What is meant by Code of Practice?
The minimum guidelines for company employees expected on their honesty and integrity in all aspects of the business. This includes avoiding conflicts of interest between company and private activities; the offer, payment, soliciting and acceptance of bribes in any form which are unacceptable.
What is meant by Commissioning?
The testing and adjustment of an assembly, or system, and will compromise operational testing under real or simulated (hydrocarbon) conditions to ensure it meets all acceptable Rules, Regulations, Codes and Standards, fulfils its intended duty and is ready for handover to operations. This is the overall process of bringing a new or modified facility into service. Its prime purpose is to ensure that the facilities function as per design intent.
What is meant by Commitment?
An agreement to do or accept something which usually involves amount of money to be paid or resources to be consumed at a future time.
What is meant by Company Estimate (CE)?
An in-house estimate for comparison against tender bids submitted by contractors.
What is meant by Company Representative?
The person ultimately responsible for a contract. The Company Representative is named in the contract and can
sign variations to the contract.
What is meant by Compatibility?
Ability of entities to be used together under specific conditions to fulfil relevant requirements.
What is meant by Complex?
The totality of connected Functional Assets with separate support structures (offshore) or occupying separate land plots (onshore) performing several useful distinct but related functions for the EP business.
What is meant by Computer Program?
A schedule or plan that specifies actions which may or may not be taken expressed in a form suitable for execution by a computer.
What is meant by Concept(s)?
The one-or-more outlines of approaches under consideration in order to realise value from an opportunity. Later, the selected concept.
What is meant by Concept Definition?
The part of Front End Engineering from the completion of the Concept Selection Report until the production of the Project Specification.
What is meant by Concept Selection?
The part of Front End Engineering that leads to the Concept Selection Report. This includes Concept Development and Concept Optimization activities.
What is meant by Concurrent Operations?
The simultaneous execution on a live production installation of two or more activities which, due to their interaction, result in increased operational complexity and therefore a higher level of risk.
What is meant by Conflict of Interest?
A situation where a Company employee, employee’s family or close friends have an interest (financial or otherwise) in a contractor or potential contractor to the Company.
What is meant by Conformity?
Fulfilment of specified requirements.
What is meant by Constant Value Money (CVM)?
Cost or revenue expressed on the basis of the value (purchasing power) of money at a stated time.
What is meant by Construction?
The project stage at which equipment and structures are installed/erected.
What is meant by Consumables?
Items which cannot be re-used.
What is meant by Contingency?
Funds added to base cost estimates in order to take into account the degree of uncertainty inherent in the activity.
What is meant by Contract?
An acceptance of legal relations between two or more parties for the transfer of goods or services for value.
What is meant by Contract Centre Manager (CM)?
A position of delegated responsibility to manage and coach the
work/contracts within a SIEP-EPT contract centre.
What is meant by Contract Limitation?
A limitation identified in a Contract.
- POSC Epicentre
What is meant by Contractor?
A third-party (person or company) employed to complete a
specific task on behalf of the Company.
What is meant by Control Point?
A point defined in an appropriate document, beyond which an
activity must not proceed without the approval
of a designated organization or authority.
What is meant by Copyright?
Legal exclusive right for a company to print or publish a document.
What is meant by Core Purpose?
Activity or process which is the primary reason for the existence
of, and which occupies the majority of the time of, a particular
part of an organization.
What is meant by Corporate?
Concerning the Company as a whole.
What is meant by Corporate Centre?
A support organisation for the CMD.
What is meant by Corporate Management System (CMS)?
A structured framework of controls at management level
ensuring that the processes are performed to requirements
including continuous improvement.
What is meant by Cost Group?
Categories of expenditure used for project cost allocation/
expenditure.
What is meant by Critical Path Analysis?
An analysis of the work to be done at an early stage of the
project by clearly identifying the sequence and the interdependencies of identifiable tasks.
Linking the activities on a time base will help pinpoint
those
critical to the success of the
process/project.
What is meant by Critical Success Factor (CSF)?
Issues or challenges that must be dealt Factor with successfully
in order to accomplish the corporate mission/vision and achieve
the corporate objectives.
What is meant by Cross-Functional?
Involving more than one organizational Function.
What is meant by Custody Transfer?
Transfer of legal responsibility and ownership from one party to the other.
What is meant by Customer?
Person or people receiving a product, service or advice.
What is meant by Data?
Group of facts from which inferences or conclusions can be drawn, i.e. the raw material from which information is constructed.
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
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- Lecture#3 Oil and Gas Terms and Abbreviations
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