The payment of a fee to a host government upon signing a PSC or a concession licence agreement. The bonus can often be a big factor in determining the winner of new acreage in licensing rounds.

The production that the contractor or concession holder is entitled to physically receive. In a concession, this equates to concessionaire's working interest production excluding any royalty payments. In a PSC, this equates to the contractor's share of cost oil/gas and profit oil/gas. In a Risk Service Contact, it is the contractor cash f [..]

A representation of a fiscal system governed by tax law and/or specific contracts such as Production Sharing Contracts.

Removal of the production facilities on an oil or gas field following the end of production.

Also referred to as acid treatment. A process where by acid is squeezed into tight and or damaged (usually limestone/chalk) reservoirs to improve the flow of hydrocarbons to the well. The acid dissolves a portion of the rock, thereby improving the porosity and permeability characteristics of the reservoir.

The American Petroleum Institute scale used to express the specific gravity of oils. The higher the API gravity, the lighter the crude (i.e. the higher the proportion of lighter fractions the oil contains). It is calculated as follows: °API = 141.5/(Specific Gravity at 60°F) - 131.5. For example, crudes with an API gravity of less than 20° are cons [..]

The American Petroleum Institute scale used to express the specific gravity of oils. The higher the API gravity, the lighter the crude (i.e. the higher the proportion of lighter fractions the oil contains). It is calculated as follows: °API = 141.5/(Specific Gravity at 60°F) - 131.5. For example, crudes with an API gravity of less than 20° are cons [..]

Activity immediately following successful exploration drilling, e.g. the drilling of a delineation well to determine the size and characteristics of the discovered reservoir.

The cost of renting an oil and gas licence area for a defined period of time.

A system that boosts the fluid column in a production well in order to improve flow rates. A range of solutions are possible, including gas lift, electrical submersible pumps and electrical rod pumps.