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