Investor Centre

Glossary

Term Description
1C Low estimate of contingent resources.
1P Proven reserves.
2C Best estimate of contingent resources.
2P Proven and probable reserves.
barrel/bbl The standard unit of measurement for all production and sales.
bcf/bscf Billion standard cubic feet, a measure of gas volume.
boe Barrels of oil equivalent - the factor used to convert volumes of different hydrocarbon production to barrels of oil equivalent. Conversion rate used by Oil Search for gas is 6,000 scf = 1 boe up to and including 2013 production; 5,100 scf = 1 boe thereafter.
bopd Barrels of oil per day.
BTU British Thermal Units, a measure of thermal energy.
condensate Hydrocarbons which are in the gaseous state under reservoir conditions and which become liquid when temperature or pressure is reduced. A mixture of pentanes and higher hydrocarbons.
contingent resources The Company’s technically recoverable resources for its discovered but uncommercialised gas fields are classified as contingent resources. 2C denotes the best estimate of contingent resources.
crude oil Liquid petroleum as it comes out of the ground. Crude oils range from very light (high in gasoline) to very heavy (high in residual oils). Sour crude is high in sulphur content. Sweet crude is low in sulphur and therefore often more valuable.
development well Wells designed to produce hydrocarbons from a gas or oil field within a proven productive reservoir defined by exploration or appraisal drilling.
deviated well A well whose path has been intentionally diverted at an angle from vertical, often to reach a distant part of the reservoir and increase exposure to producing zones.
EBITDAX Earnings before interest, tax, depreciation, depletion, exploration and impairment.
FEED Front end engineering and design. Conceptual design prior to detailed design.
FID Final Investment Decision.
Gearing Net debt / (net debt & shareholders' funds).
GOR Gas to oil ratio.
hydrocarbons Solid, liquid or gas compounds of the elements hydrogen and carbon.
LNG Liquefied natural gas.
LPG Liquid petroleum gas.
LTI Long Term Incentive.
MENA Middle East/North Africa.
mmbbl Million barrels.
mmscf/d Million standard cubic feet per day.
MTPA Million tonnes per annum (LNG).
PDL Petroleum Development Licence.
PJ Petajoules – joules are the metric measurement unit for energy – a petajoule is equal to 1 joule x 10 15.
PL Pipeline Licence.
PNG Papua New Guinea.
PNG LNG Project Operator ExxonMobil PNG Limited, a subsidiary of Exxon Mobil Corporation (ExxonMobil).
PPFL Petroleum Processing Facilities Licence.
PPL Petroleum Prospecting Licence.
PRL Petroleum Retention Licence.
probable reserves Probable reserves are those reserves which geological and engineering data demonstrate to be potentially recoverable, but where some element of risk or insufficient data prevent classification as proven. Probable reserves are calculated by subtracting proven reserves from those probabilistically calculated reserves having a 50 per cent confidence level (P50). Therefore, "Proven plus Probable" (2P) reserves are defined as those reserves which have a 50 per cent likelihood of being equalled or exceeded.
proven reserves Proven reserves are the estimated quantities of crude oil, natural gas and natural gas liquids which geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions. Proven reserves are limited to those quantities of oil and gas which can be expected, with little doubt, to be recoverable commercially at current prices and costs, under existing regulatory practices and with existing conventional equipment and operating methods. Proven (1P) reserves are probabilistically calculated reserves having a 90 per cent confidence level (P90); such reserves have a 90 per cent likelihood of being equalled or exceeded.
seismic survey A survey used to gain an understanding of rock formations beneath the earth’s surface.
STI Short Term Incentive.
tcf Trillion cubic feet, a measure of gas volume.
wildcats Exploration wells testing new play concepts or structures distanced from current fields.