| 2D Seismic |
seismic data, obtained using a sound source and receivers placed in a straight line on the surface of the earth, that is processed to provide a graphic representation of a vertical cross-section through the subsurface rock layers ('seismic line'). In a 2D seismic survey, several seismic lines are recorded and the cross-sections are interpolated to yield subsurface maps on which exploration prospects can be delineated |
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| 3D Seismic |
in a 3D seismic survey, multiple closely spaced seismic lines are recorded and the high density of cross sections are interpolated to yield detailed subsurface maps on which exploration prospects can be delineated |
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| ANH or Agencia Nacional de Hidrocarburos |
the National Hydrocarbon Agency of Colombia with responsibility for issuing oil and gas exploration and production contracts |
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| API gravity |
an American Petroleum Institute scale for crude oil density |
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| Associate |
a party to the Association Contract, other than Ecopetrol, that contracts to conduct exploration and production activities specified in or allowed by the Association Contract |
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| Association Contract |
a contract for the exploration, development and production of hydrocarbons in association with Ecopetrol |
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| back-in |
a contractual arrangement whereby a party has an option to participate in a well's production |
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| barrel or bbl |
42 US gallons of crude oil measured at 60F and atmospheric pressure (14.7 pounds per square inch) |
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| barrels of oil equivalent or boe |
a measure of total hydrocarbon reserves or production where the gas component is converted into its equivalent in barrels of oil and added to the oil volume in the ratio of 6mcf to 1 boe |
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| bcf |
billion cubic feet of gas |
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| bfpd |
barrels of fluid per day |
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| block |
the area specified in an Association Contract or any other E&P contract
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| bopd |
barrels of oil per day |
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| casing |
the steel pipes with which a well bore is lined |
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| cent or c |
one hundredth of one US dollar |
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| Darcy |
unit of permeability |
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| E&P contract |
exploration and production contract which provides for rights of exploration for and production of hydrocarbons from a defined area and for a defined period |
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| Ecopetrol |
the state oil company of Colombia |
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| electric wireline logging |
running various wireline conveyed logging tools, either alone or in combination, into a well bore to evaluate certain properties of the formations present in the wellbore. It is also possible to convey similar tools on drill pipe and this is known as logging while drilling or LWD. The acquired raw data is processed to compute a measure of certain physical properties, including resistivity and acoustic velocity. These properties, alone or with other data acquired while drilling the well, are used to evaluate the drilled formations, including possible fluid content, lithology, porosity and permeability.
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| ESP |
an electrical submersible pump |
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| farm in |
a transaction under which an incoming (farm-in) party earns an interest in a contract from an existing (farm-out) party to the contract in return for a consideration which may be payment of some or all of the farm-out party's share of costs relating to the contract |
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| farm-out |
a transaction under which a party to a contract (farm-out party) transfers part of its interest in that contract to an incoming party in return for a consideration which may be the payment of some or all of the farm-out party's share of costs relating to the contract |
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| ft |
feet |
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| formation |
a rock deposit in which hydrocarbons may accumulate |
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| G&G |
geological and geophysical |
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| hydrocarbons |
organic compounds of carbon and hydrogen |
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| IFRS |
International Financial Report Standards |
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| km |
kilometres |
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| lead |
indication of a possible prospect |
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| m |
metres |
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| mbbl |
thousand of barrels of oil |
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| mcf |
thousand cubic feet of gas |
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| mm |
million |
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| mmbbl |
million of barrels of oil |
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| mmboe |
million barrels of oil equivalent |
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| mmcf |
million cubic feet of gas |
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| oil or gas field |
an area in which hydrocarbons have been discovered in one or more reservoirs |
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| petroleum |
oil, gas, condensate or natural gas liquids |
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| possible reserves |
possible reserves are those unproved reserves which analysis of geological and engineering data suggests are less likely to be recoverable than probable reserves. In this context, when probabilistic methods are used, there should be at least a 10% probability that the quantities actually recovered will equal or exceed the sum of estimated proved plus probable plus possible reserves. |
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| prospective resources |
with respect to an undrilled prospect, the quantity of oil or gas that might be produced commercially from such prospects should it ultimately prove to contain reserves of petroleum and, with respect to an oil or gas field in which a discovery well has been drilled and from which test quantities of oil or gas have been produced, the quantity of oil or gas that might be produced commercially form such oil or gas field. |
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| probable reserves |
probable reserves are those unproved reserves which analysis of geological and engineering data suggests are more likely than not to be recoverable. When probabilistic methods are used, there should be at least a 50% probability that the quantities actually recovered will equal or exceed the sum of estimated proved plus probable reserves.
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| prospect |
a geological subsurface accumulation identified but not drilled |
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| proved reserves |
proved reserves are those quantities of petroleum which, by analysis of geological and
engineering data, can be estimated with reasonable certainty to be commercially recoverable, from a given date forward, from known reservoirs and under current economic conditions, operating methods, and government regulations. When deterministic methods are used, the term reasonable certainty is intended to express a high degree of confidence that the quantities will be recovered and when probabilistic methods are used, there should be at least a 90% probability that the quantities actually recovered will equal or exceed the estimate |
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| reserves |
reserves are those quantities of petroleum which are anticipated to be commercially recovered from known accumulations from a given date forward. All reserve estimates involve some degree of uncertainty. The uncertainty depends chiefly on the amount of reliable geologic and engineering data available at the time of the estimate and the interpretation of these data. The relative degree of uncertainty may be conveyed by placing reserves into one of two principal classifications, either proved or unproved. Unproved reserves are less certain to be recovered than proved reserves and may be further sub-classified as probable and possible reserves to denote progressively increasing uncertainty in their recoverability |
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| reservoir |
a porous and permeable rock capable of containing hydrocarbons |
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| scf |
one standard cubic foot of gas measured at a temperature of 60 degrees Fahrenheit and at a pressure of 14.7 pounds per square inch |
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| spud |
to commence drilling a well |
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| sq |
square |
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| Technical Evaluation Agreement or TEA |
short term technical evaluation agreement with the ANH, under which technical studies are conducted in a defined area and during which a right of first refusal applies with respect to any third party application for an E&P contract in such area |
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| tcf |
trillion cubic feet of gas |
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| unproved reserves |
unproved reserves are based on geologic and/or engineering data similar to that used in estimates of proved reserves; but technical, contractual, economic, or regulatory uncertainties preclude such reserves being classified as proved. Unproved reserves may be further classified as probable reserves and possible reserves |
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| water cut |
that percentage of total fluid production from a well that is water |
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| well |
a borehole drilled to find and produce hydrocarbons or to develop an existing oil or gas field |
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| working interest |
an interest in an oil or gas contract carrying the obligation to bear a proportion of drilling and operating costs and the right to receive a proportion of the production or gross revenues arising from it |
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| WTI |
West Texas Intermediate crude oil |
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| $, US dollar or US$ |
currency of the United States of America |
