Unit Conversion Table/Glossary

Oil sands refer to sandstones containing crude oil that is extremely viscous like tar and lacking in fluidity, unlike the crude oil typically found in reservoirs. Crude oil recovered from oil sands is generally referred to as bitumen or extra-heavy crude oil in accordance with its viscosity.

A contractual term used in the exploration, development and production of oil and gas via collaboration between multiple partners; the “operator” is the partner commissioned to handle and manage actual operations. Any partner to the contract other than the operator is a “non-operator.” Signing a joint operation contract, both the operator and non-operator determine methods for making operational decisions and raising necessary funds before they launch the project.

A gas in the atmosphere that absorbs a portion of the infrared radiation emitted from the earth's surface, thereby producing a greenhouse effect. Water vapor and carbon dioxide (CO₂) fall into this category. In recent years, the concentration of some of these gases in the atmosphere has been increasing, and they are considered to be the main cause of global warming.

A contract between the government of a host country and an oil company where the oil company provides specified services for exploration, development and production of oil, in return for fixed payment or allocation of oil commensurate with its production volume. The proprietary rights of produced oil vests with the government.

A term coined to refer to a technology that links CCS and biomass energy. When biomass is burned for energy use, CO₂ is emitted, but it is not counted as CO₂ emissions because the amount of CO₂ emitted during the entire life cycle of biomass remains the same. If the CO₂ from biomass combustion is collected, transported, and stored underground, there will be a net reduction in atmospheric CO₂.

CCS technologies separate and recover CO₂ from gas emissions of electric power plants, factories, and other facilities, then inject and store the CO₂ in stable underground geologic formations. CCUS technologies effectively use the separated and recovered CO₂ to enhance oil recovery and for other applications and then store it.

The CIF price for crude oil consist of the FOB (Free on Board) price, insurance, and freight costs to the destination port. The CIF price for crude oil is the FOB (Free on Board) price plus insurance and tanker transportation costs to the destination port.

Businesses that engage in the exploration, development, production, transportation and sale of oil and gas.

EOR, also known as tertiary recovery, involves the injection of heat, gaseous carbon dioxide or other chemicals into the reservoir. While primary recovery uses natural oil emission energy and secondary recovery increases the volume of oil recovered by maintaining or raising pressure in the oil sands layer, EOR alters the physical or chemical behavior of the residual crude oil, thereby enhancing oil recovery. IOR is a broader term referring to a range of methods aimed at improving oil recovery, including secondary recovery.

In the context of oil and gas projects, FID often refers to the final decision regarding investment before entering the development phase (i.e., facility design, procurement and construction). Prior to FID, relevant parties must meet all requirements, such as formulating robust plans for development, marketing and fundraising; signing necessary contracts; obtaining approval from authorities; and securing sufficient human resources.

An acronym for Health, Safety, and Environment, and refers to occupational safety, health, and the environment.

The average price of crude oil imported by Japan and determined in reference to cost, insurance and freight (CIF).

This is also called a production sharing contract or PS contract. A contract between the government of a host country and one or more investors regarding the exploration, development and production of oil by the investors under license and management by the host country. Under the PSC, the government and investors share oil production in accordance with set rates after the investors have recovered their costs and expenses from oil marketing revenues.

RRR is the ratio of growth in volume of proved reserves against production volume in a single fiscal year or other specific period of time. As a numerical indicator for measuring business performance in terms of oil and gas exploration and development, RRR is calculated by dividing growth in the volume of proved reserves by the production volume.

A modern technology that employs a pair of horizontal wells, one set five meters above the other, drilled into an oil sands layer located around 300 meters below the ground surface, with their horizontal lengths ranging from 500 to 1,000 meters. A continuous injection of steam into the oil sands layer via the upper well (the injection well) heats the bitumen and increases its fluidity, enabling it to flow down into the lower well (the bitumen production well) assisted by gravity. Bitumen is thus recovered to the above-ground production facilities.

Heavy oil produced in western Canada.