Crude oil trapped in low-permeability reservoir rocks (typically shale or tight sandstone) that requires hydraulic fracturing and/or horizontal drilling to produce at commercial rates. Also known as shale oil (not to be confused with oil shale, which is a different resource).
A motorised device mounted on the drilling rig’s travelling block that rotates the drill string from above, replacing the traditional rotary table and kelly system. Top drives improve drilling efficiency, reduce connection times, and enhance safety.
A virtual trading point for natural gas in the Netherlands, operated by Gasunie Transport Services. TTF has become the primary benchmark for natural gas pricing in continental Europe, with futures traded on ICE.
Hydrocarbon accumulations that cannot be produced using traditional vertical wells and natural reservoir energy alone. Unconventional resources include shale gas, tight oil, coalbed methane, oil sands, and gas hydrates. Development typically requires advanced technologies such as horizontal drilling, hydraulic fracturing, or thermal recovery.
A crude oil tanker with a deadweight tonnage (DWT) between approximately 200,000 and 320,000 tonnes, capable of carrying roughly 2 million barrels of crude oil. VLCCs are the workhorses of long-haul international crude oil trade, particularly between the Middle East, Asia, and Europe.
An intergovernmental organisation of 12 major oil-producing nations that coordinates petroleum production policies to stabilise oil markets and manage supply. OPEC members include Saudi Arabia, Iraq, UAE, Kuwait, Iran, and others. OPEC+ is the broader alliance including non-member producers such as Russia. The Organization of the Petroleum Exporting Countries OPEC is the intergovernmental organisation that … Read more
A geophysical method of imaging subsurface rock structures by generating and recording the reflections of acoustic energy (sound waves). Seismic data is the primary tool for identifying potential hydrocarbon traps and planning exploration drilling. 2D seismic provides cross-sectional profiles; 3D seismic provides volumetric imaging; 4D (time-lapse) seismic monitors reservoir changes over time.
The company that holds the licence and manages the day-to-day activities of exploring, developing, and producing from an oil or gas field, on behalf of itself and any partner companies that hold interests in the licence.
A chemical product derived from petroleum or natural gas. Petrochemicals include olefins (ethylene, propylene), aromatics (benzene, toluene, xylene), and their downstream derivatives (plastics, fibres, solvents, detergents). The petrochemical sector is the fastest-growing source of global oil demand.
A mechanical device set inside the wellbore casing to create a seal between the tubing and casing, isolating different zones of the well. Packers are used during production, injection, and well testing to control fluid flow and maintain well integrity.