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TeachMeFinance.com - explain Production, oil and gas Production, oil and gas The term 'Production, oil and gas' as it applies to the area of energy can be defined as ' The lifting of oil and gas to the surface and gathering, treating, field processing (as in the case of processing gas to extract liquid hydrocarbons), and field storage.The production function shall normally be regarded as terminating at the outlet valve on the lease or field production storage tank. If unusual physical or operational circumstances exist, it may be more appropriate to regard the production function as terminating at the first point at which oil, gas, or gas liquids are delivered to a main pipeline, a common carrier, a refinery, or a marine terminal'. Previous 5 Terms: Production plant liquids Production, crude oil Production, lease condensate Production, natural gas Production, natural gas, wet after lease separation Next 5 Terms: Productive capacity Productivity Productivity Investments Products supplied proethnic About the author 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". Copyright © 2005-2011 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional medical, legal or financial advice. Information presented at TeachMeFinance.com is provided on an "AS-IS" basis. Please read the disclaimer for details.