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Oil reserves are the amount of crude oil that can be produced in a country or region. Venezuela, Saudi Arabia and Canada are among the top three in terms of oil reserves. According to industry leader BP plc, world oil reserves amount to 1.73 trillion barrels. Approximately 80% of the world’s oil reserves are in the Organization of the Petroleum Exporting Countries (OPEC). The Strategic Petroleum Reserve (SPR) is an emergency reserve of crude oil that can be used to compensate for acute oil shortages in the United States. 1979 Energy Crisis
September 25, 2022 The 1979 energy crisis was one of two oil price shocks in the 1970s - the other was in 1973. 3P Oil Reserves
September 25, 2022 Category 3P oil reserves represent the total amount of estimated reserves, including all proved and unproved reserves to which the company has access. Downstream Operations
September 25, 2022 Refining operations are processes associated with the transformation of oil and gas into final products. Estimated Ultimate Recovery (EUR)
September 25, 2022 Estimated ultimate recovery (EUR) refers to the potential production expected from an oil well or field. Held by Production Clause
September 25, 2022 Mining regulations allow oil, gas and minerals miners to renew land leases after they expire while mines are still productive. Horizontal Well
January 1, 1 Horizontal well is a method of directional drilling. Hydrocarbon
September 25, 2022 Hydrocarbons are chemical compounds that are used as the basis for the vast majority of the world’s energy production. Keystone XL Pipeline
September 25, 2022 The Keystone pipeline was proposed by TC Energy (formerly TransCanadian Corp.) in 2005 to transport new hard-to-recover heavy oil deposits from the oil sands in Canada to US refineries. Midstream Oil Operations
September 25, 2022 Midstream refers to the points in the oil production process that lie between the upstream and downstream. North Sea Brent Crude
September 25, 2022 North Sea Brent Crude is a blended light sweet oil produced from the North Sea in the early 1960s. OPEC Basket
September 25, 2022 The OPEC basket is a weighted average of the oil prices of various OPEC members around the world. Oil ETF
September 25, 2022 An oil ETF is an exchange-traded fund (ETF) that invests in companies in the oil and gas industry. Oil Field
September 25, 2022 An oil field is a piece of land under which fossil fuels can be extracted for economic value. Oil Pollution Act of 1990
September 25, 2022 The Oil Pollution Act of 1990 expanded the powers of federal agencies to prevent and punish massive oil spills. Oil Refinery
September 25, 2022 An oil refinery is a facility that refines crude oil into various useful petroleum products such as gasoline, kerosene, or jet fuel. Oil Sands
September 25, 2022 Oil sands or tar sands are sandy and rocky materials containing crude bitumen, a thick and viscous liquid. Unconventional Oil
September 25, 2022 Unconventional oil is crude oil produced by relatively new and/or complex methods. Upstream
September 25, 2022 Upstream refers to points in production that occur early in the processes. Upstream Capital Costs Index (UCCI)
September 25, 2022 The Upstream Capital Cost Index (UCCI) tracks the total capital cost of materials, facilities, equipment and personnel for oil and natural gas projects. Vertical Well
September 25, 2022 Vertical wells extract oil and natural gas reserves located directly below the drilling site. Volumetric Production Payment (VPP)
September 25, 2022 Production volume payments (VPPs) are a way to convert a portion of oil or gas production into cash flow for investors. Wellbore
September 25, 2022 A well is a type of well that is used to produce oil or gas. Wildcat Drilling
September 25, 2022 Preliminary drilling is a form of exploratory drilling in the oil and gas exploration and production process, the purpose of which is to develop unproven or high-risk areas. Working Interests
September 25, 2022 Working interest is a type of investment in oil and gas operations. Barrel Of Oil Equivalent (BOE)
September 25, 2022 A barrel of oil equivalent (BOE) is a way of standardizing natural gas and other energy resources against a barrel of oil energy.