What is meant by Producing the Limit (PtL)?
PtL is one of the four pillars of the Group’s “Realizing the Limit” initiative. The PtL Team assists OUs to maximize production and minimize Opex.
What is meant by Product Product Flow Network?
The output of a process also called deliverable. A functional view of fluid flow. Its building blocks include everything from field through pipelines and facilities to export terminal.
What is meant by Programme?
The company’s planned activity level over the next five years
What is meant by Proposal (PP)?
including technology plans, information plans, audit plans, etc.
What is meant by Project?
A temporary endeavor undertaken to create a unique product or service.
What is meant by Project Development Plan (PDP)?
Project plan developed at the start of the definition phase which, once approved, provides the Basis for Design and initial execution strategy from which work can proceed with development of the Project Specification.
What is meant by Project Execution Plan (PEP)?
Project Plan developed at the end of the definition phase as the basis for the execution phase. The Project Execution Plan is the central reference document used by the Project Manager to carry-out his job and is the principle vehicle by which others are committed to meeting the Project deliverables.
What is meant by Project Function Matrix?
A technique for breaking down a project into logical manageable and controllable elements on the basis of hardware items and project functions.
What is meant by Project Management?
The application of knowledge, skills, tools and techniques to project activities in order to meet or exceed stakeholders needs and expectations from the project.
What is meant by project Specification?
A technical description of that project and is the formal basis for detailed design.
What is meant by Project Stages?
Within each ‘phase’ the project progresses through stages e.g. Feasibility Study, Detailed Design, Construction, etc.
What is meant by Project Team?
The team of people that implement the opportunity from the time of agreement on the preferred opportunity realization concept(s) until the handover of the commissioned asset to the Asset Team.
What is meant by Punch list?
A prepared list of items which require rectification or completion before a project can be considered complete.
What is meant by Purchase?
Goods or services obtained by way of contract.
What is meant by Quality?
Meeting agreed customer requirements. This has been derived from the international standard on Quality ISO 8402 which defines quality as “the totality of features and characteristics of a product or service that bear on its ability to satisfy stated or implied needs”.
What is meant by Quality Assurance (QA)?
All those planned and systematic actions necessary to provide adequate confidence that a product or service will satisfy given requirements for quality.
What is meant by Quality Control (QC)?
The operational techniques and activities that are used to fulfil requirements for quality.
What is meant by Quality Planning (QP)?
The activities which establish the objectives and requirements for quality and for the application of quality system elements.
What is meant by Readiness & Influence Chart?
A technique used to analyse the position of individuals and groups likely to be affected by the potential change. It looks specifically at the level or degree of power in system to, support or block change and helps focus on what work needs to be done to create the critical energy for change.
What is meant by Realising the Limit (RtL)?
The Group’s “Realizing the Limit” initiative is aimed at maximizing the value obtained from an opportunity/project/asset.
Four teams support this work:
Volumes to Value (V2V)
Drilling the Limit (DtL)
Capital to Value (C2V)
Produce the Limit (PtL)
What is meant by Record?
A set of related data or words treated as unit.
What is meant by Reference?
Direction to another information source for further details.
What is meant by Reference Material?
A document which provides information which can act as a basis for a manual, specification, or activity.
What is meant by Reimbursable Cost (contract)?
There are three types of Reimbursable Cost contract: the straight reimbursable cost, the reimbursable cost plus fixed fee and the reimbursable cost with fluctuating fee.
What is meant by Regulation?
A standard issued by a government body or regulatory agency with which an OU must comply.
What is meant by Reliability?
The ability of an item to perform its required function over a stated period of time which does not include scheduled down time. Reliability is reduced by unscheduled down time only
What is meant by Reliability Centred Maintenance?
A technique for determining the optimum maintenance options on the basis of consequence of failure.
What is meant by Reliability, Operability, Maintainability & Safety (ROMS)?
Fundamental design criteria.
What is meant by Remedial Action?
That immediate action which is required to repair/rework/recall etc. a non-conformance.
What is meant by Required On Site (ROS)?
Latest date by which materials shall be available on site for fabrication.
What is meant by Reservoir?
One or more porous and permeable underground rock units containing individual and separate natural accumulations of producible fluids, confined by impermeable rock or water barriers, and characterized by a single natural pressure system.
What is meant by Resources?
Everything that is required to perform an activity upon an asset. All costs are therefore attributable to the consumption or availability of resources (including stand-by and surplus capacity).
What is meant by Responsibility?
The state of being required to undertake specific actions. The execution of a delegated task, activity or process.
What is meant by Review?
See audit; in the context of this report the words audit and review are used interchangeably.
What is meant by Risk?
The combined effect of probability of occurrence of an undesirable event, and the magnitude of the event.
What is meant by Risk Aspects?
Those risks agreed by management requiring specific business control e.g. Health, Safety, Environment, cost/money, data integrity, asset integrity, reputation, employee motivation etc.
What is meant by Risk Management?
The process whereby decisions are made to accept a known risk or hazard or to eliminate or migrate it.
What is meant by Roadmap?
The highest level plan for the realization of the opportunity, set out in a particular format.
What is meant by Role?
The purpose and function of an entity or individual within the organization.
What is meant by Rolling Activity Plan (RAP)?
A plan of all activities affecting production which have been consolidated and optimized to minimize cost and deferment.
What is meant by Rolling Plan?
A plan that is continually updated and used to highlight potential opportunities or problems and to prepare work plans.
What is meant by Safety?
A state in which the risk of harm (to persons) or damage is limited to an acceptable level. [A category of risk to be managed.]
What is meant by Safety Case?
The provision of a simple, methodical and auditable reference document of all information relevant to the safety of the operation’s personnel, environment and resources on an installation.
What is meant by Sale?
A transfer of property or right from one party to another in consideration of a sum of money.
What is meant by Scatter Diagrams?
Diagrams used to determine if a relationship exists between two variables and, if so, are a guide as to the nature of that relationship. The data are plotted on a graph to identify any correlation.
What is meant by Schedule?
Part of the Process Management Cycle, where the plan is converted into a detailed set of tasks to be done within a discrete period and matched to the actual resources which will be used. A schedule should be continuously rolled forward with a time horizon of usually no more than one year.
What is meant by Schedule of Rates?
This type of contract agrees a unit rate for each item or activity and is necessary when the scope and/or quantities within the contract cannot be defined at time of contract award.
What is meant by Scope of Work?
A description of the work to be carried out in a project together with the deliverables, targets and constraints for each phase of the project. (During the life of a project the detail may increase.)
What is meant by Shareholders Funds?
The money supplied by third parties (the shareholders) for permanent employment by the company in return for a specific entitlement such as a dividend payment.
What is meant by shall?
Mandatory course of action.
What is meant by Shutdown?
This is a general term for stopping production and bringing the facility to a safe status. It does not necessarily entail making the plant hydrocarbon free or cleaning procedures.
What is meant by Specification?
Document stating requirements.
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