Economic Report 2021 - OGUK
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
p/th
Pence per therm (for gas)
Prospective Resources
Volumes which are yet to be discovered
Reserves
Volumes which are discovered, commercial and within fields in production or under development. These can be further categorised as: • 1P reserves: proven reserves (both proved developed reserves + proved undeveloped reserves). • 2P reserves: 1P (proven reserves) + probable reserves, i.e. “proven AND probable” • 3P reserves: the sum of 2P (proven reserves + probable reserves) + possible reserves, i.e. “proven AND probable AND possible”
TTH
Transferable Tax History UK Continental Shelf Unit development costs Unit operating costs
UKCS UDC UOC
41
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