Oil and gas reserves and resource quantificationOil and gas reserves denote discovered quantities of crude oil and natural gas (oil or gas fields) that can be profitably produced/recovered from an approved development. Oil and gas reserves tied to approved operational plans filed on the day of reserves reporting are also sensitive to fluctuating global market pricing. The remaining resource estimates (after the reserves have been accounted) are likely sub-commercial and may still be under appraisal with the potential to be technically recoverable once commercially established.
Gas ventingGas venting, more specifically known as natural-gas venting or methane venting, is the intentional and controlled release of gases containing alkane hydrocarbons - predominately methane - into earth's atmosphere. It is a widely used method for disposal of unwanted gases which are produced during the extraction of coal and crude oil. Such gases may lack value when they are not recyclable into the production process, have no export route to consumer markets, or are surplus to near-term demand.
Oil refineryAn oil refinery or petroleum refinery is an industrial process plant where petroleum (crude oil) is transformed and refined into useful products such as gasoline (petrol), diesel fuel, asphalt base, fuel oils, heating oil, kerosene, liquefied petroleum gas and petroleum naphtha. Petrochemical feedstock like ethylene and propylene can also be produced directly by cracking crude oil without the need of using refined products of crude oil such as naphtha. The crude oil feedstock has typically been processed by an oil production plant.
ArcticThe Arctic (ˈɑrtɪk or ˈɑrktɪk) is a polar region located at the northernmost part of Earth. The Arctic consists of the Arctic Ocean, adjacent seas, and parts of Canada (Yukon, Northwest Territories, Nunavut), Danish Realm (Greenland), northern Finland (Northern Ostrobothnia, Kainuu and Lappi), Iceland, northern Norway (Nordland, Troms, Finnmark, Svalbard and Jan Mayen), Russia (Murmansk, Siberia, Nenets Okrug, Novaya Zemlya), northernmost Sweden (Västerbotten, Norrbotten and Lappland) and the United States (Alaska).
Price of oilThe price of oil, or the oil price, generally refers to the spot price of a barrel () of benchmark crude oil—a reference price for buyers and sellers of crude oil such as West Texas Intermediate (WTI), Brent Crude, Dubai Crude, OPEC Reference Basket, Tapis crude, Bonny Light, Urals oil, Isthmus, and Western Canadian Select (WCS). Oil prices are determined by global supply and demand, rather than any country's domestic production level. The global price of crude oil was relatively consistent in the nineteenth century and early twentieth century.
Arctic foxThe Arctic fox (Vulpes lagopus), also known as the white fox, polar fox, or snow fox, is a small fox that belongs to the family of Canidae, native to the Arctic regions of the Northern Hemisphere and common throughout the Arctic tundra biome. It is well adapted to living in cold environments, and is best known for its thick, warm fur that is also used as camouflage. It has a large and very fluffy tail. In the wild, most individuals do not live past their first year but some exceptional ones survive up to 11 years.
Arctic charThe Arctic char or Arctic charr (Salvelinus alpinus) is a cold-water fish in the family Salmonidae, native to alpine lakes, as well as Arctic and subarctic coastal waters in the Holarctic. It spawns in freshwater and its populations can be lacustrine, riverine, or anadromous, where they return from the ocean to their fresh water birth rivers to spawn. No other freshwater fish is found as far north; it is, for instance, the only fish species in Lake Hazen which extend up to on Ellesmere Island in the Canadian Arctic.
RussiaRussia (Rossiya, rɐˈsjijə), or the Russian Federation, is a transcontinental country spanning Eastern Europe and Northern Asia. It is the largest country in the world by area, its vast landmass stretching over the easternmost part of Europe and the northernmost part of Asia. Russia extends across eleven time zones and shares land boundaries with fourteen countries. It is the world's ninth-most populous country and Europe's most populous country. The country's capital and largest city is Moscow.
PetroleumPetroleum, also known as crude oil, or simply oil, is a naturally occurring yellowish-black liquid mixture of mainly hydrocarbons, and is found in geological formations. The name petroleum covers both naturally occurring unprocessed crude oil and petroleum products that consist of refined crude oil. A fossil fuel, petroleum is formed when large quantities of dead organisms, mostly zooplankton and algae, are buried underneath sedimentary rock and subjected to both prolonged heat and pressure.
Oil wellAn oil well is a drillhole boring in Earth that is designed to bring petroleum oil hydrocarbons to the surface. Usually some natural gas is released as associated petroleum gas along with the oil. A well that is designed to produce only gas may be termed a gas well. Wells are created by drilling down into an oil or gas reserve that is then mounted with an extraction device such as a pumpjack which allows extraction from the reserve.
Offshore drillingOffshore drilling is a mechanical process where a wellbore is drilled below the seabed. It is typically carried out in order to explore for and subsequently extract petroleum that lies in rock formations beneath the seabed. Most commonly, the term is used to describe drilling activities on the continental shelf, though the term can also be applied to drilling in lakes, inshore waters and inland seas. Offshore drilling presents environmental challenges, both offshore and onshore from the produced hydrocarbons and the materials used during the drilling operation.
Arctic ternThe Arctic tern (Sterna paradisaea) is a tern in the family Laridae. This bird has a circumpolar breeding distribution covering the Arctic and sub-Arctic regions of Europe (as far south as Brittany), Asia, and North America (as far south as Massachusetts). The species is strongly migratory, seeing two summers each year as it migrates along a convoluted route from its northern breeding grounds to the Antarctic coast for the southern summer and back again about six months later.
