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Glossary of Industry Terms

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Farmout

An arrangement whereby the owner of an oil and gas lease assigns some or all of it to another company for drilling.

 

Field

The geographical area encompassing a group of one or more underground petroleum pools that share the same or related geological structure.

 

Field Pressure

The natural pressure exerted on the natural gas in the formations in which it is found.

 

Field Price

The amount received by petroleum producers after paying transportation and distribution costs.

 

Fish

An object left in the wellbore during drilling or workover operations that must be recovered or bypassed before work can proceed.

Fishing

The term used for both the special equipment and the special procedures used to remove undesirable objects from the well bore.

 

Flaring

The controlled burning-off of natural gas that cannot be captured and processed for sale for technical or economic reasons. The largest portion is solution-gas which is natural gas that accompanies the production of crude oil and bitumen.

 

Formation

A designated subsurface layer that is composed throughout of substantially the same kind of rock or rock types.

 

Fossil Fuel

Fuels resulting from plant and animal matter that has been transformed by heat and pressure.

Fractional Distillation

The process of separating petroleum into its component parts or fractions including heavy gas oils, light gas oils, kerosene, naphtha and light gasoline.

 

Fracturing ( or Fracing )

A technique for stimulating a reservoir to flow oil or gas at a higher rate. Fluids are pumped into a potentially productive formation under high pressure to create or enlarge existing fractures allowing more oil or gas to flow. In some operations, proppants such as frac sand are injected with the frac fluid to prop fractures open.

 

Froth

A mixture of air, water and bitumen that rises to the surface of a primary separation vessel in the oilsands extraction process.