Understanding Petroleum Production Acronyms, Phrases & Abbreviations

Bcf

Billion cubic feet.

Bcfe

Billion cubic feet of natural gas equivalent.

bbl

Barrel of oil.

bbl/d

Barrel of oil per day.

boe

Barrel of oil equivalent. Boe’s may be misleading, particularly if used in isolation. The Colombian standard is a boe conversion ratio of 5.7 Mcf:1 bbl and is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

boe/d

Barrel of oil equivalent per day.

Mbbl

Thousand barrels.

Mboe

Thousand barrels of oil equivalent.

MMbbl

Million barrels.

MMboe

Million barrels of oil equivalent.

Mcf

Thousand cubic feet.

Million Tons LNG

One million tons of LNG (Liquefied Natural Gas) is equivalent to 48 Bcf or 1.36 billion m3 of natural gas.

Net Production

Company working interest production after deduction of royalties.

Total Field Production

100% of total field production before accounting for working interest and royalty deductions.

Gross Production

Company working interest production before deduction of royalties.

WTI

West Texas Intermediate Crude Oil.