), PUQ – Production Utilities Quarters (Platform), PVTRE – Pressure Volume Temperature Report, PWD – Pressure While Drilling. Learn more. The K factor or characterization factor is a systematic way of classifying a crude oil according to its paraffinic, naphthenic, intermediate or aromatic nature. Proved property costs are generally depleted using the UOP method. 12.5 or higher indicate a crude oil of predominantly paraffinic constituents, while 10 or lower indicate a crude of more aromatic nature. CPI – CPI log (computer-processed interpretation), CRP – common/central reference point (subsea survey), CsF – Caesium formate (coincidentally also an acronym of the sole large-scale supplier of caesium formate brine, cabot specialty fluids. Oil and gas operations can be divided into upstream, midstream, and downstream operations, with the refining process taking place either midstream or downstream and the ... Oil Refinery Definition. Well Equipment – UOP (Unit of Production) depreciation method using the Proved Developed Reserve portion, IDC – UOP depreciation method using the Proved Developed Reserve portion, Platforms – UOP depreciation method using the Proved Developed Reserve portion, Field Facilities – UOP depreciation method using the Proved Developed Reserve portion, ARO Assets – UOP depreciation method using the Proved Developed Reserve portion, Gas Plants – Straight Line Method based on committed field of production life or particular number of years or UOP Method using the Proved Developed Reserve portion, Support Facilites – Straight Line Method based on committed field of production life or particular number of years or UOP Method using the Proved Developed Reserve portion, Deferred Tax – Respective Amortized method can be followed, Undeveloped Leasehold – Straight-line amortization method can be used over the lease term that is applicable for particular cases. The terms upstream and downstream oil and gas production refer to an oil or gas company's location in the supply chain. The oil and gas industry, also referred to as the petroleum industry, consists of all the various worldwide efforts to extract hydrocarbons from the earth, and process them into useful substances. What is a Gas lift? 3, Springer-Verlag, Heidelberg, 267–280. company, business, science. It is probably the most important part of the lease to the landowner. Butane occurs naturally in crude oil and natural gas and is the product of a variety of refinery processes. A petroleum reservoir or oil and gas reservoir is a subsurface pool of hydrocarbons contained in porous or fractured rock formations. Energy. M or m – prefix designating a number in thousands (not to be confused with SI prefix M for, MAASP – Maximum Acceptable [or Allowable] Annular Surface Pressure, MAOP – Maximum Allowable Operating Pressure, MAWP – Maximum Allowable Working Pressure, Mboe – thousand barrels of oil equivalent, Mboed – thousand barrels of oil equivalent per day, Mcfe – thousand cubic feet of natural gas equivalent, MDRT – Measured Depth referenced to Rotary Table zero datum, MDSS – Measured Depth referenced to Mean Sea Level zero datum - "Sub Sea" level, MDR – Mud Damage Removal (acid bullheading), MEIC – Mechanical Electrical Instrumentation Commission, MERG – Merge FDC/CNL/Gamma Ray/Dual Laterolog/Micro SFL Log. Buildings, Vehicle, Plant, Machinery, Software, Hardware, Furniture – Straight Line Method utilizing the number of years for respective asset classes. 1. Other people might have an idea. The oil and gas industry is divided into three components or sectors: the upstream, midstream, and downstream. We all know by regular definitions the terms are as follows: Now we all probably agree that the meaning of all these three terms indicate similar pattern i.e. (See also Annular- APWD. What does oil expression mean? In: Spencer, A.M. SPE paper 50570, Europec; European Petroleum Conference, Vol.1, 31–43. K Factor (Uop K Factor) Of Crude Oil - posted in Refining, Hydrocarbons, Oil, and Gas: My question is: that Fig 5.1 Nelson 1958 (attached). Capitalized Interest Leasehold & Non-Leasehold can be depreciated through the UOP method utilizing the Proved Reserve or Proved Developed Reserve based on the respective scenario. The oil and gas industry uses many acronyms and abbreviations.. oil definition: 1. petroleum (= the black oil obtained from under the earth's surface from which petrol comes): 2…. The petroleum industry, also known as the oil industry or the oil patch, includes the global processes of exploration, extraction, refining, transporting (often by oil tankers and pipelines), and marketing of petroleum products.The largest volume products of the industry are fuel oil and gasoline (petrol). Examples include Anadarko Petroleum, Sunoco, Phillips 66, ConocoPhillips, and Murphy Oil . Mostly coming from user contributions, it is contextual and is meant for indicative purposes only. MEST – Micro-electrical scanning tool (a dipmeter, aka. Landowners can have problems understanding how the royalty is determined. For example: Depletion for oil and gas wells i.e. UOP. The company's roots date back to 1914, when the revolutionary Dubbs thermal cracking process created the technological foundation for today's modern … Copy Chart of Depreciation  – Transaction Code: EC08, Define Chart of Depreciation and depreciation areas – Transaction Code: OAOB, Assign Chart of Depreciation to Company code – Transaction Code: OAOB, Define how depreciation areas post to General Ledger – Transaction Code: OADX, Assign the General Ledger Accounts – Transaction Code: AO90, Maintain Depreciation keys & activate them – Transaction Code: AFAMA, Specify document type for posting depreciation – Transaction Code: AO71, Determine Depreciation Areas in the Asset Class – Transaction Code: OAYZ, Define Unit-of-Production Depreciation – Transaction Code – AO25 (This is UOP Method and is used to update the quantities for respective company codes for appropriate depreciation key). 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