| Key Terms |
Definition |
| API Gravity |
API gravity is the American Petroleum Institute's measure of specific gravity of crude oil or condensate in degrees. The measuring scale is calibrated in terms of degrees API:
Degrees API = (141.5 / (sp. gr. 60ºF / 60ºF)) - 131.5
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| Barrel |
A unit of volume equal to 42 U.S. gallons.
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| Crude Oil |
A mixture of hydrocarbons that exists in liquid phase in natural underground
reservoirs and remains liquid at atmospheric pressure after passing through
surface separating facilities. Depending upon the characteristics of the crude
stream, it may also include:
Small amounts of hydrocarbons that exist in gaseous phase in natural
underground reservoirs but are liquid at atmospheric pressure after being
recovered from oil well (casinghead) gas in lease separators and are subsequently
commingled with the crude stream without being separately measured. Lease
condensate recovered as a liquid from natural gas wells in lease or field
separation facilities and later mixed into the crude stream is also included;
Small amounts of nonhydrocarbons produced with the oil, such as sulfur and
various metals;
Drip gases, and liquid hydrocarbons produced from tar sands, oil sands,
gilsonite, and oil shale.
Liquids produced at natural gas processing plants are excluded. Crude oil is refined to produce
a wide array of petroleum products, including heating oils; gasoline, diesel and jet fuels;
lubricants; asphalt; ethane, propane, and butane; and many other products used for their
energy or chemical content.
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| Crude Production |
The volume of crude oil produced from oil reservoirs during given periods of time. The amount
of such production for a given period is measured as volumes delivered from lease storage
tanks (i.e., the point of custody transfer) to pipelines, trucks, or other media for transport
to refineries or terminals with adjustments for (1) net differences between opening and
closing lease inventories, and (2) basic sediment and water (BS&W).
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Definitions