Glossary of commonly used terms in the oil and gas exploration industry:

Reservoir: An underground formation that contains a significant amount of oil and/or natural gas.

Seismic Surveys: Geophysical techniques that use sound waves to create images of the subsurface rock formations. These images help identify potential oil and gas reservoirs.

Well Logging: The process of recording and analyzing data about a well, including its geological formations, fluid content, and pressure, using various tools and sensors.

Geochemical Analysis: The study of the chemical composition and characteristics of rocks and fluids found in the subsurface. It helps in determining the presence and quality of hydrocarbons.

Drilling: The process of creating a hole or wellbore in the Earth's surface using specialized equipment to access oil or gas reservoirs.

Rotary Drilling: A drilling technique that involves the use of a rotating drill bit to cut through rock formations and create the wellbore.

Casing: Steel or cemented pipe sections that are inserted into a wellbore to provide structural integrity, prevent collapse, and isolate different formations.

Refining: The process of converting crude oil into various petroleum products through distillation, cracking, and other chemical processes.

Crude Oil: Unrefined petroleum as it occurs naturally in the ground, composed of a mixture of hydrocarbons.

Natural Gas: A mixture of hydrocarbon gasses, primarily consisting of methane. It is often found in association with oil deposits.

Production: The process of extracting oil or gas from a reservoir and bringing it to the surface for further processing and distribution.

Reserves: Estimated quantities of oil or gas that can be commercially recovered from a reservoir using current technology and economic conditions.

E&P: Exploration and Production. The sector of the oil and gas industry that encompasses activities related to finding, evaluating, and extracting hydrocarbon resources.

Downstream: Refers to the processes involved in refining, marketing, and distributing petroleum products to end-users, such as consumers and industries.

Upstream: Refers to the activities involved in oil and gas exploration, drilling, and production, primarily focused on finding and extracting hydrocarbon resources.

Hydraulic Fracturing: A technique used to enhance the productivity of oil and gas wells by injecting fluids under high pressure to create fractures in the reservoir rock, allowing better fluid flow.

Seismicity: The study of seismic activity or earthquakes associated with human activities, including hydraulic fracturing.

Carbon Capture and Storage (CCS): A process that captures carbon dioxide emissions from industrial sources, such as power plants or refineries, and stores it underground to reduce greenhouse gas emissions.

ORRI (Overriding Royalty Interest): A type of royalty interest that grants a right to a portion of the revenue or production from an oil and gas lease, usually in addition to the standard royalty interest. ORRI holders do not bear the costs of exploration and production.

RI (Royalty Interest): The right to a percentage of revenue or production from an oil and gas lease. Royalty interest owners receive a portion of the proceeds from the sale of produced oil and gas, typically without sharing in the costs of exploration and production.

WI (Working Interest): The ownership interest in an oil and gas lease that bears the costs and risks of exploration, development, and production operations. Working interest owners are responsible for funding their proportionate share of expenses and often have the right to participate in decision-making.

Net Revenue Interest (NRI): The portion of production or revenue allocated to an interest owner after deducting royalties, overriding royalties, and other burdens or expenses.

Operator: The entity or company responsible for managing and conducting oil and gas exploration and production operations on behalf of all working interest owners in a lease or field.

Joint Venture (JV): A partnership or collaboration between two or more entities to jointly explore, develop, and produce oil and gas reserves. Joint ventures allow companies to pool resources, share risks, and leverage expertise to maximize operational efficiency.

Farm-In/Farm-Out: A contractual agreement in which one party (the farmor) grants another party (the farmee) the right to acquire an interest in an oil and gas lease or project by contributing capital, expertise, or other resources. Farm-ins and farm-outs enable companies to access new opportunities and diversify their portfolios.

Acidizing: A well stimulation technique that involves injecting acid into the formation to dissolve minerals and enhance the permeability of the reservoir, thereby improving oil and gas production.

Permeability: A measure of how easily fluids can flow through the rock formations. High permeability allows for better fluid movement and production rates in oil and gas reservoirs.

Downtime: The period during which oil and gas production is temporarily suspended due to maintenance, repairs, or other operational reasons.

Wildcat Well: An exploratory well drilled in an area where no previous oil or gas discoveries have been made. Wildcat wells are drilled in unproven or frontier areas to assess the presence and potential of hydrocarbon reservoirs.

Depletion: The gradual reduction of oil or gas reserves in a reservoir due to production. Depletion occurs as the reservoir fluids are extracted, leading to a decline in production rates over time.

Natural Decline: The decline in oil or gas production from a well or field over time due to the natural depletion of reservoir pressures and declining reservoir productivity.

Wellbore: A hole that is drilled to aid in the exploration and recovery of natural resources, including oil, gas, or water. A wellbore is the actual hole that forms the well. A wellbore can be encased by materials such as steel and cement, or it may be uncased.