first purchase (of crude oil)

first purchase (of crude oil)

An equity (not custody) transaction commonly associated with a transfer of ownership of crude oil associated with the physical removal of the crudeoil from a property for the first time (also referred to as a leasesale). A first purchase normally occurs at the time and place of ownership transfer where the crude oil volume sold is measured and recorded on a run ticket or other similar physical evidence of purchase.The volume purchased and the cost of such transaction shall not be measured farther from the well head than the point at which the value for landowner royalties is established, if there was a separate landowner.

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Part of Speech: noun
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Industry/Domain: Energy
Category: Coal; Natural gas; Petrol
Company: EIA
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