Glossary

Bbl

Barrel (1 barrel = 35 imperial gallons approximately)

Boe

Barrel of oil equivalent

Bboe

Billion barrels of oil equivalent

Bcfpd

Billion cubic feet per day

Boepd

Barrel of oil equivalent per day

Brown Fields

Fields currently in production or under development

Capex

Capital expenditure

CCL

Climate Change Levy

CHP

Combined Heat and Power

CRINE

Cost Reduction In a New Era

CT

Corporation Tax

DEAL

Digital Energy Atlas and Library

DETR

Department of the Environment, Transport and the Regions

DTI

Department of Trade and Industry

EU

European Union

EVA

Economic Value Added

Heren Index

Index for the volume weighted - average of all gas trades for a month

IFT

Industry Technology Facilitator

LIFT

Licence Initiative for Trading

LOGIC

Leading Oil and Gas Industry Competitiveness

LTI

The long term interruptible contract price for gas

Mboe

Million barrels of oil equivalent

Mbpd

Million barrels per day

NBP

National Balancing Point

OECD

Organisation for Economic Co-operation and Development

OPEC

Organisation of Petroleum Exporting Countries

PILOT

Successor to the Oil and Gas Industry/Government Task Force (OGITF)

PRT

Petroleum Revenue Tax

p/therm

Pence per therm

Scfpd

Standard cubic feet of gas per day

UKCS

United Kingdom Continental Shelf

UKOOA

UK Offshore Operators Association Area

White Zone

West of Shetland up to Faroe Island Median Line