Oil and Gas Chapter 10-Revenue Flashcards


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1

impurities in suspension with crude oil

represents basic sediment and water

BS&W

basic sediment and water

2

the density of oil expressed in API. API in degrees of ______ generally range from 5 to 45 for oil

gravity

3

The higher the API, the ______ the crude

lighter

4

Sulfur content is measured as a %

less than (<) 0.7%= _______________

greater than (>) 0.7%= _______

sweet

sour

5

crude types?

light sweet

medium sour

heavy sour

6

> 34 API gravity

<0.7% Sulfur

35% Demand

Most expensive

light sweet

7

24-34 API gravity

>0.7% Sulfur

50% Demand

Less expensive

medium sour

8

< 24 API gravity

>0.7% Sulfur

15% Demand

Least expensive

heavy sour

9

estimated quality of reserves

19%- _____ ______

66%-_____ _______

14%- ______ ______

light sweet

light/medium sour

heavy/sour

10

one barrel contains ____ gallons of crude oil

total volume of products made from crude oil based origins is _____ gallons on average ---this represents a _____ ____ due to the additional other petroleum products such as alkylates that are added to the refining process to create the final products

42

48.43

processing gain

11

pipeline gas imbalances

the operator agrees to put a quantity of gas into the pipeline on behalf of the producer- ______

the purchaser agrees to take that quantity out of the pipeline during the next month- ______

________ method- each owner recognizes revenue based on its ownership share of total gas produced during the period, regardless of which owner actually sells and receives payment for the gas.

nomination

confirmation

entitlement

12

consists of two or more tanks capable of holding up to seven days of merchantable oil

tank battery

13

a system that automatically gauges, samples, and transfers crude oil from the lease to a pipeline

LACT unit

lease automatic custody transfer unit

14

thousand cubic feet; unit of measure for gas

MCF

15

a specified minimum payment to the lessor that is stated in the lease contract and is paid regardless of the amount of production

minimum royalty

16

the quantity of energy necessary to raise one pound of water by 1F

MMBtu

1,000,000 British thermal units

17

a record of the amount of oil transferred from the lease to either a tank truck or pipeline

run ticket

18

a record of the amount of natural gas transferred to a pipeline

(gas) settlement statement

19

a device that is used to collect a sample of oil from a tank on the lease

a brass, aluminum, or glass cylinder that is lowered into an oil storage tank to obtain an oil sample

thief

20

method that is used to determine the amount of oil in a storage tank

gauging

21

________ a tank means that each height in a storage tank is measured in relation to the volume of oil at that height. The volume in barrels at each height is listed in a tank _________ table

(tank) strapping

22

the intersection of nine interstate and four intrastate natural gas pipelines in Louisiana. The price at this location are typically the basis for natural gas prices at the wellhead and in the spot and futures markets. Also, the __________ is typically the location of delivery for physical contracts

Henry Hub

23

the spot market for crude oil sold in the U.S. Gulf Coast region. Is the basis for setting crude prices in the U.S. Gulf and is adjusted depending upon the quality

West Texas Intermediate

24

The spot market for crude oil sold in the Northwest Europe market. Is the basis for setting crude prices in Northwest Europe and is adjusted depending upon the quality.

North Sea Brent Blend

25

the spot market for crude oil sold in the Singapore/Southeast Asian markets. Is the basis for setting crude prices in Singapore and Southeast Asia and is adjusted depending upon the quality

Dubai Crude