Oilfield

Oilfield

Oilfield refers to a region with an abundance of oil wells extracting petroleum from below the ground.

Industry: Oil & gas

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Oilfield

counterbalance weight

Oil & gas; Oilfield

Part of rod pumping unit. The counterbalance weight is installed on the end of the walking beam, opposite to the end over the well, and counterbalances the weight of the sucker rods and the fluid ...

Parameter used to monitor the efficiency of oil production processes based on steam injection. Commonly abbreviated as SOR, it measures the volume of steam required to produce one unit volume of oil. ...

conformable

Oil & gas; Oilfield

Parallel strata that have undergone a similar geologic history, deposited in succession without interruption.

mineral interest

Oil & gas; Oilfield

Ownership of the right to exploit, mine or produce all minerals lying beneath the surface of a property. In this case, minerals include all hydrocarbons. Mineral interests include: 1. The right to ...

overriding royalty interest

Oil & gas; Oilfield

Ownership in a percentage of production or production revenues, free of the cost of production, created by the lessee, company and/or working interest owner and paid by the lessee, company and/or ...

nonparticipating royalty interest

Oil & gas; Oilfield

Ownership in a share of production, paid to an owner who does not share in the right to explore or develop a lease, or receive bonus or rental payments. It is free of the cost of production, and is ...