Economic Report 2018
6. Glossary
1
Break-Even Costs
The level required for a development to be cash-neutral, covering the cost of developing and operating a field
Brownfield
An oil or gas field already in production
2
Contingent Resources
Volumes which are potentially recoverable, but not yet mature enough for development
CCUS
Carbon, capture, usage and storage
3
Cushion Gas
The minimum volume of gas in a storage reservoir to provide the necessary pressure to deliver gas to customers when required
CoP DRD
Cessation of production
Decommissioning Relief Deed
4
EBITDA
Earnings before interest, taxes, depreciation, and amortization
ERRV
Emergency Response & Rescue Vessel
FID
Final Investment Decision
5
Greenfield
An oil or gas development not yet in production
M&A OPEC
Mergers and acquisitions
The Organization of the Petroleum Exporting Countries
6
OSPAR
The Oslo and Paris convention is the Convention for the Protection of the Marine Environment of the North-East Atlantic The total annual production divided by the maximum production potential of a field
Production Efficiency
7
PRT p/th
Petroleum Revenue Tax Pence per therm (for gas)
8
Prospective Resources
Volumes which are yet to be discovered
Reserves
Volumes which are discovered, commercial and within fields in production or under development
9
RFCT
Ring Fence Corporation Tax Supplementary Charge Transferable Tax History UK Continental Shelf Unit development costs
SC
TTH
10
UKCS UDC UOC
Unit operating costs
11
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