Effective 1 March 2016, Drillsearch Energy Limited is a wholly owned subsidiary of Beach Energy Limited. For latest information regarding the combined operations, please visit Beach’s web site at www.beachenergy.com.au. Please note the existing Drillsearch web site will close in due course.
Effective 1 March 2016, Drillsearch Energy Limited is a wholly owned subsidiary of Beach Energy Limited. For latest information regarding the combined operations, please visit Beach’s web site at www.beachenergy.com.au. Please note the existing Drillsearch web site will close in due course.

Glossary

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There are 34 names in this directory beginning with the letter P.
P&A
Plugged and Abandoned - The permanent plugging of a dry hole or of a well that no longer produces petroleum or is no longer capable of producing petroleum profitably. Several steps are involved in the abandonment of a well: permission for abandonment and procedural requirements are secured from official agencies; the casing is removed and salvaged if possible; and one or more cement plugs and/or mud are placed in the borehole to prevent migration of fluids between the different formations penetrated by the borehole.
P10
10% Probability
P50
50% Probability
P90
90% Probability
Penetration
The intersection of a wellbore with a reservoir.
Petroleum
Petroleum is a naturally occurring mixture consisting predominantly of hydrocarbons in the gaseous, liquid or solid phase.
Petroleum-in-Place
Petroleum-in-Place is the total quantity of petroleum that is estimated to exist originally in naturally occurring reservoirs. Oil-in-place, gas-in-place, bitumen-in­place, are defined in the same manner.
PI
Productivity Index
Pilot Project
A small scale test or trial operation that is used to assess the suitability of a method for commercial application.
Pj
Petajoules (1015 joules)
Planned for Development
Satisfies all the criteria for reserves, and there is a firm intent to develop, but detailed development planning and/or necessary approvals/contracts have yet to be finalized.
Play
Recognized prospective trend of potential prospects, but which requires more data acquisition and/or evaluation to define specific leads or prospects.
Pool
See Reservoir.
Possible Reserves
Possible reserves are those unproved reserves which analysis of geological and engineering data suggests are less likely to be recoverable than probable reserves. In this context, when probabilistic methods are used, there should be at least a 10% probability that the quantities actually recovered will equal or exceed the sum of estimated proved, plus probable, plus possible reserves. In general, possible reserves may include (1) reserves which, based on geological interpretations, could possibly exist beyond areas classified as probable, (2) reserves in formations that appear to be petroleum bearing, based on log and core analysis but may not be productive at commercial rates, (3) incremental reserves attributed to infill drilling that are subject to technical uncertainty, (4) reserves attributed to improved recovery methods when (a) a project or pilot is planned, but not in operation and (b) rock, fluid, and reservoir characteristics are such that a reasonable doubt exists that the project will be commercial, and (5) reserves in an area of the formation that appears to be separated from the proved area by faulting and geological interpretation indicates the subject area is structurally lower than the proved area. Often referred to as P3.
Pressure
The force distributed over a surface, usually measured in pounds force per square inch, or lbf/ in.2, or psi, in US oilfield units.
Primary Recovery
Primary recovery is the extraction of petroleum from reservoirs utilizing only the natural energy available in the reservoirs to move fluids through the reservoir rock or other points of recovery.
Probabilistic Estimate
The method of estimation is called probabilistic when the known geological, engineering, and economic data are used to generate a range of estimates and their associated probabilities.
Probable reserves
Probable reserves are those unproved reserves which analysis of geological and engineering data suggests are more likely than not to be recoverable. In this context, when probabilistic methods are used, there should be at least a 50% probability that the quantities actually recovered will equal or exceed the sum of estimated proved plus probable reserves. In general, probable reserves may include (1) reserves anticipated to be proved by normal step-out drilling where sub-surface control is inadequate to classify these reserves as proved, (2) reserves in formations that appear to be productive, based on well log characteristics, but lack core data or definitive tests and which are not analogous to producing or proved reservoirs in the area, (3) incremental reserves attributable to infill drilling that could have been classified as proved if closer statutory spacing had been approved at the time of the estimate, (4) reserves attributable to improved recovery methods that have been established by repeated commercially successful applications when (a) a project or pilot is planned, but not in operation and (b) rock, fluid, and reservoir characteristics appear favourable for commercial application, (5) reserves in an area of the formation that appears to be separated from the proved area by faulting and the geologic interpretation indicates the subject area is structurally higher than the proved area, (6) reserves attributable to a future workover, treatment, re-treatment, change of equipment, or other mechanical procedures, where such procedure has not been proved successful in wells which exhibit similar behaviour in analogous reservoirs, and (7) incremental reserves in proved reservoirs where an alternative interpretation of performance or volumetric data indicates more reserves than can be classified as proved. Often referred to as P2.
Producing Reserves
Reserves subcategorized as producing are expected to be recovered from intervals which are open and producing at the time of the estimate. Improved recovery is considered producing only after the improved recovery project is in operation.
Production
The quantity of petroleum produced in a given period.
Production Sharing Contract
In a production-sharing contract between a contractor and a host government, the contractor typically bears all risk and costs for exploration, development, and production. In return, if exploration is successful, the contractor is given the opportunity to recover the investment from production, subject to specific limits and terms. The contractor also receives a stipulated share of the production remaining after cost recovery, referred to as profit hydrocarbons. Ownership is retained by the host government; however, the contractor normally receives title to the prescribed share of the volumes as they are produced. Reserves consistent with the cost recovery plus profit hydrocarbons that are recoverable under the terms of the contract are typically reported by the upstream contractor.
Project
This represents the link between the petroleum accumulation and the decision-making process, including budget allocation. A project may, for example, constitute the development of a single reservoir or field, or an incremental development for a producing field, or the integrated development of a group of several fields. In general, an individual project will represent the level at which a decision is made on whether or not to proceed (i.e., spend money), and there should be an associated range of estimated recoverable volumes for that project.
Prorationing
The allocation of production among reservoirs and wells or pipeline allocation of capacity among shippers, etc.
Prospect
Potential accumulation that is sufficiently well defined to represent a viable drilling target.
Prospective Resources
Those quantities of petroleum which are estimated, on a given date, to be potentially recoverable from undiscovered accumulations.
Proved Developed Reserves
Proved Developed Reserves are those Proved Reserves that can be expected to be recovered through existing wells and facilities and by existing operating methods. Improved recovery reserves can be considered as Proved Developed Reserves only after an improved recovery project has been installed and favourable response has occurred or is expected with a reasonable degree of certainty. (See Developed Reserves) Developed reserves are expected to be recovered from existing wells, including reserves behind pipe. Improved recovery reserves are considered developed only after the necessary equipment has been installed, or when the costs to do so are relatively minor. Developed reserves may be sub-categorized as producing or non-producing. Producing: Reserves subcategorized as producing are expected to be recovered from completion intervals which are open and producing at the time of the estimate. Improved recovery reserves are considered producing only after the improved recovery project is in operation. Non-producing: Reserves subcategorized as non-producing include shut-in and behind-pipe reserves. Shut-in reserves are expected to be recovered from (1) completion intervals which are open at the time of the estimate, but which have not started producing, (2) wells which were shut-in for market conditions or pipeline connections, or (3) wells not capable of production for mechanical reasons. Behind-pipe Reserves are expected to be recovered from zones in existing wells, which will require additional completion work or future re-completion prior to the start of production.
Proved Reserves
Proved reserves are 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. Proved reserves can be categorized as development or undeveloped. If deterministic methods are used, the term reasonable certainty is intended to express a high degree of confidence that the quantities will be recovered. If probabilistic methods are used, there should be at least a 90% probability that the quantities actually recovered will equal or exceed the estimate. Often referred to as P1, sometimes referred to as “proven”.
Proved Undeveloped Reserves
Proved Undeveloped Reserves are those Proved Reserves that are expected to be recovered from future wells and facilities, including future improved recovery projects which are anticipated with a high degree of certainty in reservoirs which have previously shown favourable response to improved recovery projects. (See Undeveloped)
PSDM
Post Stack Depth Migration
psi
Pounds per square inch
psia
Pounds per square inch absolute
psig
Pounds per square inch gauge
Purchase Contracts
A contract to purchase oil and gas provides the right to purchase a specified volume at an agreed price for a defined term. Under purchase contracts, exposure to technical and market risks are borne by the seller. While a purchase or supply contract can provide long-term access to reserves through production, it does not convey the right to extract, nor does it convey a financial interest in the reserves. Consequently, reserves would not be recognized by the buyer under this type of agreement.
PVT
Pressure Volume Temperature