Definition of Crude oil production

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TeachMeFinance.com - explain Crude oil production



Crude oil production

The term 'Crude oil production' as it applies to the area of energy can be defined as ' The volume of crude oil produced from oil reservoirs during given periods of time. The amount of such production for a given period is measured as volumes delivered from lease storage tanks (i.e., the point of custody transfer) to pipelines, trucks, or other media for transport to refineries or terminals with adjustments for (1) net differences between opening and closing lease inventories, and (2) basic sediment and water (BSw)'.

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Crude oil
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Next 5 Terms:
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Mark McCracken

Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English".


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