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integrated oil and gas company
is one involved in E&P activities as well as at least one downstream activity
a trap formed when the movement of the earth's crust causes different rock strata to offset or shear off. a nonporous rock formation that has shifted stops the movement of oil or gas within an offsetting formation that allows petroleum to migrate
a trap formed by the folding of the earth's crust dome. this upward folding is caused by pressures developed from the earth's molten core. an impervious or nonporous layer of rock overlying traps the oid or gas in the structure. most of the earth's oil and gas reserves are found in this.
with substantial heat and pressure, salt buried deep within the earth may slowly begin to move upward, as it does so the rock layers are cracked, bent and folded, often oil and gas are trapped in these cracked and folded rock beds
measures the connectability of the pores, which detetmines the ability of the petroleum to flow through the rock from one pore space to another
this interest is created via leasing and is responsible for the exploration, development, and operation of a property
production payment interest
this interest is a nonworking interest created out of a working interest and is similar to an ORI except that it is limited to a specified amount of oil or gas, money, or time, after which it reverts back ti interest from which it was created and ceases to exist
is the mineral rights owner who leases the property to another party and retains a royalty interest
payment of a fixed sum of money based on drilling to a certain depth or stage of completion
are wells that are normally drilled straight to a predetermined depth and then curved or angled so that the bottom of the wellbore is at the desired location
are also initially drilled straight down but then are gradually curved until the hole runs parallel to the earth's surface
after total depth has been reached, this device lowers to the bottom of the well and then pulling it back up to the surface
consists of inducing an artificial drive into a formation to replace the natural drive
methods include injection of chemicals, gas, or heat into the well to modify the fluid properties and thereby enhance the movement of the oil through the formation
used for to refer to the first well drilled in a location where there has been no previous drilling or production. what size, how broad it is, exploratory or developmental
was formed in 1961, with its activities and projects directed primarily toward issues and problems encountered in joint interest operations
payment is made when an agreed-upon depth is reached, regardless of the outcome of the well
land in fee
means that both the mineral rights and the surface rights are acquired rather than just the mineral rights
the payments are additional costs of acquiring the property and should be capitalized as an additional leasehold
the payments should be held in a receivable or suspense account until recovered. if not recovered it should be expense as surrendered lease expense or surrender and abandonment expense
occurs when there is an indication that a property's value has declined to an amount that is less than the purchase price
acts on information obtained from the exploration department's activities and from land department scouts in acquiring properites
refers to the valves, pipes, and fittings assembly arrangemnet of the valves, pipes, and fittings assembly that is used to co9ntrol the flow of oil and gas form the wellhead
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