Oilfield

Oilfield

Oilfield refers to a region with an abundance of oil wells extracting petroleum from below the ground.

Contributors in Oilfield

Oilfield

An oil or gas accumulation that has matured to a production plateau or even progressed to a stage of declining production. Operating companies seek to extend the economic producing life of the field ...

Term lease

Oil & gas; Oilfield

An oil and gas lease that expires after a specified period of time, regardless of whether oil, gas and/or other minerals are being produced.

Top lease

Oil & gas; Oilfield

An oil and gas lease wherein the bonus consideration is paid at the signing of the lease. However, this lease becomes effective only after the expiration or termination of an existing lease on the ...

Licencing round

Oil & gas; Oilfield

An occasion when a governmental body offers exploration acreage for leasing by exploration and production companies, typically in return for a fee and a performance or work obligation, such as ...

Paid-up lease

Oil & gas; Oilfield

An oil and gas lease in which delay rentals for the entire primary term are paid in advance with the bonus consideration.

Shear-seal BOP

Oil & gas; Oilfield

An item of pressure-control equipment often fitted to the wellhead during well-intervention operations on live wells. Most commonly associated with coiled tubing operations, the shear-seal BOP is a ...

Blockage

Oil & gas; Oilfield

An obstruction in the pipeline, composed of asphaltenes, hydrates, waxes, scale and sand deposited on the internal wall of the pipeline forming a barrier to the normal flow of fluids. The conditions ...