- Industry: Oil & gas
- Number of terms: 9502
- Number of blossaries: 0
- Company Profile:
George King is a technology provider in the oil and gas industry specializing in new technology and problem oil well solutions.
The probabilistic (risk weighted) approach of estimating recognizes that, in the real world, there are uncertainties associated with each project component. As such, for each component, there exists probabilities of occurrence within a range of possible values. Likewise, for the total project estimate (Being an accumulation of individual components defined by a mathematical mode), there exist probabilities of occurrence within a range of possible values. An estimate using a range of numbers with associated probabilities of occurrence for each of the components or, at least, for each of the components that have substantive certainty.
Industry:Oil & gas
The probability of an event happening times the impact of its occurrence on operations. (Impact is the effect on conditions or people if the hazard is realized (occurs) in practice and potential is the likelihood that the impact will occur.)
Industry:Oil & gas
The process by which a perforating gun is lined up to fire at the correct depth.
Industry:Oil & gas
The process by which matter passes passed from a solid directly to a gaseous state.
Industry:Oil & gas
The process of combining uncertainties, as with a Monte Carlo Simulation, to generate output parameters that are represented by probability distributions. No involvement of risk is implied. Example: multiplying ranges of length and width to arrive at a range of resulting areas.
Industry:Oil & gas
The process of cooling gas to -162oC, reducing its volume by 600 fold over the gas volume at standard conditions.
Industry:Oil & gas
The process of determining ownership of hydrocarbons delivered to the meter or LACT unit on a lease.
Industry:Oil & gas
The process of forming a sedimentary rock from the clastic grains. May also be in conjunction with several geochemical processes such as cementation reactions and chemical dissolution.
Industry:Oil & gas
