GLOSSARY OF PETROLEUM INDUSTRY TERMS for Petrobras (PBR)

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PBR » Topics » GLOSSARY OF PETROLEUM INDUSTRY TERMS

This excerpt taken from the PBR 20-F filed May 22, 2009.

GLOSSARY OF PETROLEUM INDUSTRY TERMS

Unless the context indicates otherwise, the following terms have the meanings shown below:



ANP		The Agência Nacional de Petróleo, Gás Natural e Biocombustíveis (National Petroleum, Natural Gas and Biofuels Agency), or ANP, is the federal agency that regulates the oil, natural gas and renewable fuels industry in Brazil.

Barrels		Barrels of crude oil.

BSW		Basic sediment and water, a measurement of the water and sediment content of flowing crude oil.

Catalytic cracking		A process by which hydrocarbon molecules are broken down (cracked) into lighter fractions by the action of a catalyst.

Coker		A vessel in which bitumen is cracked into its fractions.

Condensate		Light hydrocarbon substances produced with natural gas, which condense into liquid at normal temperatures and pressures.

Deep water		Between 300 and 1,500 meters (984 and 4,921 feet) deep.

Distillation		A process by which liquids are separated or refined by vaporization followed by condensation.

EWT		Extended well test

FPSO		Floating Production, Storage and Offloading Unit.

FPU		Floating Production Unit.

FSO		Floating Storage and Offloading Unit.

FSRU		Floating Storage and Regasification Unit, a vessel that receives liquefied natural gas and converts it into gas suitable for use or transmission by pipeline.

Heavy crude oil		Crude oil with API density less than or equal to 22°.

Intermediate crude oil		Crude oil with API density higher than 22° and less than or equal to 31°.

Light crude oil		Crude oil with API density higher than 31°.

LNG		Liquefied natural gas.

LPG		Liquefied petroleum gas, which is a mixture of saturated and unsaturated hydrocarbons, with up to five carbon atoms, used as domestic fuel.

NGLs		Natural gas liquids, which are light hydrocarbon substances produced with natural gas, which condense into liquid at normal temperatures and pressures.

Oil		Crude oil, including NGLs and condensates.

Pre-salt reservoir		A geological formation containing oil or natural gas deposits located beneath an evaporitic layer.



Proved reserves		Proved oil and gas reserves are the estimated quantities of crude oil, natural gas and natural gas liquids that geological and engineering data demonstrate with reasonable certainty are recoverable in future years from known reservoirs under existing economic and operating conditions, i.e., prices and costs as of the date the estimate is made. Prices include consideration of changes in existing prices provided only by contractual arrangements, but not escalations based upon future conditions.

Proved developed reserves		Proved developed reserves are reserves that can be expected to be recovered through existing wells with existing equipment and operating methods. Additional oil and gas expected to be obtained through the application of fluid injection or other improved recovery techniques for supplementing the natural forces and mechanisms of primary recovery are included as “proved developed reserves” only after testing by a pilot project or after the operation of an installed program has confirmed through production response that increased recovery will be achieved.

Proved undeveloped reserves		Proved undeveloped reserves are reserves that are expected to be recovered from new wells on undrilled acreage, or from existing wells where a relatively major expenditure is required for recompletion, but do not include reserves attributable to any acreage for which an application of fluid injection or other improved recovery technique is contemplated, unless such techniques have been proved effective by actual tests in the area and in the same reservoir. Reserves on undrilled acreage are limited to those undrilled units offsetting productive units that are reasonably certain of production when drilled. Proved reserves for other undrilled units are claimed only where it is demonstrated with certainty that there is continuity of production from the existing productive formation.

SS		Semi-submersible unit.

Ultra-deep water		Over 1,500 meters (4,921 feet) deep.

This excerpt taken from the PBR 20-F filed Jun 30, 2005.

GLOSSARY OF PETROLEUM INDUSTRY TERMS

Unless the context indicates otherwise, the following terms have the meanings shown below:


“barrels” or “bbls”		Barrels of crude oil.

“catalytic cracking”		A process by which hydrocarbon molecules are broken down (cracked) into lighter fractions by the action of a catalyst.

“cmpd”		Cubic meters per day

“condensate”		Light hydrocarbon substances produced with natural gas, which condense into liquid at normal temperatures and pressures, associated with surface production equipment.

“crude oil”		Crude oil, including NGLs.

“distillation”		A process by which liquids are separated or refined by vaporization followed by condensation.

“heavy crude oil”		Crude oil with API density less than or equal to 27°.

“light crude oil”		Crude oil with API density higher than 27°.

“LPG”		Liquefied petroleum gas, which is a mixture of saturated and unsaturated hydrocarbons, with up to five carbon atoms, used as domestic fuel.

“NGLs”		Natural gas liquids, which are light hydrocarbon substances produced with natural gas, which condense into liquid at normal temperatures and pressures.

“Proved reserves”		Proved oil and gas reserves are the estimated quantities of crude oil, natural gas and natural gas liquids which geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions, i.e., prices and costs as of the date the estimate is made. Prices include consideration of changes in existing prices provided only by contractual arrangements, but not on escalations based upon future conditions.

“Proved developed reserves”		Proved developed reserves are reserves that can be expected to be recovered through existing wells with existing equipment and operating methods. Additional oil and gas expected to be obtained through the application of fluid injection or other improved recovery techniques for supplementing the natural forces and mechanisms of primary recovery are included as “proved developed reserves” only after testing by a pilot project or after the operation of an installed program has confirmed through production response that increased recovery will be achieved.

“Proved undeveloped reserves”		Proved undeveloped reserves are reserves that are expected to be recovered from new wells on undrilled acreage, or from existing wells where a relatively major expenditure is required for recompletion, but does not include reserves attributable to any acreage for which an application of fluid injection or other improved recovery technique is contemplated, unless such techniques have been proved effective by actual tests in the area and in the same reservoir. Reserves on undrilled acreage are limited to those drilling units offsetting productive units that are reasonably certain of production when drilled. Proved reserves for other undrilled units are claimed only where it is demonstrated with certainty that there is continuity of production from the existing productive formation.

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20-F	May 22, 2009

20-F	Jun 30, 2005

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