Archives: Glossary Terms

SCADA (Supervisory Control and Data Acquisition) is a centralized, computer-based control system architecture that enables real-time monitoring, data collection, and remote control of industrial processes,…

Unitization is a contractual and regulatory mechanism used in the oil and gas industry to combine multiple leasehold interests or mineral rights over a single…

A Farm-In / Farm-Out agreement is a contractual arrangement in the oil and gas industry where the owner of a working interest in an oil…

A Joint Venture Agreement (JVA) in the oil and gas industry is a legally binding contract between two or more companies that agree to pool…

Abandonment Cost refers to the total expenses incurred to permanently decommission and secure an oil or gas well, production facility, pipeline, or other petroleum infrastructure…

The Economic Limit (also known as the economic cutoff rate or economic limit rate) is the minimum production rate at which the revenue generated from…

Reserve Estimation is the process of quantifying the volume of hydrocarbons (oil, natural gas, and natural gas liquids) that are commercially recoverable from a known…

A Feasibility Study in the oil and gas industry is a comprehensive, multi-disciplinary evaluation conducted during the early stages of a project lifecycle. Its primary…

The Project Lifecycle in the oil and gas industry refers to the structured, phased progression of a capital project from initial idea through to final…

Earned Value Management (EVM) is a systematic project management methodology that integrates scope, schedule, and cost to measure project performance and progress. In the oil…

The Critical Path Method (CPM) is a deterministic project scheduling technique used to identify the longest sequence of dependent activities in a project and calculate…

A Work Breakdown Structure (WBS) is a hierarchical decomposition of the total scope of work required to complete a project. In the oil and gas…