oil & gas assets

Glossary of Industry Terms

This library of terms is constantly growing. If you cannot find a term you need or would like to suggest a term to add to this glossary email us at memberservice@plsx.com


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Farm-In
When a company acquires an interest in a reserves by taking over all or part of the financial commitment for drilling an exploration well.
Flare
A flare is a means of safely disposing of waste gases through the use of combustion. With an elevated flare the combustion is carried out at the top of a pipe or stack where the burner and igniter are located. A ground flare is similarly equipped except t
FO (Farmout)
Fracturing
A method of breaking down a formation by pumping fluid at very high pressures. The objective is to increase production rates from a reservoir.