FircIf you’re a newcomer to The Oil and Gas industry, you’re likely to come across lots of industry-specific jargon and new terminology. To help get you clued up, we’ve put together our “Oil and Gas terminology series”.
Here, we look at the letter "R", and a few words associated with drilling.
Ratification: the act of confirming the existence and terms of an oil and gas lease.
Recompletion: the completion of production of an existing well bore that has been previously completed (usually in another formation).
Recoverable resources: quantities of resources estimated to be recoverable from known accumulations.
Recovery factor: The ratio of recoverable oil and/or gas reserves compared to the amount of estimated oil and/or gas in the reservoir.
Regulatory Agency: this refers to a public authority that administers oil and gas policies set by the government. These bodies also serve as the source for public data related to any oil and gas operations within their area.
Reserves: the quantities of oil and/or gas anticipated to be commercially recoverable from a reservoir.
Reserve Pit (or sometimes called Mud Pit): a pit used during drilling operations to both collect spent drilling fluids and wash water.
Reservoir: a permeable and porous sedimentary rock that contains oil and gas.
Residue Gas: gas left over after the processing and extraction of natural gas liquids.
Riser (drilling): a pipe between a seabed blowout preventer and a floating drilling rig.
Riser (production): a section of pipework that joins the Christmas tree to a seabed wellhead.
Roughneck: a term used to describe drill crew members working on the derrick floor, screwing together the sections of drillpipe.
Roustabout: drill crew members who manage the loading and unloading of equipment on a rig. They may also assist in general operations.
Royalty: a percentage of interest paid to the mineral rights owner during production.
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