Trading Strategie Elettricità

Comprendere il mondo di energia elettrica Trading per capire la differenza tra i mercati dell'energia all'ingrosso e dei mercati finanziari tradizionali. la sua importante per cogliere la natura del trading di energia elettrica, a fronte di attività finanziarie, come azioni, obbligazioni e materie prime. (Vedi: L'industria Utilities). La differenza più importante è che l'elettricità è prodotta e consumata immediatamente. A livello di commercio all'ingrosso, l'elettricità non può essere immagazzinata in modo da domanda e offerta devono costantemente essere bilanciati in tempo reale. Questo porta ad un disegno di mercato significativamente differente rispetto ai mercati dei capitali comuni. Essa ha anche limitato l'accesso ai mercati all'ingrosso, perché mentre i mercati sono aperti, i loro tecnici hanno mantenuto intimidatorio trader meno esperti di distanza. Regolatori incoraggiare gli operatori ad unirsi ai mercati, ma i potenziali partecipanti devono mostrare la forza finanziaria così come la conoscenza tecnica per ottenere l'accesso. La sua non è consigliabile per affrontare questi mercati senza una conoscenza sufficiente, e questo articolo è solo un inizio. mercati organizzazione di mercato e progettazione energetica sono anche molto più frammentato rispetto ai mercati di capitali tradizionali. I mercati intraday e real-time sono gestiti e gestiti da gestori di sistema indipendenti (ISO). Questi enti non profit sono organizzati in una disposizione a griglia fisica comunemente noti come topologia di rete. Al momento non ci sono sette ISO negli Stati Uniti. Alcuni coprono principalmente uno stato, come il New York ISO (NYISO) mentre altre coprono un certo numero di stati, come la Midcontinent ISO (MISO). ISO agiscono come operatori di mercato, l'esecuzione di attività come la spedizione centrale elettrica e le operazioni di equilibrio di potere in tempo reale. Essi fungono anche da scambi e stanze di compensazione per le attività di trading su mercati dell'elettricità diversi. ISO dont coprire l'intera rete elettrica degli Stati Uniti anche se alcune regioni come quelli negli stati del sud-est sono mercati bilaterali in cui le operazioni sono fatte direttamente tra i generatori e le entità del carico di servire. Alcuni insediamenti sono fatte attraverso accordi bilaterali EEI, che sono l'equivalente di accordi ISDA nei mercati di potenza. gestione della rete in questi stati sono ancora centralizzate in una certa misura. l'affidabilità della rete e il bilanciamento è gestito da operatori di trasmissione regionali (RTO). ISO sono in realtà ex RTO che alla fine organizzati in un mercato centralizzato in nome dell'efficienza economica attraverso le forze di mercato. Volatilità e di copertura L'assenza di stoccaggio e di altri fattori più complessi portano a molto elevata volatilità dei prezzi spot. Al fine di coprire alcune di queste inerenti generatori volatilità dei prezzi e caricare le entità che servono guardano a fissare il prezzo dell'energia elettrica per la consegna in un secondo momento, di solito un giorno su. Questo è chiamato il giorno prima del mercato (DAM). Questa combinazione di mercati del giorno prima e in tempo reale è indicato come un design dual mercato insediamento. I prezzi del giorno prima rimangono volatili a causa della natura dinamica della griglia e dei suoi componenti. (Per la lettura correlate, vedere: Rifornimento Futures nel mercato dell'energia). I prezzi dell'energia sono influenzate da una varietà di fattori che influenzano la domanda e l'offerta di equilibrio. Dal lato della domanda, comunemente indicato come il carico, i principali fattori sono l'attività economica, il tempo e l'efficienza generale del consumo. Dal lato dell'offerta, comunemente indicato come la generazione, i prezzi del carburante e la disponibilità, i costi di costruzione e di costi fissi generali sono i principali fattori di prezzo dell'energia. (Per ulteriori informazioni, consultare: come capitalizzare sull'aumento dei prezzi dell'energia). C'è un certo numero di fattori fisici tra domanda e offerta che influenzano il prezzo effettivo di compensazione di energia elettrica. La maggior parte di questi fattori sono legati alla rete di trasmissione, la rete di linee elettriche ad alta tensione e sottostazioni che assicurano il trasporto sicuro e affidabile di energia elettrica dalla sua generazione al suo consumo. L'analogia Highway System Immaginate un sistema autostradale. In questa analogia, il conducente sarebbe il generatore, il sistema autostradale sarebbe la griglia e chi il conducente sta per visualizzare sarebbe il carico. E il prezzo sarebbe stato considerato come il tempo necessario per raggiungere la vostra destinazione. Si noti che ho detto il sistema autostradale e non semplicemente le strade, che è una sfumatura importante. Il sistema autostradale è l'equivalente di linee elettriche ad alta tensione, mentre le strade locali sono analoghi al sistema di distribuzione al dettaglio. Il sistema di distribuzione al dettaglio si compone dei poli che vedete sul vostro strada mentre la griglia è composta da grandi tralicci elettrici in possesso di linee ad alta tensione. ISO e il mercato in generale sono principalmente interessati con la griglia, mentre i rivenditori o di servizio di carico Enti (LSE) ottenere il potere da sottostazioni a casa tua. Quindi, consente di ricordare questo, le auto sono il potere, le persone sono i generatori, la destinazione (un casello autostradale e non qualcuno a casa elses) è il carico e il prezzo è il tempo. Ebbene utilizzare questa analogia di volta in volta per spiegare alcuni concetti più complessi ma ricorda che l'analogia è imperfetta, così trattare ogni riferimento alla analogia indipendente. Localizzazione Prezzi marginale all ISO utilizzare un modulo di pricing chiamato localizzazione prezzi marginale (LMP). Questo è uno dei concetti più importanti sui mercati dell'elettricità. La localizzazione si riferisce al prezzo di equilibrio in un dato punto sulla griglia (o meglio arrivare al perché i prezzi sono diversi in diverse località in un momento). Il marginale significa che il prezzo è fissato dal costo di fornire un ulteriore unità di potenza, di solito un megawatt. Pertanto, il LMP è il costo di fornire un ulteriore megawatt di potenza a una posizione specifica sulla griglia. L'equazione per un LMP ha generalmente tre componenti: il costo energetico, il costo e perdite congestione. Il costo dell'energia è il corrispettivo richiesto per un generatore per produrre un megawatt presso l'impianto. Le perdite sono la quantità di energia elettrica perso mentre lampo lungo le linee. Questi primi due componenti sono abbastanza semplici, ma l'ultimo, la congestione è più complicato. La congestione è causato dalle limitazioni fisiche della griglia, cioè capacità di linea di trasmissione. Le linee elettriche hanno un livello massimo di potenza possono trasportare senza surriscaldare e fallendo. Le perdite sono generalmente considerate come perdite di calore, una parte della potenza effettivamente riscalda la linea invece di transito attraverso di essa. Tornando alla nostra analogia, la congestione potrebbe essere considerato marmellate e le perdite di traffico sarebbe l'equivalente di usura sulla vostra auto. Proprio come voi non realmente preoccuparsi di usura sulla vostra auto quando si visita un amico, le perdite sono abbastanza stabili attraverso la griglia e sono la componente più piccolo della LMP. Inoltre dipendono principalmente dalla qualità della strada si sta guidando. Quindi, dato che LSE stanno cercando di minimizzare i costi, si basano sulla ISO per inviare il generatore di costo più basso per fornire loro l'elettricità. Quando un generatore a basso costo è pronto, ma in grado di fornire energia ad un dato punto a causa della congestione sulla linea, il dispatcher invece invierà un generatore diversa altrove sulla griglia, anche se il costo è elevato. Questo è simile ad avere qualcun altro in auto verso la destinazione, anche se vivono più lontano, ma perché il traffico è così male la persona che vive più vicino non si può anche ottenere in autostrada Questo è il motivo principale per i prezzi differiscono per posizione sulla griglia di partenza. Di notte, quando c'è bassa attività economica e la gente dorme, non vi è molto spazio sulle linee e quindi molto poco congestione. Quindi, riferendosi alla nostra analogia, quando ci sono poche persone sulla strada durante la notte, non c'è traffico e quindi le differenze di prezzo sono principalmente causati da perdite o usura sulla vostra auto. Ci si può chiedere: Ma non tutti ci vorrà lo stesso tempo di guidare dalla loro casa alle loro destinazioni, e hai detto prezzo è lo stesso di tempo di guida, come può essere Ricordate che i prezzi sono fissati a margine. quindi il prezzo è impostato come prossima unità da produrre o il tempo necessario per la persona accanto a guidare a destinazione. Si potrebbe pagato quel momento indipendentemente da quanto tempo ci hai messo per arrivare a destinazione. Così è vivere vicino alla vostra destinazione è il modo migliore per diventare ricchi Beh, non esattamente. Attaccando l'analogia, la costruzione vicino alla destinazione richiede molto più tempo ed è molto più costoso. Questo porta a una discussione su i costi di produzione, ma purtroppo anche avere per salvare quella discussione per la parte II. Il valore di mercato totale in dollari di tutto ad un company039s azioni in circolazione. La capitalizzazione di mercato è calcolato moltiplicando. Frexit abbreviazione di quotFrench exitquot è uno spin-off francese del termine Brexit, che è emerso quando il Regno Unito ha votato per. Un ordine con un broker che unisce le caratteristiche di ordine di stop con quelli di un ordine limite. Un ordine di stop-limite sarà. Un round di finanziamento in cui gli investitori acquistano magazzino da una società ad una valutazione inferiore rispetto alla stima collocato sul. Una teoria economica della spesa totale per l'economia e dei suoi effetti sulla produzione e l'inflazione. economia keynesiana è stato sviluppato. Una partecipazione di un bene in un portafoglio. Un investimento di portafoglio è realizzato con l'aspettativa di guadagnare un ritorno su di esso. This. Industry Glossario Assorbimento L'assorbimento è la capacità di liquidi e solidi per assorbire acqua o altri liquidi, compresi i gas indesiderati, nel trattamento del gas naturale. L'accesso L'accesso è un sistema in cui gli operatori del mercato sono autorizzati a utilizzare la capacità in una pipeline, di rete, Deposito di gas o altra struttura di gas. L'accesso è fondamentale per l'attuazione della liberalizzazione del mercato del gas e di contrasti, di conseguenza, con il modello tradizionale in cui i proprietari dei sistemi di trasporto, negozi, ecc possiedono tutto il gas che fluisce attraverso le loro attrezzature e di agire come i commercianti esclusivi per esso. Vedi anche Carriage comune. Accesso limitato . Accesso negoziato. L'accesso di terze parti. Acid gas acido a gas è il gas naturale contenente una percentuale di gas come l'anidride carbonica o idrogeno solforato, che, quando combinato con l'umidità, formano composti acidi. Annual contratto Quantità Il contratto quantitativo annuo (ACQ) è il volume di gas che il venditore deve consegnare e l'acquirente deve prendere in un dato anno di contratto. Essa può essere espressa come un numero discreto o come multiplo del contratto Quantità Giornaliere. In pratica, molti contratti sono scritti in forme che permettono al compratore di prendere nettamente inferiore al ACQ dichiarato. Vedi anche verso il basso Quantità tolleranza. Consegna annuale programma Il programma di consegna annuo (ADP) è un programma di volumi di gas da consegnare in alcune date o entro determinati periodi in un prossimo anno di contratto in un contratto a lungo termine. In pratica questo spesso prendere la forma di un programma dettagliato che copre i primi mesi, con i numeri più libere per il resto dell'anno che vengono poi confermato fino a tempi stabiliti nel contratto. Falda acquifera una falda acquifera è un corpo di roccia porosa satura di acqua. giacimenti di gas sono di solito alla base di una falda acquifera che fornisce spesso pressione nota come Acqua unità per aiutare la produzione di gas. stoccaggio sotterraneo di gas può essere realizzato pompando gas giù in falde acquifere sottostanti rocce di copertura impermeabili così efficacemente rendendo un serbatoio di gas. Vedi anche Reservoir. Stoccaggio sotterraneo. Arbitraggio L'arbitraggio è l'acquisto e la vendita dello stesso prodotto in due luoghi o mercati diversi per sfruttare le differenze di prezzo. Associated Gas Associated Gas è il gas che coesiste con l'olio in un giacimento petrolifero prevalentemente. Essa può essere Cap gas o Soluzione di gas. il comportamento e il trattamento dei quali sono diversi. Il gas associato sarà normalmente venduto come gas venditori nomina, cioè il venditore nomina i volumi di gas disponibili. Nei mercati del gas tradizionali come gas sarebbe comandare un prezzo inferiore rispetto ai non associati a gas. Autogenerazione generazione automatica è la generazione di energia elettrica da una realtà industriale soprattutto per soddisfare le esigenze delle proprie operazioni si veda anche la cogenerazione. Backhauling Backhauling è il trasporto di gas apparentemente in direzione opposta al flusso principale della conduttura. Questo è di solito ottiene contratti di swap piuttosto che con movimenti fisici. Conosciuto anche come inversione di flusso. Bilanciamento accordo accordi di bilanciamento sono usati per definire le procedure per l'utilizzo della capacità in tubazioni o la produzione di un giacimento di gas: 1) Tubazioni: Un accordo di bilanciamento per una pipeline è un accordo tra il proprietario di un oleodotto e altri utenti del gasdotto sulle procedure da essere adottata per garantire che i volumi di gas ingresso e rimossa dal tubo sono uguali in un determinato periodo di tempo. Tubazioni comunemente richiedono giornaliero del bilanciamento, ma alcuni di equilibrare per periodi più brevi, fino ad un'ora, specialmente dove c'è un carico generazione di energia pesanti sulla tubazione. Altri possono consentire periodi più lunghi per esempio 3 giorni fino a mensile. bilanciamento mensile è appropriato solo se i carichi di terzi sono molto piccole (pochi percento) rispetto ai carichi principali utenti. 2) Le riserve: Un accordo di bilanciamento per le riserve è un accordo tra i proprietari di un giacimento di gas che sono in commercio le loro quote di gas indipendente l'uno dall'altro. Dal momento che ogni acquirente può avere un diverso modello di domanda, i proprietari d'accordo tra loro che non si ritirerà riserve ad un tasso che causerà uno squilibrio nella proprietà delle restanti riserve di superare certe tolleranze concordate. L'accordo definisce anche i rimedi che devono essere prese devono queste tolleranze essere superati. Lo scopo è quello di garantire che la quota di proprietà delle restanti riserve rimane costante per tutti gli scopi pratici. Carico di base di base è il tasso di consegna (o richiesta) di sotto del quale sendout (o richiesta) non dovrebbe scendere nel corso di un determinato periodo. prezzo Beach prezzo Beach è un termine, utilizzato principalmente nel Regno Unito, per definire il prezzo al quale il gas off-shore è trasferito dal produttore all'uscita dell'impianto di trattamento a terra, ea quel punto la proprietà viene trasferita prima la ritrasmissione o l'uso. Altoforno Gas prodotto come un sottoprodotto dall'uso di coke in altiforni tradizionali. Questo gas è stato di basso valore calorifico (circa un quarto a un terzo quello del gas naturale), ma è stato utilizzato miscelato con gas manufatti dei giorni prima che il gas naturale. Blocco Un blocco è una zona geografica definita in un accordo di concessione, spesso preceduto da esplorazione, sviluppo e produzione. Spesso definita in termini di latitudine e longitudine, ma possono anche essere definite con riferimento ad un sistema di rete locale, ad esempio nel Golfo del Messico. Blowdown Un metodo per produrre un Reservoir gascondensate lasciando caduta pressione del serbatoio come gas viene prodotto nel tempo senza re-iniezione di qualsiasi gas. Con questo metodo di produzione alcuni condensa potrebbe formarsi all'interno del serbatoio, in cui il recupero non è praticamente possibile. Far bollire il gas (BOG) evaporare è un termine usato in progetti di GNL. serbatoi di stoccaggio di GNL Tuttavia ben isolati possono essere, il GNL è sempre al suo punto di ebollizione, e piccole quantità continuerà ad evaporare. In impianti di liquefazione è necessaria una piccola quantità di gas di evaporazione per garantire che la svasatura impianto è operativo. Evaporare non necessario per questo scopo saranno normalmente utilizzati negli impianti di un proprio sistema di combustibile a bassa pressione. Su metaniere azionati da turbine a vapore il gas viene normalmente utilizzato come combustibile per guidare le navi. Border prezzo Il prezzo a cui il gas è venduto al confine tra due paesi. In genere sulla base di dogana o altri dati ufficiali importexport. Frequentemente utilizzati, soprattutto in Europa, come un punto di riferimento nei contratti di gas. Gas in bombole GPL. solito butano o propano conservati allo stato liquido a pressione moderata in contenitori di acciaio per piccole applicazioni residenziali e commerciali. Bundle La fornitura di vari servizi, come il trasporto, lo stoccaggio, ecc in un pacchetto obbligatorio che l'acquirente deve accettare in totale, senza essere in grado di scegliere quali elementi richiede. Vedi anche unbundling. Butano Un membro del gruppo alcano di idrocarburi con quattro atomi di carbonio nella sua molecola (C4H10, spesso abbreviato in C4 in uso non tecnico). Butano è un gas incolore, infiammabile a temperatura e pressione normale, ma è facilmente liquefatto dalla pressione di stoccaggio e trasporto. Ci sono due forme isomeriche, normali e iso-butano. A pressione atmosferica iso-butano liquefa a 1200C e butano normale a -100C. Potere calorifico (CV) Potere Calorifico è la quantità di calore prodotto dalla combustione completa del combustibile. Questo può essere misurato secco o saturata con vapore acqueo e netto o lordo. Vedere anche Gross potere calorifico. Potere calorifico netto. Cap 1. Una clausola in un contratto di fornitura in base al quale l'acquirente è assicurato che non dovrà pagare più di un determinato prezzo massimo. Questo tipo di contratto è analogo a una opzione call. 2. In un contratto di fornitura in cui l'acquirente ha flessibilità nel volume può richiedere, al massimo a cui ha diritto sia un periodo (per esempio un anno) o lungo la durata del contratto. Cap Gas Gas trovato in una cappa di gas in associazione con l'olio, ma non mescolati con esso. Capacità di carica Una carica capacità è il pagamento effettuato per la capacità di riservare in una pipeline, un negozio di gas o altro pezzo di infrastrutture. Spesso usato in modo intercambiabile con la domanda di carica. Capacità commerciale L'acquisto e la vendita dei diritti acquisiti per spostarsi gas attraverso le tubazioni di un trasportatore. Il sequestro del carbonio e lo stoccaggio La cattura delle emissioni di carbonio in atmosfera e il loro stoccaggio in serbatoi di carbonio, che cam essere naturale, o può essere giacimenti di idrocarburi esauriti. Carbon trading Una procedura sistematica per lo scambio di permessi per la produzione di emissioni di anidride carbonica. Vedere ETS. Portare avanti una disposizione entro un Prendere a lungo termine o Pay contratto in base al quale è consentito un compratore che prende più del suo contratto quantitativo annuo in un anno, in condizioni definite nel contratto, per compensare questo contro intraprendere negli anni successivi che potrebbero altrimenti sostenute qualche forma di sanzione, come Take or Pay. A volte noto come Advance fare un buon. Involucro capo Petroleum Spirit (CHPS) Un nome alternativo per condensati e soprattutto per chi abbandono in corrispondenza o in prossimità della testa del pozzo. Utilizzato principalmente in Nord America. Churning Churning è un termine usato nel trading di gas per indicare il numero di volte in media che il gas è oggetto di scambi tra la vendita iniziale e il consumo finale. Gas City Gas City è un termine usato in alcune parti del mondo, per esempio l'Egitto, l'India, il Giappone, la Corea, per riferirsi a gas distribuito ai clienti attraverso un sistema di distribuzione locale, a valle del City Gate. Tali clienti saranno un mix di residenziale, commerciale e industriale a seconda delle particolari circostanze locali, ma saranno, in genere, di escludere generatori di corrente. In passato, gas di città potrebbe essere stato il gas prodotto da carbone e petrolio, ma è ora di gas prevalentemente naturale. Vedere anche Città del gas. City Gate Il punto in cui un sistema di distribuzione locale, spesso basati su una città che, accetta gas da una società di trasmissione o sistema. Un prezzo di trasferimento a questo punto si chiama City Gate Prezzo. Coal Bed Methane (CBM) letto carbone metano è il metano che è o può essere recuperato da giacimenti di carbone. Conosciuto anche come Coal Seam gas. CBM viene recuperato per la perforazione di pozzi in appositi giacimenti di carbone e quindi ridurre la pressione nella roccia, solitamente da pompaggio di acqua, che può essere salina e presentano problemi ambientali, fino metano può essere desorbito dal carbone. CBM, a differenza di gas naturale convenzionale, non è intrappolato sotto una guarnizione ma viene assorbito nel carbone. Può quindi verificarsi in depositi di carbone che sono lateralmente molto ampia. I tassi di produzione sono in genere molto meno per il gas convenzionale. tassi di esaurimento sono in genere piuttosto lento e pozzi possono produrre per molti anni. CBM può anche essere prodotto come misura di sicurezza prima carbone viene estratto per ridurre l'incidenza di miscele gassose esplosive durante operazioni di estrazione. Vedere Miniera di carbone metano. Carbone Gas Carbone gas è il gas prodotto dalla distillazione distruttiva del carbone bituminoso. I componenti principali sono idrogeno (più di 50), il metano (da 10 a 30) monossido di carbonio e idrocarburi superiori. Il vapore acqueo del gas di carbone mantenuto vecchie giunture di tubo stretto, riducendo così al minimo la perdita di gas. Se il gas naturale viene introdotto negli stessi tubi senza azioni correttive possono verificarsi notevoli perdite. Il monossido di carbonio è naturalmente velenoso. L'inalazione di gas di carbone è stato un modo preferito di suicidarsi in città con distribuzione del gas di carbone. Miniera di carbone metano (CMM) metano recuperato nelle miniere di carbone, sia mentre attivo o dopo l'abbandono, che può essere utilizzato nella produzione di energia locale o la produzione di calore. Raramente è disponibile in quantità sufficiente a giustificare elaborazione per qualità cantiere per la consegna in un sistema di tubazioni. Vedere: Coal Bed Methane. Gas di cokeria gas di cokeria è prodotto come un sottoprodotto del coke di carbone e un tempo era un ingrediente principale di gas fabbricati. Combinato turbina a gas a ciclo Una turbina a gas a ciclo combinato (CCGT) è un tipo di impianto di generazione di energia elettrica, in cui il calore generato dalla combustione dei gas viene utilizzato due volte. Innanzitutto, il gas viene bruciato per azionare una turbina a gas. Poi i gas di scarico caldi passano attraverso uno scambiatore di calore per produrre vapore per un gruppo turbina a vapore secondaria. impianti a ciclo combinato hanno un rendimento termico di circa 50 maggiore di un normale turbina a semplice o aperta. Cogenerazione (CHP) produzione combinata di calore ed elettricità (CHP) è l'uso di un unico sistema unificato per la fornitura di entrambi i requisiti di calore ed elettricità di un progetto, riducendo al minimo lo spreco di calore. La potenza è prodotto attraverso turbine a gas o un altro motore primo. Il calore di scarico viene sfruttato per esigenze diverse da produzione di energia elettrica. Conosciuto anche come Cogenerazione e totale di energia. Commodity termine carica tariffa per una carica fatta per ogni unità di gas effettivamente avuto o trasportati. Può essere in unità volumetriche o di calore. Distinguere da Standing Charge e la domanda di carica. Comune Carriage Comune del carrello è un termine spesso usato in modo intercambiabile con Open Access e accesso di terzi, ma che in realtà è più specifica. In un sistema di trasporto comune a tutti i candidati di capacità (ad esempio in un gasdotto o un negozio) hanno accesso a parità di condizioni. Se il volume totale richiesto supera la capacità disponibile, l'utilizzo di tutte le parti è ridotto proporzionalmente: la capacità è razionata tra gli utenti. Sotto Open Access, se ricorrenti chiedono più capacità di quanto sia disponibile, la capacità viene ripartita su una prima base arrivato, primo servito o di un sistema pay-per-book che permette la capacità di essere contratta e scambiato, proprio come l'affitto e subaffitto spazio in un edificio . Il proprietario di un oleodotto o un negozio che vuole anche di utilizzare alcune capacità di per sé deve, in Open Access, farlo attraverso un affiliato di armi di lunghezza i cui rapporti con il fornitore di capacità commerciale sono trasparente identiche a quelle di altri utenti. Open Access è richiesto su US gasdotti interstatali, dove è conosciuto come contratto di trasporto. In Europa il termine Open Access a volte viene usato impropriamente come sinonimo di accesso di terze parti, per definire il diritto di terzi di utilizzare la pipeline o le attrezzature di un'altra società. Nella sua forma generale comprende Open Access, Cocchio comune, accesso negoziato e accesso regolamentato. Un aspetto dell'accesso dei terzi è che di per sé non implica alcuna soluzione al problema della discriminazione tra le parti utilizzando le strutture. Vedere accesso limitato. Gas naturale compresso (CNG) CNG è il gas naturale compresso in bombole di gas, principalmente utilizzati come alternativa per i combustibili liquidi in veicoli stradali. CNG rimane indipendentemente gas della quantità di pressione. Da non confondere con il gas di petrolio liquefatto. Compressor Gas Station perde pressione mentre viaggia lunghe distanze attraverso tubazioni. Per assicurare un flusso regolare, ed una pressione adeguata al punto di off-take, esso deve essere ricompresso nelle stazioni di compressione, in genere si trova ogni 60 km a 100 km lungo condotte di trasporto a terra. Offshore e in aree remote, può essere conveniente e preferibile mantenere pressioni elevate e consentire maggiori distanze tra stazioni di compressione. Su grandi condotte compressori sono normalmente azionati da turbine a gas. condotte di minori dimensioni possono utilizzare motori diesel. Concessione Una licenza assegnato o da un governo o società Stato Oil. Si definisce un'area, spesso definito come un blocco. concesso ad una società o di un gruppo di imprese per l'esplorazione, la produzione o il trasporto di gas Andor petrolio sotto i termini e le condizioni specificate e per un periodo determinato. aree di concessione sono spesso inizialmente assegnati per l'esplorazione. Se questo è successo, allora una piccola area è definita, all'interno del blocco di esplorazione, di un blocco di produzione. Può anche essere applicata ai permessi di costruire gasdotti, centrali elettriche ecc condensa condensa è un liquido a gas naturale con bassa tensione di vapore, prodotto da un serbatoio ad alta pressione e temperatura. Condensa separerà naturalmente in un impianto gasdotto o separazione attraverso il normale processo di condensazione. Può riferirsi a qualsiasi miscela di idrocarburi relativamente leggeri che rimangono allo stato liquido a temperatura e pressione normali. Ci sarà qualche propano e butano in essa disciolti. A differenza di petrolio greggio. contiene poco o nessuno degli idrocarburi pesanti che costituiscono l'olio combustibile pesante. Ci sono tre fonti principali di condensa: a) Gli idrocarburi liquidi che vengono prodotti da un serbatoio gascondensate. Questi possono essere solo leggermente distinguibile da una luce stabilizzata greggio. b) Gli idrocarburi liquidi che vengono recuperati in superficie dal gas non associato. c) Gli idrocarburi liquidi che sono separati quando viene trattato gas grezzo. Questa condensa consiste tipicamente C5-C8. Caldaia a condensazione Una caldaia a condensazione è un dispositivo di riscaldamento dell'acqua progettato per una maggiore efficienza utilizzando fumi altrimenti ventilato all'atmosfera per preriscaldare l'acqua nella caldaia. Carica di collegamento talvolta usato come sinonimo di Standing Charge, ma più correttamente definito come un importo da pagare da parte del cliente in una somma forfettaria o in rate per una connessione al sistema di fornitori. Appaltatore Un termine che ha un significato specifico in un Production Sharing Agreement. Il contraente è la società (di solito una società che produce), che si impegna ad esplorare prodotti Andor per il governo ospite in cambio di volumi definiti del gas o di olio prodotto. Convergence Un genericamente definito termine che si riferisce alla crescente utilizzo del gas naturale nella generazione di energia elettrica. Dove generazione diventa totalmente o largamente dipendente dal gas naturale, nell'interesse del fornitore di gas e il generatore di corrente convergono, e nasce la possibilità di commutazione del gas tra generazione e fornitura diretta, a seconda del prezzo disponibile per ogni uscita. I prezzi convergono quando non vi è alcun beneficio in commutazione. gas costo del gas Il costo è il gas che l'imprenditore acquisisce nell'ambito di un accordo di Production Sharing per coprire i costi delle sue operazioni ai sensi del contratto. Normalmente il contraente opera a proprio rischio e, se non gli idrocarburi vengono scoperti, i costi sono interamente a suo carico. Vedere anche Profit gas. Pressione critica La pressione minima che deve essere applicata ad un gas prima che possa essere liquefatto. Critical temperatura La temperatura al di sopra della quale un gas non liquefa, indipendentemente dalla pressione applicata. Il greggio una miscela di idrocarburi che esiste come un liquido in serbatoi sotterranei naturali e rimane liquido a pressione atmosferica dopo aver attraversato superficiali strutture di separazione. Greggio è la materia prima che viene raffinato in benzina, gasolio da riscaldamento, il carburante degli aerei, propano, prodotti petrolchimici, e altri prodotti. Criogenia Il processo di produzione, il mantenimento e l'utilizzo a temperature molto basse (al di sotto -46C - 50F). Rilevante nel business GNL. Cuscino Gas Gas è il gas che rimane in magazzino gas per fornire la pressione necessaria per produrre gas immagazzinato, ma che si rimane un-prodotto. È tipicamente dell'ordine di 50 del volume totale di uno stoccaggio falda acquifera e campi esauriti, ma meno per altri tipi di stoccaggio. Quando l'archivio viene inizialmente stabilita cuscino di gas, a meno che sia riserve non-prodotto lasciato in un campo in parte impoverito, può essere una gran parte del costo del capitale. Cuscino Gas potrebbe finalmente essere utilizzato quando il negozio è fuori servizio. Conosciuto anche come base di gas. Giornaliero medio Send-Out Volume totale di gas erogato durante un periodo di tempo, diviso per il numero totale di giorni nel periodo. Quotidiano Quantità Contrattuale (DCQ) La quantità di gas che un acquirente si impegna ad acquistare nominalmente e un venditore si impegna a consegnare in un periodo di 24 ore definito. Sebbene con in molti contratti, in pratica questa espressione è di poco significato in sé. Esso può servire come un mezzo per esprimere Contratto Quantità annuale se quest'ultimo viene espresso come numero di giorni moltiplicato per il DCQ. Essa può anche definire la velocità con cui il venditore deve essere in grado di fornire gas. Vedi anche: Giornale Rate. Giornale Rate Il Giornale Rate (DDR) è il tasso a cui le strutture venditori devono essere in grado di fornire il gas, espresso in volume di gas al giorno, o come un multiplo del Contratto Quantità Giornaliere. Conosciuto anche come il quantitativo massimo giornaliero. Giornalmente Peak giornaliero Peak è il volume massimo di gas che possono o devono essere deliveredrequired per ciascun giorno in un determinato periodo (di solito un anno). Dedizione contrarre un contratto dedica è il termine corretto per un Contratto esaurimento. in base al quale l'intera produzione di un giacimento di gas viene comprato e venduto. Degree Day Una giornata laurea è una misura della temperatura media più di un giorno, e di solito è correlato a una soglia di temperatura. Per esempio, una temperatura media effettiva di 5C in un giorno è di 2 giorni gradi più caldo di una temperatura media attesa 3C. Può essere utilizzato anche per misurare il tempo freddo cumulativa per un periodo. Pertanto, se la temperatura stagionale normale per un mese è 18C e la temperatura media effettiva attraverso il mese dovrebbe essere 8C, il mese sarà 10 x 30 300 gradi giorno freddo del normale. Consegnato Un termine usato principalmente nei contratti di trasporto di GNL per un accordo in base al quale il venditore è responsabile per l'organizzazione e pagare per la spedizione del gas, e il titolo passa al porto di consegna. In generale, i rischi sono maggiori venditori in una transazione consegnato perché l'acquirente paga solo per il qualityquantity sbarcati, e il gas di evaporazione è responsabilità venditori. Il venditore è responsabile di distanza attraverso la dogana e il pagamento di tutti i dazi meno che il contratto non disponga altrimenti. Un nome alternativo per un contratto Consegnato è franco nave. Molto simile a Consegnato è il costo, assicurazione e nolo (CIF). Si tratta di un accordo in base al quale le organizza venditore e paga per il trasporto e l'assicurazione, come per un contratto Consegnato, ma il rischio e il titolo vengono trasferiti dal venditore al compratore in un modo definito nel contratto (ad esempio, al momento della spedizione o consegna della polizza di carico per l'acquirente). CIF e consegnati sono spesso, ma erroneamente, trattati come se fossero identiche in quanto i costi per il venditore sono gli stessi. Nell'ambito di un contratto CIF, però, il venditore può evitare di essere in possesso del carico all'interno della giurisdizione del governo countrys acquirente. Questo può essere importante per ragioni fiscali o legali. Il terzo accordo spesso incontrato nella spedizione di GNL è libero a bordo (FOB), che viene utilizzato per indicare le consegne in cui l'acquirente organizza per la spedizione e vi è una consegna e il cambiamento del titolo al momento il carico viene caricato nel nave nel porto di carico. La domanda pagare un canone mensile o annuale pagato da un acquirente per un candidato, di picco riservato o per il volume di picco effettivo del gas preso in un'ora o un giorno in un dato periodo. Così una tipica espressione potrebbe essere dollari per mille piedi cubici di picco portata oraria al mese. Spesso usato in modo intercambiabile con Charge Capacity anche se può sostenere che in stretta domanda logica carica dovrebbe applicarsi a una vendita di gas e di carica capacità di un accordo di trasporto. Depletion Contract A depletion contract is a production sales contract in which the sale volumes are essentially governed by the performance characteristics of the particular gas field. A build-up pattern, an expected Plateau and a method for determining decline volumes will be defined initially, but may be amended as the production capabilities of the field are better understood through operating experience. The buyer thus assumes a large share of the production risks. See also Dedication Contract and Supply Contract. Depletion Drive Reservoir A gas Reservoir from which gas is recovered by expansion as the gas pressure falls with the production of gas originally in place. The reservoir can therefore be treated as if it were a closed tank. Recovery factors of up to 90 of the gas in place can be achieved. In such reservoirs there is no Water Drive. Deregulation Deregulation is the reduction in the role of regulatory bodies usually associated with an increase in open competition, and achieved by the simplification of the regulatory framework. Deregulation should not be confused with Liberalisation which may require the introduction of transparent regulatory processes. Derivatives Derivatives are financial instruments ultimately based on trading a physical commodity, including gas and other forms of energy. See also Futures . Swap. Dew Point The temperatures below which either hydrocarbons (hydrocarbon dew point) or water (water dew point) will start to condense out of a given gas stream. Condensation reduces the accuracy of metering and creates the nuisance of liquid slugs in pipelines, which will need to be cleared out periodically by passing a Pig though the pipeline. In addition, water may react with carbon dioxide or hydrogen sulphide in the gas stream to form acids, and with methane itself, under appropriate conditions, to form Hydrates . Therefore, at the Treatment stage, water is normally removed from the gas stream to reduce the Dew Point to somewhere around -10C at standard pipeline pressures. Distribution The final phase in the transportation of gas (and electricity) and its sale to end consumers through medium-sized pipelines and small diameter low pressure Reticulation grids. Diurnal Storage Literally, daily storage. The short-term or peak storage of gas in pipelines or gas holders, to meet local, within-day fluctuations in demand, as opposed to seasonal storage. Diversity Factor The ratio of the sum of the individual maximum demands of several consumers or loads, to their simultaneous maximum demand. Usually less than 1 to reflect that not all customers are expected to take their maximum demands simultaneously. See also Load Factor. Downstream Those activities in the gas chain closest to final customers. See Upstream. Downward Quantity Tolerance (DQT) The Downward Quantity Tolerance (DQT) is the amount by which a buyer may fall short of its full Annual Contract Quantity in a Take or Pay gas sales contract without incurring sanctions. If there is no provision requiring the buyer to take supplementary volumes in subsequent years to make good for the deficiency, the Annual Contract Quantity becomes in effect the ACQ minus the DQT. See also Make Good and Make Up. Dry Gas An alternative name for Lean Gas . It does not mean free of water, though in some cases it may be. Dry Gas Field A reservoir which will yield drylean gas and very small quantities of Condensate typically less than 10 barrels per million cubic feet. This is equivalent to 350 barrelsMMcm or 60 cubic metres oilMMcm gas assuming 0.159 barrelscubic metre. Dry Hole . A borehole that cannot produce commercial volumes of oil or gas. Conventionally the term Well is restricted to a borehole that can produce oil or gas. EFET The European Federation of Energy Traders. A pressure group of European energy trading companies dedicated to stimulating and promoting energy trading. Efficiency Efficiency, or Heat Efficiency, is the ratio of energy output to energy input in a process. One of the most frequently encountered uses of this ratio in the gas industry is in the use of gas for power generation, where the electricity send out is expressed as a percentage of the gas consumed, measured on the basis of a common unit e. g. kWh. Care needs to be taken to distinguish between net and gross efficiency. See also Gross Calorific Value . Net Calorific Value. End user The consumer of gas, in the residential, commercial or industrial sector. The final player in the gas chain. Entry-Exit An Entry-Exit System is one where a gas shipper is charged an entry price for putting gas into a transmission or distribution network at a defined entry point, and an exit price for removing the gas at a defined exit point. The prices can reflect congestion at entry and exit points, but are the same for any user. The system may be contrasted with point to point systems, where transportation charges depend on the actual or theoretical distance travelled by each consignment of gas. Entry-Exit is strongly favoured by the EU as a means of promoting gas liberalisation. ERGEG The European Regulators Group for Electricity and Gas. ERGEG is the European Commissions formal advisory group of energy regulators. ERGEG was established by the European Commission, in November 2003, to assist the Commission in creating a single-EU market for electricity and gas. ERGEGs members are the heads of the national energy regulatory authorities in the EU Member States. Ethane Ethane (C2H6, often abbreviated to C2 in non technical usage) is one of the main constituent elements of natural gas along with methane. Boils at -84.4C. At normal temperatures it is a dry, colourless and odourless gas. A feedstock for ethylene production. Ethylene Also known as Ethene. A colourless gas (C2H4) produced by cracking Hydrocarbons such as Ethane or naphtha and used as a feedstock for petrochemicals, such as fibres and many plastics. Boils at -103.7C. EU ETS The European Union Emission Trading System. The largest multi-national, emissions trading scheme in the world, and a major pillar of EU climate policy. Excess Gas Excess Gas is either: a) Gas taken at a rate in excess of the Daily Delivery Rate at a premium price or b) Gas taken in excess of the Annual Contract Quantity . Depending on the terms of the contract and the status of deliveries such gas may qualify as Carry Forward . Make Good or Make Up gas. Federal Energy Regulatory Commission (FERC) A US federal government agency whose responsibilities include regulating the interstate gas industry. Has no jurisdiction over gas pipeline and supply where the trade is entirely within individual states. Feedstock Hydrocarbons used as raw material in an industrial process, not as a fuel. The principal uses of natural gas as a feedstock are in the manufacture of ammonia and ammonia-based fertilisers and methanol. A potential major market is the use of gas to make synthetic oil products such as motor gasoline and middle distillates (see Gas to Liquid ). May also be used to denote the feedstock used to produce electricity, but statistical summaries of gas consumption normally distinguish this use from chemical feedstock uses. See also Middle Distillate Synthesis. Field Appraisal The process of quantifying reserve levels and production potential of a newly discovered petroleum (oil andor gas) reservoir, usually by drilling one or more delineation or appraisal wells. Firm Gas Gas which a supplier commits to supply to a purchaser under terms defined in the contract, without interruption. See also: Interruptible Gas. Fischer-Tropsch Process A chemical process to convert Synthesis Gas to paraffins by polymerization. Originally developed in the early 20th Century to make gasoline from coal. Recent research has identified catalysts which greatly increase the efficiency of the process by creating very long waxy products, which can then be turned into very high quality liquid fuels by conventional cracking. See Middle Distillate Synthesis. Flammability Limits The minimum and maximum percentages of gas in air within which the gas will ignite. For natural gas these limits lie approximately between 5 and 15. Flaring The process of burning unwanted natural gas or oil. In the case of gas, usually occurs when it is associated with oil and cannot be economically exploited or re-injected. Now less prevalent, as governments seek to profit from the increased value of gas and reduce the advert environmental impact of burning hudrocarbons. Floating LNG Floating LNG (FLNG) is the use of purpose built or converted ships to enable regasification of LNG (and liquefaction) to be carried out offshore. FLNG has the advantage that LNG production and importation can start more quickly than could happen onshore, where lead times are often lengthened by the local approval process. It also enables the processes to move location to satisfy short term demand. Force Majeure A contractual term used to define circumstances in which a party to a contract is not obliged to carry out its obligations because of major events outside its control. Force Majeure can mean very different things, depending upon the law under which the contract is written and the provisions of the clause, which can vary widely. Examples of force majeure could be war, extreme weather, industrial action. Forward Trading Buying and selling gas (and other commodities) to be delivered at a later date, not under a long term contract. See Futures . Fuel Cell Equipment used to generate electric energy directly from the reaction of hydrogen and oxygen in the presence of a catalyst, without combustion. Natural gas can be used as a feedstock from which to obtain the hydrogen. Carbon dioxide will then be produced in the reformation process. Fuel Gas Gaseous fuels, in particular low pressure natural gas used to fuel production or treatment facilities. Futures A future is a contract to buy or sell a specified quantity of gas (or any other commodity) for a specified price on a pre-arranged date. The contract is usually of standard form and can itself be traded at an exchange such as NYMEX or the IPE . Gas:Oil Ratio . The gas:oil ratio is the relationship between the volume of gas produced at atmospheric pressure and the volume of oil produced in a given field. This volume will normally vary considerably over the life of the field. May be expressed as a simple volumetric ratio e. g. 500:1 or as cu ftBarrel. See also Solution Gas. Gas and Electricity Markets Authority (GEMA) The body which determines strategy and takes major policy decisions for Great Britains gas and electricity regulation. Day to day management of policy, resources and operational issues is carried out by the Office of Gas and Electricity Markets ( OFGEM ). Gas Cap In a field where oil is saturated with gas, so that it can dissolve no more, some gas will collect at the top of the reservoir, where it is known as cap gas, and forms a gas cap. Cap Gas overlies the oil and thus provides additional pressure for oil production, but will therefore often be produced only after all the oil has been produced and will then be treated as Non Associated Gas . Unlike Solution Gas . it is not commingled with the oil. Gas Condensate Field A field consisting of one or more reservoirs containing a mixture of gases at reservoir temperature and pressure, but which at normal temperature and pressure separates out into natural gas and Condensates . A gas condensate field is richer in liquids than a Dry Gas field but there is no precise point at which one becomes the other. Sometimes a reservoir will be produced primarily to obtain the condensate the gas may be re-injected, used as a secondary product, e. g. for LNG production or, particularly in areas remote from the market, flared. The liquid in a gas condensate field is often more valuable than the gas. See also Gas Cycling . Gas Condensate Ratio The ratio of gas to condensate in a gascondensate reservoir, usually expressed in practice as the ratio of Condensate to gas. Typical units are barrels of condensate per million cubic feet of gas. Gas Cycling or Re-Cycling A process in which produced gas is re-injected into the reservoir after removal of the condensate. This is to maintain the reservoir pressure and prevent Condensate from condensing in the reservoir and then becoming difficult to recover. This contrasts with Blowing Down the gas condensate field. Gas Day A period of 24 hours starting and ending at a stated time (often 0600 hours). Gas Detector An instrument used to detect the presence of various gases, often as a safety precaution to guard against leakage of flammable or toxic gases. Gas Gathering System A gas gathering system is a network of pipelines from a number of fields, collecting gas and bringing it to a central point, often a processing system or the inlet to a major transportation pipeline. Sometimes built where individual fields are not big enough to justify investment in separate pipelines and processing plant. Gas Grid A gas grid or network is a connected set of pipelines for the transmission and distribution of gas in a region or country to industrial, commercial and domestic users. See Reticulation. Gas Holder Over ground structure used to hold gas for within-day Peak Shaving purposes in urban areas. Gas holders are relics of the manufactured gas era and are steadily disappearing, their function being largely usurped by Line Pack. Gas Lift Injection of gas into an oil reservoir in order to mix gas with oil, reduce the fluid density and so assist oil flow. Gas Marketer A company that supplies gas to end users. See also Shippers . and Local Distribution Companies . Marketers are also major users of transportation capacity. Gas Processing The separation of oil and gas, and the removal of impurities and natural gas liquids from natural gas to meet the delivery Specification of a gas transportation pipeline. Gas Supplier A company that sells gas to the end consumer (UK). Gas to Liquid Gas to Liquid GTL processes convert natural gas into Synthetic Gasoline or Middle Distillates . using the Fischer Tropsch synthesis method. Increasingly relevant where gas is found in fields remote from markets such that delivery by pipeline is likely to be uneconomic. Gas Turbine A turbine propelled by the expansion of compressed air, heated by the combustion of a fuel such as natural gas or gas oil. Widely used for power generation. See Combined Cycle Gas Turbine. Gas Well A borehole sunk into the ground with the objective of bringing natural gas to the surface. GNL The French language acronym for LNG . stands for Gaz Natural Liquifi. Greenfield Often used to refer to a planned development which must be built from scratch on a new site, hence green field, without existing infrastructure. Gross Calorific Value (GCV) The heat generated by the complete combustion of a unit volume of gas in oxygen, including the heat which would be recovered by condensing the water vapour formed. The preferred value for expressing gas calorific quality in gas contracts. Also known as Gross Heating Value, Higher Calorific Value (HCV) or Higher Heating Value (HHV). See also Net Calorific Value. Heads of Agreement A non-binding statement of the main elements of a proposed agreement. See Memorandum of Intent (MOI). Heel LNG LNG left in ship and shore storage tanks to maintain their cryogenic temperatures. Henry Hub Henry Hub is the largest centralized point for natural gas spot and futures trading in the United States. The New York Mercantile Exchange (NYMEX) uses Henry Hub as the notional point of delivery for its natural gas futures contract. NYMEX deliveries at Henry Hub are treated in the same way as cash-market transactions. Many natural gas marketers also use Henry Hub as their physical contract delivery point or their price benchmark for spot trades of natural gas. Henry Hub is owned and operated by Sabine Pipe Line, LLC, which is a wholly owned subsidiary of ChevronTexaco. Henry Hub is based on the physical interconnection of nine interstate and four intrastate pipelines in Louisiana. Hexane A colourless gas (C9H14) naturally occurring in gas fields and normally left as part of the Condensate stream after separation. Boils at -69C. High Sulphur Fuel Oil (HSFO) The bottom of the oil barrel. The lowest priced oil product now, for environmental reasons, often banned or only allowed to be used where rigorous control of emissions is practiced. In some countries with developing gas-to-oil competition it may represent the marker for power station fuel. Hourly Peak The maximum volume of gas delivered or demanded in any one hour during a given period (usually 24 hours). Hub A term, met most frequently in the U. S. but also now used in Europe, for a geographical point at which several pipelines meet, storage is often available, and opportunities for gas trading can be exploited. There are many hubs in the U. S. of which the most important is Henry Hub . In Europe the largest hub is the National Balancing Point in the UK. Hydrates Ice-like solids in which methane molecules are held within the molecular spaces of the water molecule. Can form in pipelines and wells under certain conditions of near freezing temperatures and high pressures. Their formation is averted by ensuring that water vapour levels in the gas are kept below specified levels. See also Treatment . Dew Point . Hydrates are found naturally beneath the ocean at depths greater than 300m in many areas, where they are estimated to have locked up many trillions of cubic metres of methane. There is speculation that these hydrates may provide a commercial resource in the future. Hydrates have also been proposed as a means of transporting natural gas by sea, possibly competing with LNG. Hydrocarbon An organic compound containing only the elements hydrogen and carbon. Hydrocarbons exist as solids, liquids and gases. Impurities At the wellhead, natural gas will probably contain methane and various heavier fractions. It may also contain a number of non-hydrocarbons, some or all of which will need to be removed. There may also be substances introduced into the well as a result of drilling operations, such as inhibitors, mud etc. The principal harmful impurities in the gas itself are likely to be carbon dioxide and sulphur compounds, notably hydrogen sulphide, which can create corrosion in the pipelines in the presence of water and can seriously damage chemical plant units built of aluminium. Hydrogen Sulphide is also extremely toxic. Excessive water vapour can lead to the formation of acids and Hydrates . Some impurities, such as sulphur or helium, can be recovered economically as by-products if in sufficient concentration in the gas. Other impurities, such as inert gases and nitrogen cause no directly harmful effects but dilute the Calorific Value of the gas and mean that pipeline capacity is being wasted. Whether or not they should be removed is simply a question of economics. See also Treatment . Natural Gas Liquids . Condensates. Independent Power Plant (IPP) An IPP is an electric power generation plant owned and operated independently of the major national or regional entity, producing electricity for an industrial complex andor for sale to the electricity grid. Inert Gas: A chemically inert gas, resistant to chemical reactions with other substances. Integrated Gasification Combined Cycle (IGCC) A means of generating electricity from coal and other low grade hydrocarbons by gasifying them at the electricity generation site thereby gaining some of the efficiency of Combined Cycle Gas Turbine generation. While the chemical amp engineering principles are well understood it has yet to be demonstrated as a commercial proposition. International Energy Agency A Paris-based organisation which co-ordinates the energy policies of its member countries. The IEA also compiles detailed energy statistics and country reports, including countries outside the organisation itself. An autonomous wing of the Organisation for Economic Co-operation and Development (OECD). International Gas Union The International Gas Union (IGU) was founded in 1931. A worldwide non-profit organisation of national gas industry associations whose objective is to promote the technical and economic progress of the gas industry. Organises the triennial World Gas Conference. International Petroleum Exchange The IPEis an energy futures and options exchange based in London. Gasoil futures have been traded since 1981, Brent crude futures from 1988, and natural gas futures since 1997. Absorbed into ICE, the InterContinental Exchange in 2005. See also New York Mercantile Exchange. Interruptible Gas Gas made available under agreements permitting the supplier to terminate, or interrupt deliveries, usually for a limited number of days in a specific period. Usually sold at a reduced price and used to boost salestransportation in slack seasons (normally the summer). Important in load balancing because (by reducing gas demand) it is an alternative to using stored gas. The converse of Interruptible Gas is Firm Gas. Into Plant Price (IPP) The price charged for gas at its entry to the plant. Joint And Several A contract term relating to responsibilities under a contract, usually for payment, often misunderstood. Where, for example, there are several buyers in one contract, a joint responsibility does not mean an equal or pro rata responsibility. It means that if one buyer defaults on its liabilities the other buyers will be liable to make good that default. Where responsibilities are several, each party is responsible only for its own default. Kyoto Japanese city which was the location for an international agreement on the need to reduce the level of emissions of greenhouse gases into the Earths atmosphere. Lean Gas Lean gas is gas high in methane content (typically 95 or more) and with few higher fractions. Hence of relatively low Calorific Value . Also known as Dry gas. The converse of Rich Gas. Liberalisation A term often confused with Deregulation but often meaning quite the reverse. Liberalisation is the process of freeing a market from what are perceived as undue monopolistic forces, to achieve which a high degree of regulation may be required, at least in early years. Limited Access Limited Access refers to a gas distribution system in which the host pipeline owner moves its own merchant gas under different rules to those applying to outsiders contracting for spare capacity. The system applies to local distribution companies and intrastate pipelines in the US and is analogous to but not identical with Negotiated Access . See also Common Carriage. Limited Liability A provision in very large gas contracts under which limits are set to the amounts payable by a defaulting party in a contract. Line Pack Line pack is a procedure for allowing more gas to enter a pipeline than is being withdrawn, thus increasing the pressure, packing more gas into the system, and effectively creating storage. The packed gas can subsequently be withdrawn when needed. A useful method of meeting short term (hourly or diurnal) peak demand requirements. In some areas, where there is a particularly high peak demand, a series of additional pipeline loops may be laid near the entry to a network to provide additional line pack. Such systems are effectively a modern version of the traditional Gas Holder. Liquid Market A trading market characterised by the ability to buy and sell with relative ease, usually because there are many buyers and sellers. Liquefied Petroleum Gas Liquefied Petroleum Gas (LPG) is Propane . Butane . or propane-butane mixtures which have been liquefied through pressure, mild refrigeration, or a combination of both. Usually a derivative of refinery operations but often stripped out of natural gas streams, if rich enough. Conventionally sold in steel containers as Bottle Gas . Not to be confused with LNG. LNG (Liquefied Natural Gas) LNG is Natural Gas which has been cooled to a temperature, around the boiling point of methane (-162C), at which it liquefies, thus reducing its volume by a factor of around 600. The exact boiling of any gas mixture and the reduction in volume will depend on its composition. The process of Liquefaction is carried out in a liquefaction plant. Mostly these are very large scale plants built for projects transporting gas by sea, but in many countries small LNG plants have been built to liquefy gas during the seasons of low demand to provide Peak Shaving when required. LNG Plants consist of one or more LNG Trains, each of which is an independent gas liquefaction unit. It is more cost effective to add a train to an existing LNG plant, than to build a new LNG plant, because infrastructure built for early trains, such as ship terminals and other utilities, may be capable of being used or expanded for new LNG trains. The term Train is sometimes extended loosely to embrace the relevant shipping, storage and other facilities required to bring the resultant LNG to market. Liquefied gas is transported and stored as a boiling liquid under slight positive pressure until required for use, when it is warmed and allowed to re-gasify. In the case of Peak Shaving, the gas will normally be regasified at the plant itself or possibly transported for short distances by road, but large scale transportation is by sea, in specially designed insulated LNG vessels and delivered to LNG terminals, which have the requisite facilities for storage and regasification - the process by which LNG is warmed, usually through a heat exchanger, in order to become once more gaseous before emission into the Gas Grid. Load Duration Curve A visual and statistical expression of a number of (daily) demands over a long period, most often a year. Demands are normally ordered with the highest to the left and the lowest to the right, so that the horizontal scale bears no relation to calendar timing. Can be used, among other things, to measure volumes of demand (or supply) above a given threshold. The area beneath the curve and between horizontal thresholds represents the volume required to supply a particular market segment. The approach is used in both electricity and gas industries. Load Factor A measure of utilization for plant, or of the relationship between average and peak demand or supply, as determined by the formula: Average x 100 Peak. For supply and demand calculations average and peak most often refer to daily demand within a year, but any other periods are possible. The resulting figure is usually expressed as a percentage but, where the period covered is a year, the percentage is sometimes multiplied by 8760, so that the load factor is expressed as a number of hours. Thus a 50 Load Factor can also be expressed as 4380 hours. See also Swing. Local Distribution Company (LDC) A company that distributes natural gas primarily to small, residential and industrial end-users. Looping Increasing the capacity of a pipeline system, by adding parallel piping along part or whole of the route. Does not apply to the addition of compression facilities. Low Sulphur Fuel Oil (LSFO) Fuel oil with a low sulphur content. Usually less dense than High Sulphur Fuel Oil . In new markets with gas-to-oil competition this often represents the marker fuel for large segments of the industrial market. Madrid Forum The Madrid Fotum, otherwise known as the European Gas Regulatory Forum, set up to discuss issues regarding the creation of a true internal European gas market. The participants include national regulatory authorities, Member State governments, the European Commission, transmission system operators, gas suppliers and traders, consumers, network users, and gas exchanges. Make Good Make Good Gas is gas which a buyer must take in a later year because it has failed to take its full Annual Contract Quantity obligation in an earlier year, but has not used its full Downward Quantity Tolerance . It must nevertheless take excess gas in subsequent years to make good its deficiency, before it is entitled to claim any Make Up Gas to which it is entitled through shortfalls greater than the Downward Quantity Tolerance. Make Up Make Up Gas is gas for which a buyer has paid under Take or Pay obligations but not taken, and may have rights to receive in subsequent years for no further charge or at reduced prices after it has taken gas in excess of an agreed threshold volume. This is commonly the Annual Contract Quantity but may, for example, be ACQ minus Downward Quantity Tolerance . Make up gas should not be confused with Make Good Gas. Memorandum of Intent (MOI) Also known as Confirmation of Intent and Letter of Intent. A half way house to the signing of a full contract. Its legal status is rather unclear and its value lies largely in how it is viewed by the parties concerned. It will normally be a fairly brief document setting out the principal framework of the contract and specifying a date by which it is expected that a full contract will be completed. An MOI will often have a relatively brief validity, but in some cases they have served to govern active operations over a period of years. Also known as a Memorandum of Understanding (MoU) and Heads of Agreement (HoA). Merchant Pipeline A pipeline system which itself buys and sells part or all of the gas it transports, in contrast to a pipeline which simply carries gas on behalf of others. See also Open Access . Negotiated Access . Common Carriage. Meter Measuring devise, usually located at a point where ownership is transferred, for example at the entry to a customers premises, city gate, national border or gas processing plant. Note that to determine the energy content of the gas it will be necessary to monitor the composition amp hence calorific value of the gas. This is done at high pressure meter stations but not normally downstream of a city gate. Depending on the size of flow, meters may be: Flow meters, measuring gas throughput using a rotor which is made to revolve by the gas flowing through them Ultrasound meters, more sophisticated, based on the principle that sound waves travel faster with than against the flow. By measuring the difference in travelling time between the two sets of measurements the gas flow rate can be measured to an accuracy of more than 0.5 Orifice plate meters, older, and less accurate than other meters. Calculate flow rates by measuring the drop in pressure over a pierced obstructing plate placed in the pipeline. See also Telemetry. Methane A colourless, odourless flammable gas, lighter than air under normal conditions (CH4, often abbreviated to C1 in non technical usage). Methane is the first member in the alkane (paraffin) series and is the chief constituent of Natural Gas . At atmospheric pressure, it liquefies at -162C. Methanol Methyl alcohol, produced from natural gas via Synthesis Gas . Used as a chemical in the resin and paint industry and in the manufacture of Methyl Tertiary Butyl Ether, (MTBE) and acetic acid, but also of interest as a possible total or partial substitute for motor gasoline in cars. Very toxic. Middle Distillate Synthesis (MDS) A chemical process using the Fischer-Tropsch synthesis method for making synthetic middle distillates (principally naphtha, kerosene and gas oil) from natural gas. Midstream Those activities in the gas chain concerned with moving gas between the source and local distribution. See Upstream. National Balancing Point (NBP) The NBP is an imaginary (notional, or virtual) point at which all gas that has paid the entry charge to enter the UK National Transmission System is deemed to be located. The point at which most UK gas trading takes place, and the largest gas hub in Europe. See Entry Exit. Natural Gas Natural gas (NG) is a mixture of generally gaseous hydrocarbons occurring naturally in underground structures. Natural gas consists mainly of Methane and variable proportions of Ethane . Propane and Butane . There will usually be some condensate andor oil associated with the gas. More specifically, the term is also used to mean treated natural gas which is supplied to industrial, commercial and domestic users and meeting a specified quality. Natural Gas Act (NGA) Seminal example of deregulation liberalisation in the USA. Natural Gas Liquids (NGLs) Heavier hydrocarbons found in natural gas production streams and extracted for disposal separately. Within defined limits ethane, propane and butane may be left in the gas to enrich the Calorific Value . Whether to extract them or not is largely a commercial decision. Heavier fractions which are liquids at normal temperatures and pressures will be removed. The terms Natural Gas Liquids and Condensates are in practice used virtually interchangeably. Rather confusingly, there is no agreement on whether the term NGLs includes or excludes LPGs and both usages are current. Natural Gasoline Butanes and heavier fractions extracted from rich natural gas which, after stabilisation (removal of the lighter fractions) may be blended into motor gasoline. Negotiated Access Negotiated Access is a restricted form of Third Party Access, which excludes the requirement for the access terms to be transparent or applied equally to all applicants. It has been proposed in the European Union as a compromise by opponents of Open Access. Sometimes abbreviated to nTPA. Broadly defines access by one party to another partys facilities through negotiation, the result of which is, by implication, confidential, and not necessarily consistent with negotiations between the facility owner and other parties. See also Access . and Limited Access. Net Calorific Value, (NCV) The heat generated by the complete combustion of a unit volume of gas in oxygen, excluding the heat which would be recovered by condensing the water vapour formed. Net Calorific Value is usually seen as a measure of the effective heat produced rather than the total heat in the gas. Also known as Lower Calorific Value or Lower Heating Value. For natural gas, typically 10 lower than the GHV or HHV. See also Gross Calorific Value. Netback The price or value of a gas, at e. g. the border or the wellhead, calculated by deducting the costs associated with getting it from that point to the eventual point of sale from its competitive value at that point of sale. Used to estimate the comparative value of selling gas to various markets, and the worth of producing gas at all. Network Code A detailed contractual regime governing access to a gas grid. Network Codes exist or are being developed in several countries, especially in Europe. In North America the rules of the system are referred to as The Tariff. In particular, the contractual regime for the gas grid in Great Britain operated by National Grid. It is continually amended through rules approved by the GB energy regulator, ( Ofgem ). See also Tariff and Rates. New York Mercantile Exchange (Nymex) The worlds largest physical commodity futures exchange. Has existed for 130 years and pioneered the development of energy futures and options contracts in the 1970s. Nitrogen Oxides Oxides of Nitrogen (NOx) resulting from the combustion of fuels, causing atmospheric pollution in the form of smog. Non Associated Gas Non-Associated is gas found in a reservoir which contains no crude oil, and can therefore be produced in patterns best suited to its own operational and market requirements. See also Associated Gas. Odorants Strong smelling chemicals injected into natural gas, which otherwise is odourless, in order to make its presence more easily detectable. See Mercaptans. Odorisation The process of giving odourless natural gas a smell for safety reasons by injecting small quantities of organic sulphur compounds, such as Mercaptans . typically at the rate of 30 ppm. Usually carried out at the city gate or at the exit from the high pressure transmission system. OFGEM Office of Gas and Electricity Markets, (OFGEM) The regulator for the gas and electricity industries in Great Britain. Governed by the Gas and Electricity Markets Authority . Its powers are provided by the Gas Act 1986, the Electricity Act 1989 and the Utilities Act 2000. Successor organisation to OFGAS and OFFER, the former separate Gas and Electricity Regulators. Offtake Point The point in a gas system where gas is taken by supply pipe to a consumer. Oil Gasification The conversion of oil or naphtha into gas to be used as a fuel. See also Manufactured Gas. On the day Commodity Market (OCM) System of within-day gas trading introduced into Great Britain in 1999. A screen-based system designed to allow shippers, traders and the system operator (then Transco, now National Grid) to resolve within-day demand and supply imbalances in an orderly fashion. Open Access A system offering all applicants access to specified infrastructure. See Common Carriage. Open Cycle Gas Turbine (OCGT) A gas turbine, often derived from aero-engines, used for peak generation of electricity. Also used in conjunction with a steam turbine in a combined cycle power plant. When only the gas turbine is used it may be termed single cycle. Open Season A procedure for demonstrating to a regulator that capacity is offered on a transparent basis. It is used principally where pipelines are required by regulation to offer only transportation services, for example in North America and the Southern Cone of South America. It is also being used elsewhere as a means of gathering information about potential interest in a pipeline. LNG, storage etc project to help the sponsors decide how and when to size the project. Off-Peak The period during a day, week, month or year when the load being delivered by a gas system is not at its maximum volume. Over the Counter Trading (OTC) Trading that takes place outside a formal Exchange. Peak Day The day in the year on which the demand for gas is highest. In temperate areas this is normally a cold day in mid winter. In warmer areas it may occur midsummer, when there is a high air conditioning load met either directly by gas or by gas-fired power. A crucial indicator in planning and sizing gas infrastructure. Peak Hour The hour in the day in which demand for gas is highest. Chiefly relevant to distribution systems. Is normally around the midday or evening meal time Peak Load The maximum load produced or consumed by a unit in a stated period of time. In some tariff systems it is an important component of the tariff design, since it defines the capacity that is booked in the gas delivery system and must be paid whether or not used. Peak Shaving Peak shaving is a means of reducing the Peak Load on the gas transportation and supply system by supplying some gas from sources at or close to the point of ultimate consumption, thus improving the average Load Factor . Peak shaving may be daily or seasonal and will be handled in a variety of ways: - Underground storage . peak shaving LNG plants, Line Pack . Gas Holders . propane-air plant and, occasionally, special peak shaving supply contracts. A non-storage alternative to peak shaving is to interrupt I nterruptible Gas supplies. Permeability A measure of the ease with which liquids or gas flow through a reservoir rock. Compare this with Porosity . Gas will flow more easily than oil, and so can be recovered from rocks with lower permeability. Permeability is measured in Darcies. Gas reservoirs may have permeabilities of only a few millidarcies. Petrochemical An intermediate chemical derived from petroleum, hydrocarbon liquids, or natural gas, such as ethylene, propylene, benzene, toluene, and xylene. Pig Equipment used to clean or flush out liquids and other accumulated and unwanted items from the inside of an oil or gas pipeline. It is inserted into the pipeline and carried along by the flow of oil or gas. An intelligent pig includes measuring and sensing equipment which can be used to inspect a pipeline internally, which is useful after it has been buried underground Pipeline A tube for the transportation of crude oil or natural gas between two points, either offshore or onshore. Pipeline Capacity The amount of oil or gas that can be passed through a pipeline over a given period of time. Plateau In long term gas contracts the period of years for which the Annual Contract Quantity remains flat. The Plateau will normally be preceded by a build up period, during which the volumes increase and, in the case of a Depletion Contract will be followed by a period of decline until further production is no longer economic. Porosity The proportion of a rock volume (expressed as a percentage) that is occupied by the voids between mineral grains. Used to help estimate the volume of hydrocarbons in a field. Compare this with P ermeability . Power Purchase Agreement (PPA) A contract between a power station and the electricity purchasing organisation for the sale of electricity. Primary Energy The gross amount of energy used, measured in the quantities of the original fuel produced (e. g. crude oil) before conversion to other forms (e. g. refined petroleum products or electricity). Thus hydroelectric power and nuclear power are Primary, but power from generating stations consuming fossil fuels is not. Production Sharing Agreement (PSA) An agreement between an international producing company and a host government or state oil company under which the international company acts as risk-taking contractor investing in exploration andor production facilities in return for the right to export or sell a quantity of gas or oil that may be produced from the Concession or Block . Sometimes known as a Production Sharing Contract. The terms are interchangeable and the use of one or the other depends on the country. Profit Gas Frequently used to signify the gas received by a Contractor in a Production Sharing Agreement to provide the profit in the operation. Normally the Contractor will receive Cost Gas to cover its costs and, after other minor provisions, the remaining gas will be split with the host government in agreed proportions. In some countries profit gas is also subject to income tax, in other jurisdictions the State Oil Company is assumed to pay the income tax liability of the contractor. The proportion of profit gas is adjusted depending on local practice. May be used to signify the totality of gas remaining after Cost Gas, Royalty and similar items, including therefore both the Governments and the Contractors shares. Project Financing A method of financing in which the lender makes loans directly to a project and may claim repayment only out of that project. In theory, the lender has no recourse to the project sponsors other assets (non-recourse financing) but in practice this is rare. More commonly the extent of the sponsors liability is strictly defined (limited recourse financing). Propane A member of the alkane (paraffin) group of hydrocarbons with three carbon atoms in its molecule ( C3H8, often abbreviated to C3 in non technical usage). A frequent component of natural gas, also sold as a form of Bottled Gas . Liquefies at -42C. Proven Reserves Those quantities of petroleum which, by analysis of geological and engineering data, can be estimated with reasonable certainty to be commercially recoverable, from a given date forward, from known reservoirs and under current economic conditions, operating methods, and government regulations. Proven (proved) reserves can be categorised as developed or undeveloped. Where probabilistic methods have been used to estimate reserves, proven reserves are those with a better than 90 chance of being economically recoverable. Sometimes abbreviated as P90. Reserves with a greater than 50 chance but less than 90 chance are defined as Probable, or P50. Reserves with a greater than 10 chance but less than 50 chance are Possible or P10. Reserves may be classified as proved, if facilities to process and transport them to market are operational at the time of the estimate or there is a reasonable expectation that such facilities will be installed. Reasonable expectation is usually taken to mean that a developer has taken the decision to build the necessary facilities and the development plan has been approved by the relevant authorities. Thus large resources, such as those known to exist in North Alaska, are not classified as proven because there is no route to market. Different countries have adopted many different definitions of reserves, but gas contracts often refer to the Society of Petroleum Engineers (SPE) definitions. These and similar definitions from the World Petroleum Council were harmonised in 1997. Public Service Obligation A Public Service Obligation (PSO) is a requirement imposed by government on a company or companies to provide services which might not otherwise be profitable but are judged to be in the public interest. These could, for instance, include supplying gas to small or poor consumers, ensuring that appliances and other infrastructure is operating efficiently and safely, and ensuring that there are sufficient back-up gas supplies to cover emergency interruptions in supply. Public Utility Commission (PUC) State commissions in the USA responsible for regulating gas, and other utilities that operate within the boundaries of the state. See Regulation. Ramping Rate The rate at which the level of production can be increased after a partial or complete interruption. Rates North American term for the charges for the use of pipeline and storage capacity, referred to in other parts of the English-speaking world as Tariff. The North American definition of Tariff is more nearly equivalent to Network Code. Raw Natural Gas Natural gas still containing impurities and unwanted substances, such as water, nitrogen, carbon dioxide, hydrogen sulphide gas and helium. See also Impurities . Treatment. Recovery Factor The percentage of gas or oil in place in the reservoir which can be economically recovered. Gas Recovery factors may be around 60-70 in reservoirs with water drive from an Aquifer and up to 90 in Depletion Drive Reservoirs. Regasification The reconversion of LNG into gas suitable for pipeline transportation. See LNG. Regulated Access Access to infrastructure under terms and conditions set by or agreed with a Regulator . Such access will usually be open to all qualifying customers. See Common Carriage. Regulator (1) A mechanical device for controlling the pressure of gas within acceptable limits. Typically installed when has enters a low pressure distribution system for final use by small customers. (2) The person or body appointed to oversee the operation of the regulated parts of a gas industry. See Regulation. Regulation Regulation is a substitute for free market operation typically, in the gas industry, where all or part of the operations are carried out by institutional or natural monopolies. Provides a temporary or permanent counterweight to the economic power of the monopoly. Often exercised politically by government departments, but in many countries independent regulation is thought preferable. In any case the rules governing regulation will normally have been laid down explicitly by government legislation. Regulation can be economic restricting the revenue and profits of operators - or legal policing legislation. Regulators are normally closely involved in the setting up of liberalised market systems, when they may use their central position to interpret and rule on the applicability of legislation either ex-ante or ex-post. See Common Carriage. Renewable Energy An energy form, the supply of which is partly or wholly regenerated in the course of the annual solar cycle. Thus solar and wind energy, hydropower and fuels of vegetable origin are regarded as renewable mineral fuels and nuclear power are not. Reservoir A reservoir is an accumulation of oil andor gas in a permeable and porous rock such as sandstone. A petroleum reservoir normally contains three fluids (oil, gas and water), which separate into distinct sections, owing to their varying specific gravities. Gas occupies the upper part of the reservoir as it is the lightest, oil the middle section, while water occupies the lower section. See also Permeability . Porosity . Gas Cap . Aquifer . Solution Gas . Proven Reserves. Reticulation A reticulation network is a small diameter, low pressure gas system serving residential and commercial customers. (From the Latin word reta, meaning net). See also Distribution. Retrograde Condensate A gas condensate which, in the reservoir, is close to the Dew Point of the fluid. A small reduction in pressure, by production of the field, leads to the condensation of higher hydrocarbons in the reservoir, causing a lower Recovery Factor . Royalty A tax on production volumes, often paid in kind, which is levied as a percentage of production. It is therefore not related to the profitability of the production project, merely to the volume of gas (or oil) produced. R:P Ratio The Reserves: Production Ratio is the number of years that current reserves would last at current production levels. Thus reserves of 100 divided by consumption of 20year gives an R:P ratio of 5, and implies a life of 5 years for the reserve. RPI-X A regulatory formula by which a regulated monopoly is allowed to increase its prices each year by the retail price index (RPI) minus a defined amount or percentage x (x is a variable). Gives consumers falling real prices and forces the utility to reduce costs if it is to maintain its level of profitability. Sales Gas Raw gas, after processing to remove LPG, condensate and carbon dioxide. Sales gas usually consists mainly of methane and ethane and is odorised. See Odorisation. Salt Cavity Storage The storage of gas in caverns leached out in gas-tight salt strata. Such caverns may be generated during the recovery of salt for commercial purposes, or may be purpose-built for gas storage. Scrubbing The process of purifying a gas or liquid by washing it with suitable chemicals in a contact vessel. Seal The layer of rock overlying a gas field which prevents the gas escaping from the reservoir. It is therefore of low Permeability . Salt and fine clays can provide good seal. Seasonal Normal The average (or normal) result for the time of year. Thus Seasonal Normal Temperature (SNT) is the average temperature on a calendar day, where the average has been measured over a suitably long period. Likewise Seasonal Normal Demand, Seasonal Normal Weather. SNT is an important factor in developing forecasts of gas usage. See Weather Correction. Seasonal storage Storage designed to be filled at times of low (season) demand and emptied at times of high demand, over months rather than days. Security of Supply Security of supply is a term with several meanings including: the provision of adequate infrastructure to cope with annual and peak demand the provision of sufficient gas to meet annual and peak demand ensuring that a country or area does not rely exclusively on one, or very few sources of supply. Seismic Survey A technique for establishing the presence of underground geological strata using sound waves. There are two main techniques - reflection or refraction. In the oil and gas industry by far the most common is reflection. In a reflection survey sound waves are sent into the ground and the echoes from boundaries between rock with different properties of density and sound velocity are recorded. The sound waves recorded at the surface can then be used to create maps of the rock layers in the subsurface to reduce the risk of drilling dry holes. A reflection seismic survey may be either 2D, in which the reflections are recorded along a line or 3D, in which the lines are very closely spaced to deliver a three dimensional view of the subsurface. A refraction seismic survey is a different technology in which the sound waves are refracted along rock boundaries rather than reflected from them. Send-Out The quantity of gas delivered by a plant or system during a specified period of time. Shipper A party negotiating for the transport of gas on its own behalf or as an agent for another. In liberalised markets shippers may not be allowed to operate transportation systems. Slug Catcher Plant installed in a gas pipeline system or gas processing plant to catch slugs of liquid. Usually this takes the form of a long section of pipe, inside which the pressure is allowed to drop by a controlled amount. See also Pig. Solution Gas Solution Gas, unlike Cap Gas is Associated Gas dissolved in oil. Produced inevitably with the oil and separated from it at the well-head. Solution Gas production is thus a function of oil production and of the GasOil Ratio . which changes over the life of the field. It is therefore an unreliable gas supply and difficult to market, unless the buyer or seller have large alternative sources. Has in the past largely been flared or vented but this is becoming less acceptable, largely for environmental reasons, although is still not uncommon in remoter areas. Separation is often carried out in two or three stages to maintain the gas pressure for pipelining as far as possible. Gas from the final stage separator is at low pressure and is normally used in the field or on the platform during production. The gas may be re-injected into the reservoir if it will not break through into the oil wells. Sour Gas Gas containing a high level of Carbon Dioxide or Hydrogen Sulphide, which are corrosive in the presence of water. They may therefore require drying or removal to preserve the pipeline. The converse of Sweet Gas. Spark Spread The spark spread represents the difference between the cost of fuel and the price of electric power produced. A positive spread indicates that the price of the power is higher than that of the fuel, and the spread is profitable. The spread can be calculated for any input fuel, such as natural gas, coal, or heating oil. Specification The technical description of the allowable limits of the chemical composition of gas which may be admitted into a pipeline or process. Specific Gravity The ratio of the density of gas to that of air, or the ratio of the density of a liquid to that of water, in both cases at the same temperature and pressure. Spot Trading A loose term covering the buying and selling of gas other than under a long term contract. Generally in trading parlance spot delivery means immediate delivery. Standing Charge Tariff term for a fixed charge, typically per quarter or per year, irrespective of the amount of gas actually taken. Synonymous with Connection Charge but to be distinguished from Demand Charge. Storage For natural gas storage facilities fall into several categories. Seasonal storage comprises depleted gas fields Aquifers S alt Cavity Storage mined caverns and disused mines. Peak storage includes Gas Holders . Line Pack . lengths of pipeline buried specifically for storage use, and LNG storage used either for base-load or peak-shaving duties, depending on the market. Increasingly used in liberalised markets to enable gas to be trade at any time of the year for reasons not related to peak demand. See also Peak Shaving . Straddle Plant A gas processing plant that straddles a gas transportation pipeline to remove NGLs from the gas stream. Because it is often more economic to transport Rich Gas a straddle plant is required to process the plant to final sales specification. The alternative location of a gas processing plant is close to the producing field. NGLs are then transported as liquids away from the field area either by separate pipeline or other means. Supply Contract A contract under which the seller undertakes to supply gas in guaranteed volumes over a fixed period of time. A Supply Contract is therefore in sharp contrast to a Depletion Contract as the seller assumes the volume risks. Whilst certain fields may be envisaged in the contract, the seller will normally have the right to substitute other suitable gas if necessary. Swaps (1) Arrangements under which gas destined for a market is delivered elsewhere, and substitute gas is supplied to the final market. For instance, Nigerian LNG contracted to Italy is delivered to France, and other gas contracted to France is delivered to Italy. (2) In trading, the exchange of a fixed price for a floating price for a future delivery. Sweet Gas Gas containing little or no Carbon Dioxide or Hydrogen Sulphide. Converse of Sour Gas. Swing The inverse of Load Factor . defined as: Peak volume transported (sold) Average volume transported (sold) Expressed as a percentage. Thus a load factor of 60 is a swing of 167. Often used to describe the flexibility of supplies over a year. Synthesis Gas Also known as Syngas, Synthesis Gas is a mixture of carbon monoxide and hydrogen produced from methane or other hydrocarbons and steam and used to produce various chemicals, notably methanol. It is also the basis for the Fischer Tropsch process. See also: Middle Distillate Synthesis. Synthetic Gasoline Motor gasoline produced from coal (by the Fischer Tropsch process) or from natural gas (by the Fischer Tropsch process or via methanol). See also Middle Distillate Synthesis. Take or Pay Take or Pay (TOP) is a common provision in gas contracts under which, if the Buyers annual purchased volume is less than the Annual Contract Quantity minus any shortfall in the Sellers deliveries, minus any Downward Quantity Tolerance . the Buyer pays for such a shortfall as if the gas had been received. The Buyer may have the right in subsequent years to take the gas paid for but not received, either free or for an amount to reflect changes in indexed prices. See also Make Up Gas. Tariff A schedule of rates or charges offered by a common carrier or utility. Tariffs are commonly available for all parts of the gas industry where third party access is enforced or offered, for example for gas transmission in pipelines, for the use of gas stores, for gas sales to residential customers. Telemetry A technique used in the gas industry for recording information at a distance from the Meter or other recording device, typically by radio transmission of the data. Temperature Demand Analysis The statistical analysis of the causal relationships between weather (and other) factors and the demand for gas. An essential prelude to forecasting demand. See Seasonal Normal and Weather Correction. Temperature Correction The process of adjusting actual gas usage to what it would have been at Seasonal Normal Temperatures, to allow comparisons to be made between results for different time periods, typically years. See weather correction. Title Transfer Title transfer is the transfer of which ownership of gas from the seller to the buyer. Typically this may occur somewhere between the well head and entry into the transmission system, at national border crossings, at the City Gate etc. In the world of traded gas, possible points of transfer become more numerous. A special case is the transfer of LNG at some specified point on the high seas. See Delivered. Trading Volume The number of contracts that change hands during a specified period of time. See also Churning. Transit The transportation of gas through a country or gas system en route to the final customer. For example, Russian gas may transit through Ukraine en route to customers in western Europe. Transmission The transportation of large quantities of gas at high pressures, often through national or regional transmission systems. The gas is then transferred into local distribution systems for supply to customers at lower pressures. Transmission Company The company responsible for operating a transportation system. In liberalised markets there is increasing pressure for such companies to be restricted to offering capacity in pipelines for sale, and to be barred from selling gas itself. The companies are also commonly known as Transmission System Operators (TSOs) a title which reinforces their restricted role. See Unbundling. Transmission Pipeline A network of pipelines moving natural gas from a gas processing plant via compressor stations, to storage centres or distribution points. Transparency A general term meaning open publication of information. In the gas industry it is generally used in relation to costs, prices and capacity, where information has traditionally been considered commercially confidential. Costs and prices generally reflect a number of elements, such as production, transportation, storage, service. Transparency generally involves separating out or U nbundling these elements, usually as a result of regulatory requirements. A further step towards transparency involves the publication of the methodology used to calculate the different elements of costs and prices. Transporter A gas pipeline company transporting gas belonging to other companies. Also the operator of LNG vessels. See Transmission Company. Trap A configuration of reservoir and seal rocks that can confine gas (or oil) which are lighter than water normally contained in the reservoir rock. Structural traps are formed by a closed structure of R eservoir rock overlain by a sealing formation (the Seal ). May also be formed by stratigraphic changes within a reservoir rock in which case it is known as a stratigraphic trap. Treatment Any gas purification process, but most generally applied to the treatment of gas immediately after production, to bring it to acceptable standard for the market in question andor to extract valuable components for separate sale. This may involve the removal of LPGs and will certainly involve stripping out Condensates . Carbon Dioxide and Hydrogen Sulphide and other sulphur compounds (see also Acid Gas ) mercury and excessive water which may be in the raw gas. Other impurities are occasionally encountered. Whether other inert gases such as nitrogen, helium etc are extracted will be a matter for economic evaluation. UKCS United Kingdom Continental Shelf. Unbundling Unbundling is a term with several meanings for the gas industry but more accurately, and originally, it was used to denote the separation of different services and the charges associated with them. Originally used in the US in restructuring the telephone industry. it was adopted in the gas industry to denote the separation of gas sales from transportation and storage services. This is still the most usual meaning of the term, particularly in North America, where large customers are now free to purchase gas and services separately. However the European Commission uses the term Unbundling to mean the financial disaggregation of different functions within integrated companies, such as transmission and marketing. Where companies perform multiple functions, the Commission has sought to require separate accounting for the functions. Its aim is therefore much more related towards Transparency and eliminating the potential for anti-competitive cross subsidisation activities. Underground Storage The storage of gas, for strategic or peak shaving reasons, in underground reservoirs. Depleted gas fields are often suitable. Other possibilities include depleted oil fields, Aquifers and Salt Cavity Storage . In the context of LNG, underground storage refers to normal LNG storage tanks which are, however, buried to provide greater safety in the event of leakages. Unitisation Agreement When a gas field extends over two or more production licences or leases with different ownership, most countries require that the field owners unitise their holdings i. e. decide how the reserves and production of the total field will be shared between the licensees, thus enabling the efficient depletion of the reserves. The Unitisation Agreement normally provides for the appointment of a field operator, a method of determining the reserves underlying each licence or lease and the frequency of reserve re-determination. Upstream Upstream, Midstream and Downstream are imprecisely defined terms used to separate activities along the gas and oil chain into homogenous groups. Upstream typically refers to exploration, development amp production of oil amp gas. Sometimes also defined to embrace Midstream, which typically covers transmission (as opposed to distribution) LNG shipping etc. Downstream typically refers to activities associated with delivery to final consumers, such as distribution systems and connections to customer premises. Water Drive In a porous rock, as gas is withdrawn from the reservoir, water expands into the region formerly occupied by the gas as pressure is released. This often has the result of trapping volumes of gas so that they cannot be produced, thus reducing the recovery of gas. Not a problem with a D epletion Drive Reservoir . See Aquifer. Water Gauge A measure often used to express the pressure of gas in distribution systems, using water instead of mercury. The gauge records how far up a gradated tube gas will lift a column of water. Distribution systems normally operate at about 300mm (12 inches) water gauge (i. e. 300mm above atmospheric pressure). For comparison, atmospheric pressure is a little above 10 metres of water. Wayleave The strip of land around a gas pipeline or other utility to which the utility has legal right of access for building and maintenance. Weather correction A procedure for estimating what customer demand would have been in S easonal Normal weather conditions. Thus in a cold year seasonal normal demand will be lower than actual demand and vice versa. Well A hole drilled into the ground, mostly by rotary rigs, in which a drill bit, which actually cuts the rock, is turned on the end of a drill string, made up of lengths of hollow steel pipe which are added to the string as the bit drills deeper into the ground. Wells have various descriptions depending on the stage of the production process at which they are drilled. Exploration wells are drilled to discover if gas (or oil) can be found Evaluation or appraisal wells are drilled to obtain more information about a previous discovery Development wells are drilled to produce gas from a field which is being developed, and are called Producing wells when the field enters commercial production. Wheeling Physically redirecting gas from one pipeline system to another at a Hub as opposed to changing the title by swap arrangements. Wobbe Index Occasionally referred to as the Wobbe number. A measure of the rate at which gas will deliver heat on combustion and hence of the compatibility of a gas with gas burning equipment. Working Gas In a gas store, the total volume of gas present less C ushion Gas . In other words the gas available for normal working. Hence working gas capacity - the total capacity of a storage facility minus cushion gas. GLOSSARY OF UNITS Absolute Pressure The sum of Atmospheric Pressure and Gauge Pressure i. e. pressure by reference to a vacuum Atmosphere: A measure of pressure, now largely superseded by the Bar to which it is nearly identical. Originally equal to 760 mmHg it has now been redefined as 101,325 pascals and consequently 1 atmosphere 1.01325 bars. Atmospheric Pressure The pressure of the weight of air and water vapour on the surface of the earth. Bar The most used unit for expressing gas pressure. It is equal to 100,000 pascals (Nm2), which is the official SI unit. 1 Bar is approximately atmospheric pressure. bbl A US barrel, 1 barrel 0.159 cubic metres 42 U. S. gallons (approx35 imperial gallons). The abbreviation is also sometimes written as B or b. bblday Barrels per day. Usually used to quantify a refiners output capacity or an oilfields rate of flow. Bcm Billion cubic metres (i. e milliard or 109 cubic metres). Billion In the US 109. Although elsewhere billion often signifies 1012, the Natural Gas industry has generally adopted the US usag e. Boe Barrels of oil equivalent - a frequently used number to quantify general energy requirements for practical purposes. One boe is usually taken as representing 5.8 MMBtu gross. British thermal unit A unit of heat still widely used in the gas industry, notably in North America and in LNG. Originally defined as the amount of heat required to raise the temperature of one lb of water from 60 to 61 Fahrenheit, it is now defined in relationship to a fixed number of Joules (1055.056 to three decimal points). The most common multiple is one million Btu, normally abbreviated to MMBtu and U. S. dollarsMMBtu is perhaps the most frequently used unit for comparing gas prices on a common basis. See also Therm. Cal Calorie. Formerly the SI unit of energy, now no longer part of the system but still extensively used in Europe. The calorie was nominally the amount of heat required to raise 1 gram of water by 1C at 1 standard atmosphere and starting from 14.5C, but is now defined arbitrarily as: 4.1868 J. The most common multiple used is the Megacalorie (Mcal). Cf Cubic feet. Measure of gas volume, referring to the amount of gas needed to fill a volume of one cubic foot at 14.73 pounds per square inch absolute pressure and 600F. cm Cubic metres. Note however that cm is also the official abbreviation for centimetre. Deca Therm Also deka therm. A term sometimes used in the U. S. in lieu of one million Btu. Gauge Pressure The amount of pressure shown by a gauge, i. e. the amount by which the pressure exceeds atmospheric pressure. See also Absolute Pressure. GJ GigaJoule. One GigaJoule is approximately equal to 9.478 MMBtu. One million Btu equals 1.055 GJ. GWh GigaWatts per hour. J Joule - The unit of energy in the SI system and the unit approved by the International Gas Union for the expression of heat in the gas industry. Its definition is one Newton metre. In practice the industry has been reluctant to embrace the Joule for commercial purposes and it is only current in Australia and New Zealand. For practical purposes the multiples most in use are the MegaJoule (MJ) and the GigaJoule (GJ), although Petajoule ( PJ ) is also seen. For quick calculations 1 GigaJoule is very close in value to 1 MMBtu. Kelvin Measurement of temperature equivalent to 1273.16 of the interval between absolute zero and the triple point of water. The official unit of the SI system. The Kelvin is identical to 1 degree Celsius, which is the term most often used in practice, but the scale is different (0C273.16 K). Note incidentally that the Kelvin is itself the unit of measurement and references to 1 degree Kelvin are incorrect. kW KiloWatt One thousand Watts. kWh KiloWatt hour - Together with its multiples, rapidly becoming the most used unit for energy in gas, although its use is not strictly in accordance with the SI system or with IGU preferences. Since 1 Joule 1 Watt per second, the conversion factor 1 kWh 3.6 MJ is exact. Long ton 2240 lb. The most usual form of non-metric ton. Mcf Thousand cubic feet. Mcm Thousand cubic metres. Milliard Synonymous with US billion - 109. MM Widely used in the gas industry to mean a million (106), although this usage is incorrect, according to the SI convention. Similarly M is often used to represent a thousand (103). When the lower case letters m and mm are used, these usually denote a thousand and a million respectively. In everything else M is correctly used to mean Million as in MWh. MMbbl Million barrels. MMcf Million cubic feet. MMcm Million cubic metres. MMscm Million standard cubic metres. Mtoe Million tonnes of oil equivalent. Mtpa Million tonnes per annum, a widely used unit of volume in the LNG industry. MW MegaWatt - one million Watts. ncm Normal Cubic Metre - A cubic metre measured at 0 C and 1013 mbar dry. The most used metric unit for measuring the volume of gas. It differs from the Standard cubic metre ( scm ) in the temperature at which the measurement is made. The Normal cubic metre thus contains about 5 more heat content than the Standard cubic metre. PJ PetaJoule - Standard unit in the Australian gas industry, equivalent to 1 million (106) GJ and therefore roughly equal to 1 million MMBtu . It is therefore close to 1 Bcf or some 30 million cubic metres. ppm Parts per million. Pressure The force exerted by one body on another, measured as force over area e. g. newtons per square metre. Psi Pounds per Square Inch common USEnglish unit of pressure, 14.5psi 1 bar. scf Standard cubic foot - The conditions for measuring the scf are in fact very close to, but not identical with, those for the standard cubic metre ( scm ). Despite its name, there is no single accepted standard for the standard cubic foot but the one most used is 60F and 30 in Hg, dry. scm Standard Cubic Metre - A cubic metre measured at 15C and 1013.25 mbar, dry. The unit of volume recommended by the IGU but not in normal use. See also ncm. Short ton 2000 lb. Used in the US. SI Multiples The SI system uses the following prefixes for multiples of the base units: 103 kilo (k), 106 mega (M), 109 giga (G), 1012 tera (T), 1015 peta (P), 1018exa (E). tce Ton of coal equivalent - Like the barrel of oil equivalent ( boe ) a measure of general energy requirement but now largely supplanted by the boe. Generally taken to have a value of approximately 27 MMBtu. Tcf Trillion (1012) cubic feet. Tcm Trillion (1012) cubic metres. Therm 100,000 British Thermal Units is still occasionally used as a unit for pricing gas, particularly in the UK. Thermie A term virtually identical to 1 Megacalorie but having 15C as its base, used primarily in Spain. toe Tonnes of oil equivalent - A metric measure used to quantify general energy requirements for practical purposes, an alternative to the barrel of oil equivalent. usually taken as representing 10,000 kilocalories net. Ton (t) A term covering a variety of measures: The metric tonne (1000 kg) The long ton (2240 lbs) The short ton (2000 lbs). The metric tonne is the one increasingly used. W Watt - The basic unit of electrical power, defined as one joule per second. Water Drive In a porous rock, as gas is withdrawn from the reservoir, water expands into the region formerly occupied by the gas as pressure is released. This often has the result of trapping gas so that it cannot be produced, thus reducing recovery from the reservoir. Water drive is not a problem with a D epletion Drive Reservoir . See also Reservoir. Water Gauge A measure often used to express the pressure of gas in distribution systems, using water instead of mercury. Distribution systems normally operate at about 300mm (12 inches) water gauge (i. e. 300mm above atmospheric pressure). For comparison, atmospheric pressure is a little above 10metres of water. See also Gauge Pressure. Futures Trading, Elevated. 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