Glossary

2P reserves
Reserves as 'proven plus probable'

bcm
Billion cubic metres

Block
The division of the sea into sub divisions (approximately 10 x 20 kms) in the UK North Sea

boe
Barrel of oil equivalent

CNS
Central North Sea

Duty-holder
Person or organisation with overall legal duty, or responsibility, for a project

E&P
Exploration & Production, also known as the 'upstream' sector of the industry

HP/HT
High Pressure/High Temperature - wells with higher pressure than most

License
Permit for an oil and gas company to explore or produce in a allocated area

Licensing round
Usually annually or bi-annually, this is the allocation period when the government puts acreage of the sea out to lease to exploration and production

mmscfd
Million standard cubic feet per day

Operator
Company who has legal authority to drill wells with the goal of producing hydrocarbons

SNS
Southern North Sea

UKCS
United Kingdom Continental Shelf

WoS
West of Shetlands

Further glossary items can be found on the Oil & Gas UK website.