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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