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Glossary of Industry Terms

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Land

In the petroleum industry, the term "land" often refers to the oil and gas rights in a particular area. For example, in a "land sale," the oil and/or gas rights are "sold" ( actually leased ).

 

Landfill

A site designed for disposal of solid or chemical wastes by burial. It may be an open pit or an engineered facility that includes special linings to prevent wastes from leaking into water supplies.

 

Landman

A member of the exploration team whose job it is to manage an oil company's relations with lease  landowners and partners, including securing and administering the oil and gas leases and other agreements. Other duties include helping to develop exploration and development strategies. They are also known as a land agents / persons.

Lease Agreement

The negotiated legal document giving an oil and gas company the right to occupy a site to drill for and produce oil or gas.

 

Light Crude Oil

Liquid petroleum which has a specific density less than 0.870 grams per cubic centimetre and flows freely at room temperature. It has an API  gravity greater than 31.1°.

 

Limestone

Calcium carbonate-rich sedimentary rock in which oil or gas reservoirs are often found.

 

Linepack

The volume of gas needed in the pipe of a gathering, transmission or distribution system to ensure proper functioning of the system. Linepack can sometimes be used as short-term temporary storage for gas supplies.

Liquefied Natural Gas ( LNG )

Supercooled natural gas that is maintained as a liquid at or below -160°C; LNG occupies 1/640th of its original volume and is therefore easier to transport if pipelines cannot be used.

 

Logs

Detailed depth-related records of characteristics of an oil or gas reservoir; obtained by lowering measuring instruments into a well.

 

Looping

A method of increasing pipeline route capacity by adding a new section of pipeline parallel to an existing one over any part or all of its length.

 

Low-Impact Seismic

Refers to methods that minimize environmental impacts of seismic exploration.