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Oil is a natural liquid found underground that can be processed into fuel. Oil is used as a fuel for vehicles, heaters and machines and can be converted into plastics. Extraction and refining of oil and its availability are the engines of the world economy and global politics. Oil is a non-renewable energy, and other energy sources such as solar and wind energy are becoming increasingly important. 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. E-Mini
September 25, 2022 E-mini are futures contracts traded electronically, the value of which is a fraction of the value of the corresponding standard futures contracts. 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. MCF (Measuring Natural Gas)
September 25, 2022 MCF is an acronym that combines the Roman numeral M, which stands for thousand, with the term cubic feet (CF). Midstream Oil Operations
September 25, 2022 Midstream refers to the points in the oil production process that lie between the upstream and downstream. Natural Gas ETF
September 25, 2022 Natural gas ETFs are investment vehicles that provide access to natural gas prices. 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 Price to Natural Gas Ratio
September 25, 2022 The ratio of the price of oil to natural gas expresses the price of oil in relation to natural gas. 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 Reserves
September 25, 2022 Oil reserves are the amount of crude oil that can be produced in a country or region. Oil Sands
September 25, 2022 Oil sands or tar sands are sandy and rocky materials containing crude bitumen, a thick and viscous liquid. Trillion Cubic Feet (Tcf)
September 25, 2022 The term “trillion cubic feet” is a unit of measure for the volume of natural gas used by the US oil and gas industry. 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.