Lexicon of Terms

Learn how to talk like an Oilman
417 Oil & Gas and related investment terms defined. Undiscovered recoverable resources — Resources outside of known fields, estimated from broad geologic knowledge and theory.

Underwriter — One who guarantees the sale of securities to investors. He is at risk to the extent he assumes the responsibility of paying the net purchase price to the seller at a pre-determined price. He charges a fee for this service.

Updip well — A well located high on a structure where the oil-bearing formation is found at a shallower depth.

ULCC (Ultralarge crude carrier) — A large tanker built especially to carry 500,000 dwt and up of crude oil.

Unassociated gas — Natural gas that occurs alone, not in solution or as free gas with oil or condensate.

Upstream — Activities concerned with finding petroleum and producing it, compared to downstream which are all the operations that take place after production.

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