Oil and Gas Terms You Must Get Acquainted With

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As a student, an operator, stakeholder or intending investor in the oil and gas industry, here below are of the oil and gas technical terms you must be familiar with.

AF – Alternative Funding

AGO – Automotive Gas Oil

ATK – Aviation Turbine Kerosene

B/L – Bill of Lading

BBLS – Barrels

CCU – Crude Catalytic Cracking Unit

DPK – Dual Purpose Kerosene

DPR – Department of Petroleum Resources

DSDP – Direct Sales Direct Purchase

EGTL – Escravos Gas to Liquid

FCCU – Fluid Catalytic Cracking Unit

FPSO – Floating, Production, Storage, Offloading

FSO  –  Floating Storage Offloading

IOC – International Oil Companies

JV – Joint Ventures

LPG – Liquefied Petroleum Gas

LPFO – Low Pour Fuel Oil

LNG – Liquefied Natural Gas

MMBTU – Million British Thermal Unit

MT – Metric Tones

NGL – Natural Gas Liquids

NNPC – Nigerian National Petroleum Corporation

OML – Oil Mining Lease

OPEC – Organisation of Petroleum Export Countries

OPA – Offshore Processing Agreement

OPL – Oil Prospecting License

PMS – Premium Motor Spirit

PPMC – Pipelines and Products Marketing Company

PPT – Petroleum Profit Task

PSC – Production Sharing Contract

PTD – Petroleum Tankers Drivers Union

SCF – Standard Cubic Foot

Sm3 – Standard Cubic Meter

QIT – Qua Iboe Terminal

By Peace Obi


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