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API
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American Petroleum Institute
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barrel
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a measure of volume for petroleum products. One barrel is the equivalent of 42 U.S. gallons or 35 Canadian gallons or 0.15899 cubic metres. One cubic metre equals 6.2897 barrels.
Common abbreviations:
bbl: barrel or barrels
bopd: barrel(s) of oil per day
boe: barrel(s) of oil equivalent
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bitumen or crude bitumen
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a highly viscous oil which is too thick to flow in its native state and which cannot be produced without altering its viscosity; a naturally occurring mixture, mainly consisting of viscous hydrocarbons heavier than pentane, that may contain sulphur compounds and that in its naturally occurring viscous state does not usually flow to a well. The density of bitumen is generally less than 10 degrees API (as that term is defined by the American Petroleum Institute).
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core
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cylindrical sample of rock taken from a formation for the purpose of examination and analysis
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core hole, stratigraphic test well, or exploration stratigraphic test well
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a drilling effort, geologically directed, to obtain information pertaining to specific geologic conditions. Ordinarily, such wells are drilled without the intention of being completed for hydrocarbon production. They include wells for the purpose of core tests and all types of expendable holes related to hydrocarbon exploration.
Stratigraphic test wells are classified as:
(a) "exploratory type" if not drilled into a proved property, or
(b) "development type" if drilled into a proved property.
Development type stratigraphic wells are also referred to as "evaluation wells".
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crude oil (conventional)
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a mixture that consists mainly of pentanes and heavier hydrocarbons, which may contain sulphur and other non-hydrocarbon compounds, that is recoverable at a well from an underground reservoir and that is liquid at the conditions under which its volume is measured or estimated. It does not include solution gas or natural gas liquids.
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degrees API
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a measure of hydrocarbon density; the lower the number, the higher the viscosity (see "viscosity").
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exploration costs
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costs incurred in identifying areas that may warrant examination and in examining specific areas that are considered to have prospects that may contain oil and gas reserves, including costs of drilling exploratory wells and exploratory type stratigraphic test wells
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formation
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a bed or deposit composed throughout of substantially the same kind of rock. Each different formation is given a name, often as a result of the study of the formation outcrop at the surface and sometimes based on fossils found in the formation.
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in-situ
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in its original place; in position. When referring to oil sands, in-situ recovery refers to various methods used to recover deeply buried bitumen deposits, including steam injection, solvent injection and firefloods.
Steam assisted gravity drainage (SAGD) is an example of an in-situ process used to recover bitumen from oil sand located too deep to be profitably mined.
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lease
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an agreement granting the lessee rights to explore, develop and exploit a property
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oil sands
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sand and other rock materials containing bitumen; the crude bitumen contained in those sands and other rock materials. Each particle of sand is coated with a layer of water and a thin film of bitumen.
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oil sands deposit
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a natural reservoir containing or appearing to contain an accumulation of oil sands separated or appearing to be separated from any other accumulation
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overburden
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thickness of material above an occurrence of bitumen. The thickness of the overburden determines the method of bitumen recovery (mining or in-situ techniques). Overburden could consist of layers of sand, gravel and shale; in many places overburden underlies muskeg which is a water-soaked layer of decaying plant material one to three metres (three to ten feet) thick. Muskeg supports the growth of shallow-root trees.
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permeability
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ability of a porous rock to transmit fluid through its pore spaces. A rock may be highly porous and yet impermeable if it has no interconnecting pore network (communication).
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porosity
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ability of a rock to contain fluids. Volume of pore spaces between mineral grains expressed as a percentage of the total rock volume.
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reserves
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estimated remaining quantities of crude oil and natural gas and related substances anticipated to be recoverable from known accumulations, from a given date forward, based on:
(a) analysis of drilling, geological, geophysical and engineering data,
(b) the use of established technology, and
(c) specified economic conditions which are generally accepted as being reasonable and which are disclosed.
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reservoir
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porous, permeable sedimentary rock structure or trap containing oil and/or gas. A reservoir can contain more than one pool (accumulation of oil or gas).
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resources
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those quantities of oil and gas estimated to exist originally in naturally occurring accumulations
Resources are, therefore, those quantities estimated on a particular date to be remaining in known accumulations plus those quantities already produced from known accumulations plus those quantities in accumulations yet to be discovered.
Resources are divided into:
(a) discovered resources, which are limited to known accumulations, and
(b) undiscovered resources.
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synthetic crude oil
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a mixture of hydrocarbons, similar to crude oil, derived by upgrading bitumen from oil sands. Upgrading is a process that converts bitumen and heavy crude oil into a product with a density and viscosity similar to light crude oil.
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unproved property
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a property or part of a property to which no reserves have been specifically attributed
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viscosity
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a measure of the resistance of a liquid to flow. The viscosity of petroleum products is commonly expressed in terms of the time required for a specific volume of the liquid to flow through an orifice of a specific size.
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working interest
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the operating interest that gives the owner the right to drill, produce and conduct operating activities on the property and to share in the production
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