The Oil and Gas companies use various technical terms that they have abbreviated for convenience. We bring you a glossary of common acronyms utilized in the Oil and Gas industry, enabling you to have a better overall understanding and to make an well-informed decision. While going through our processes and blog section, you can refer to the list of abbreviations, given in an alphabetical order below.
AFE Authority for Expenditure
BOE Barrels of Oil Equivalent
BOPD Barrels of Oil Per Day
C&E Well Completion & Equipment Cost
IDC Intangible Drilling Cost
IP Initial Production
JOA Joint Operating Agreement
LOE Lease Operation Expense
MCF One Thousand Cubic Feet (Gas)
MMCF Millions of Cubic Feet (Gas)
One barrel = 42 gallons of oil
NRI Net Revenue Interest
NWI Net Working Interest
OGML Oil, Gas, & Mineral Lease
ORRI Overriding Royalty Interest
PUD Proved/Possible Undeveloped
RI Royalty Interest
SI Shut In
SWDW Salt Water Disposal Well
TDC Tangible Drilling Costs
WI Working Interest