Natural gas liquids, BOE's, condensates

Could someone please explain the difference between condensates, barrels of equivalent oil, natural gas liquids, etc.? Also, if your lease covers oil and constituents and gas and constituents, does that include those things/everything? Do constituents cover anything done to the above after it leaves the ground? Is that market enhancement? Thank you!

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Permalink Reply by searcherone on October 18, 2014 at 4:16pm

Jack's analogy is perfect;  it gave me a good laugh and I am certain I will be trying to use the term "cow equivalents" somewhere.   

Permalink Reply by Jack Straw on October 19, 2014 at 12:00pm

RE: "cow equivalents" .....

I am not totally pleased with that terminology; it is not sufficiently elegant, nor sufficiently obtuse.

I would like to replace CE with BoE (Bovine Equivalent); I believe that Bovine Equivalent has a certain elegance, which Cow Equivalent lacks. Bovine Equivalent sounds much more technical; so from now on, it is BoE for me.

JS

Permalink Reply by Philip Thackray on October 19, 2014 at 12:03pm

Ha! Ha! Full circle - nice!

Phil

Permalink Reply by M.A.B. on October 19, 2014 at 10:02am

thanks all, very good indeed!

Permalink Reply by markkot on October 19, 2014 at 11:29am

Jack, Dexter, and Philip,

I always read your responses due to all the information you provide (the reason I'm on GMS, to learn all I can).   Your additions here are no exception.  Jack, the CE analogy is excellent, as well.  I'm always learning.  Something to add is this link I'm providing to 'Schlumberger's Oil Field Glossary'.  It provides add'l explanation to a lot of terms I read on these threads and helps with my overall understanding.  Thanks gentlemen for all of your very informative comments.

        http://www.glossary.oilfield.slb.com/

regards,   mark

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