Oil & Gas UK Economic Report 2015
NGL
natural gas liquid (for example butane, propane) National Insurance Contributions
GVA
gross value added
HH
Henry Hub (the principal trading point for gas in the USA) Her Majesty’s Revenue and Customs (sometimes known as ‘the Exchequer’) Her Majesty’s Treasury (of which HMRC is part) high pressure, high temperature (of reservoirs) International Energy Agency (part of the OECD) employment as a result of supply chain effects caused by oil and gas sector activity. For these companies, extraction of oil and gas and associated services will be one part of a wider business employment supported by the redistribution of income from the oil and gas sector International Association of Oil & Gas Producers mergers and acquisitions million barrels per day (of oil) million barrels of oil equivalent per day million cubic metres per day (of gas) description of a specific sidetrack that is made to bypass an obstruction while the surface and target locations remain the same maximising economic recovery from the UKCS (ref. the Wood Review) Map of Northern Sea High million tonnes of oil equivalent liquefied natural gas lost time incident light, tight oil
NIC
NPV NNS NTS
Net Present Value northern North Sea
HMRC
National Transmission System (high pressure gas transmission system in Britain operated by National Grid – the ‘motorway’ network for gas) Organisation of Economic Co-operation and Development (based in Paris)
HMT
HPHT
OECD
IEA
Indirect
employment
OGA ONS OPEC
Oil and Gas Authority
Office for National Statistics Organisation of Petroleum Exporting Countries
Induced
opex P&A
operating expenditure
employment
plugging and abandonment potential additional resources
PAR
IOGP
PAYE
Pay As You Earn
LNG
PE
production efficiency, a measure of a field’s performance by comparing actual production as a percentage of the maximum production potential, after allowing for the natural decline of a reservoir, the reliability of infrastructure, the effects of shutdowns and major maintenance, and the like
LTI
LTO
M&A mb/d
mboepd
mcm/d
P/I
Profitability Index
mechanical
PRT PUQ p/th RFCT
Petroleum Revenue Tax
sidetrack
production, utilities and quarters
pence per therm (for gas)
MER UK
Ring Fence Corporation Tax (as applied to upstream oil and gas production in UK) Supplementary Charge (a corporate tax applied to upstream oil and gas production in addition to RFCT) description of a well that is started from the bore of an existing well, but is then deviated to create a new well small to medium (sized) enterprise
MNSH
SC
mtoe mt/y MSR
million tonnes per year Market Stability Reserve
sidetrack
NBP
National Balancing Point (fictional location in Britain where the NTS is notionally in balance and at which the trading of gas takes place)
SME
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ECONOMIC REPORT 2015
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