — Petroleum Resources Management System).
Proven natural gas reserves:
 
are the estimated quantities of all hydrocarbons statistically defined as natural gas. They consist of those quantities of natural gas (associated and non-associated) which by analysis of geoscience and engineering data can be estimated with reasonable certainty to be commercially recoverable, from a given date forward, from known reservoirs and under defined economic conditions, operation methods and government regulations (source: SPE — Petroleum Resources Management System).
Rig
 
a 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 producing crude oil or natural gas; or providing services related to the production of crude oil and natural gas.
  Oil or gas well: a well completed for the production of oil or gas from one or more zones or reservoirs.
  Completion: the installation of permanent equipment for the production of oil or gas
  Dry hole: a well found to be incapable of producing either oil or gas in sufficient quantities to justify completion as an oil or gas well.
Crude Oil:
 
a mixture of hydrocarbons that exist 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:
 
  • liquids technically defined as crude oil;
  • 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;
  • small amounts of non-hydrocarbons produced with the oil.
Natural gas liquids (NGLs):
 
 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.
Natural gas:
 
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 refer to Standard Conditions of 60° F, 14.73 psia (15.6° 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: volume shrinkage due to purification and/or extraction of natural gas liquids, gas used as input to GTL plants, lease separators and plant own consumption and any other losses caused by spillage, evaporation, etc.
Refinery capacity (operable):
the maximum amount of input to crude oil distillation units that can be processed in an average 24-hour period.
the total number of barrels processed in a refinery within a year, divided by 365 days, thus reflecting all operational limitations.
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.

products obtained from the processing of crude oil, 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 engines; 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; includes 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: fuels obtained as liquid still bottoms from the distillation of crude used alone or in blends with heavy liquids from other refinery process operations. These are 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 international air and marine bunkers.
includes products from gas plants and excludes bunkers.
the OPEC Reference Basket (ORB) price was introduced on January 1, 1987. Up to June 15, 2005, it was the arithmetic average of seven selected crudes. These were: 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 of OPEC. As of June 16, 2005, the ORB is calculated as a production-weighted average of the OPEC Basket of crudes. These are: Saharan Blend (Algeria); Girassol (Angola — as of January 2007); Oriente (Ecuador — as of October 19, 2007); Minas (Indonesia); Iran Heavy (IR Iran); Basrah Light (Iraq); Kuwait Export (Kuwait); Ess Sider (SP Libyan AJ); Bonny Light (Nigeria); Qatar Marine (Qatar); Arab Light (Saudi Arabia); Murban (United Arab Emirates); and BCF-17 (Venezuela).
announced price reflecting the market development of crude oil and products
a consumption weighted average of retail prices (including taxes) of the main groups of refined petroleum products
agreement of January 1972 between some OPEC Member Countries and the major international oil companies, which had the effect of establishing an index for quarterly adjustments of posted crude oil prices on the basis of the arithmetic average of the deviations of the exchange rates of nine major currencies against the US dollar. This was modified to an import-weighted index in 1978, accounting for exchange rates and inflation rate. The present ‘modified Geneva I + US dollar’ currency basket includes the US dollar, the Euro, the Japanese yen, the UK pound and the Swiss franc.