What is meant by Debt?
The money supplied by third parties for employment by the
company for a specific period of time in return for an
entitlement to receive both capital repayment and interest as
specified by the loan terms and conditions.
What is meant by Decision Maker?
The individuals with the authority to approve the way forward
with respect to a specific asset, project or portfolio.
What is meant by Decision Review Board?
A group of Decision Makers coming together to approve or
modify the proposed way forward for a specific asset, project or portfolio.
What is meant by Defect?
The non-fulfilment of an intended usage requirement or reasonable expectation.
What is meant by Deferment?
The value of production which is “lost” in a given time frame due to reduction or cessation of the production process.
What is meant by Deliverable?
The output from an activity and/or process e.g. document,
data, also called product.
What is meant by Delivered?
Term used in procurement to mean delivered to site/warehouse.
What is meant by Dependability?
A collective term used to describe the availability performance and
its influencing factors: reliability performance, maintainability performance and maintenance-support performance.
What is meant by Design and Engineering Practice (DEP)?
SIEP developed engineering standards.
What is meant by Detailed Design?
All design work from the production of the Project Specification necessary to produce a commissioned asset.
What is meant by Deviation?
A non-compliance with a formal requirement.
What is meant by Deviation Request?
A written request from any person associated with a project, proposing a change in design, scope, schedule or cost.
What is meant by Dispute?
When a claim is rejected by one party but continues to be pursued by the other.
What is meant by Document?
Paper or other material thing providing instruction, information, proof or evidence of anything.
What is meant by Document Owner?
Person assigned by management as responsible for the creation,
content, issue, distribution, implementation, update and control of a document.
What is meant by Drilling the Limit (DtL)?
DtL is one of the four pillars of the Group’s “Realise the Limit” initiative. The DtL Team assists well engineering teams to drill the right well in the right way.
What is meant by Effectiveness?
An attribute indicating that the output conforms to specified requirements.
What is meant by Efficiency?
An attribute indicating that the work has been carried out with minimum use of resources.
What is meant by Engineering Data Classification Code?
The Group system for general classification and coding of equipment (asset hierarchy).
What is meant by Engineer, Procure and Construct (EPC)?
This is basically a modified type of turnkey contract but with the company providing a management team to overview that of the Contractor.
What is meant by Enquiry (or Tender) Document?
Issued to potential tenderers to obtain bids or quotations for the provision of services and/or goods.
What is meant by Entity?
An item which can be individually described and considered, may be an activity, process, product, organisation, asset, etc.
What is meant by Equipment Item?
A physical asset acquired to fulfil a discrete functionality.
What is meant by Equipment Tag Position?
The position within a Functional Asset which requires a certain discrete functionality provided for by an Equipment Item.
What is meant by Escalation?
Is the combined effect of general inflation and market conditions specific to the project, the latter such as for steel prices, rig rates, barge rates and man-hour rates.
What is meant by Estimate?
Project cost breakdowns designated as screening (+40%/-25%), feasibility (+25%/-15%), budget (+15%/-10%), or control (+ 10%/-5%) estimates.
What is meant by Estimate (50/50 Budget)?
Estimate which has equal probability of over or under-run.
What is meant by Estimate (90/10 Budget)?
Estimate which has a 90% probability of under-run and 10% of over-run.
What is meant by Excellent Practice?
A practice, process, procedure that is acknowledged as being one of the best of its kind.
What is meant by Exceptions List?
A list of unfinished/uncompleted items (as attached to a handover certificate).
What is meant by Execute?
Part of the Process Management Cycle, where the activity executor(s) carry-out the planned/scheduled work.
What is meant by External Assets?
Assets under the administration of an external organisation from which the company either derives, or has the potential of deriving, value.
What is meant by External standard?
A standard (e.g. ISO, EN, ANSI, BS, API etc.) issued under the auspices of a non-Group body.
What is meant by Facility?
A group of equipment used to perform a useful function for the EP business.
What is meant by Facility System?
A collection of equipment and/or systems which provides a useful function for a facility.
What is meant by Facts?
The database used for recording and analyzing maintenance performance indicators.
What is meant by Fact Sheet?
A document, recording all relevant details of a proposal to invite tenders or to negotiate/award a contract, which is used to determine whether the proposal is commercially sound.
What is meant by Failure Modes & Effects Analysis (FMEA)?
A structured technique for assessing the mode of failure of a
piece of plant, system, equipment or component, together with
the possible causes, likelihood’s, and consequences.
What is meant by Feasibility Study?
Study to examine if a Project Proposal is viable both technically and economically.
What is meant by Feedback?
Part of the Process Management Cycle, where the lessons-learned
throughout the cycle are advised to Management and the
initiating activity(ies) Process Owner, and are incorporated into the
planning and scheduling activities.
The aim is further improvement not only of this process but also
others affected by the same management or initiating activities.
What is meant by Field?
A surface area and its underlying strata consisting of one or more reservoirs, all of which are grouped on or are related to the same underlying geologic structural features and/ or stratigraphic traps.
What is meant by Field Change?
A change carried out (after AFC drawings) during construction, commissioning or operations.
What is meant by Field Development Plan (FDP)?
A formal Project Specification for sub-surface and surface facilities and the operational philosophy required to support a proposal for production from a new reservoir or an extension, or any substantial supplementary schemes.
What is meant by Final Investment Decision?
The point at which an opportunity/project receives approval to
proceed into ORP Phase 4 – Execute. This is the point where
the OU/Group makes a major expenditure Commitment.
Sometimes referred to as Prime Scope Approval.
What is meant by Financial Assets?
Monetary assets over which the company either has control or has passed control to a Business Associate through a trading or investment transaction.
What is meant by Firm Budget?
The approved budget which forms the basis for proceeding with the execution phase of the project.
What is meant by Firm Item?
A defined budget item which has been included in the Company’s capital budget.
What is meant by Fitness for Purpose?
Ability of a product, process or service to fulfil a defined purpose or set of requirements under specific conditions. Wholly in compliance with and not significantly exceeding the customer’s requirement.
What is meant by Flow Charting?
A diagrammic representation of the sequence and steps of operations in a process.
What is meant by Focal Point?
An organisational representative through which all matters on a
particular subject are channelled.
What is meant by Focus Item?
The tasks or activities defined in Opportunity Realisation Process phase that need to be done in order to complete the key Deliverables for that phase.
What is meant by Follow-on Engineering?
A phase of Field Engineering in which responses to site queries,
design and operating completions, as-built drawings are effected.
What is meant by Follow-up?
The activity which ensures that agreed action items resulting from an audit are implemented.
What is meant by Force Field Analysis?
A technique used to identify the forces which help or obstruct
a desired change. It leads to assessing the driving and
restraining forces, their direction and strength. Movement in
the desired direction of change can be achieved
most readily by removing or reducing the restraining forces.
What is meant by Forecast?
Measurements in the form of a performance indicator that ensures a 50/50% expectation (chance) of achievement.
What is meant by Form?
A document containing instructions between two or more parties and once filled in and completed becomes a record.
Following article related to this article and must be read to understand all terms and abbreviations.
- Lecture#7 General Terms for Oil and Gas Engineers and Professionals
- Lecture#6 Offshore Oil and Gas Industry – Abbreviations and Acronyms
- Lecture#5 Oil and Gas Glossary of Terms
- Lecture#4 List of Abbreviations in oil and gas Exploration and Production
- Lecture#3 Oil and Gas Terms and Abbreviations
- Lecture#2 Terms Used in Oil and Gas Industry
- Lecture#1 Technical General Terms used in Plants, Oil & Gas Industry