Oil and Natural Gas Price Data - GASearch Energy Intelligence

Octane Number	In a gasoline-powered engine, combustion is triggered by a sparkplug. Given the high pressure and temperatures prevailing inside the combustion chamber, it is vital to prevent the fuel from igniting spontaneously. The octane number measures a fuel's resistance to spontaneous ignition. The higher the octane number, the greater fuel's resistance to spontaneous ignition.

Odorant	Any malodorous substance added to natural or LP-gas in small concentrations for the purpose of making the presence of the gas detectable.

Odudu Crude Oil	Crude oil from Nigeria with API gravity of * and * % sulfur.

Ogwendjo Crude Oil	Crude oil from Gabon with API gravity of * and * % sulfur.

Oil	Includes crude petroleum oil and other hydrocarbons regardless of gravity which are produced at the wellhead in liquid form and the liquid hydrocarbons known as distillate or condensate recovered or extracted from gas, other than gas produced in association with oil and commonly known as casinghead gas.

Oil Gravity	The most widely used indicator of a crude oil's worth to the producer is its API gravity. Normally, the price which a producer receives for his oil depends on its gravity, the less dense oils (higher API gravity) being the most valuable. This price schedule is based on the premise that the lighter oil contains higher percentages of the more valuable products such as gasoline. API Gravity (degrees) = (141.5/sp.gr.) - 131.5.

Oil Sands	Oil sands are a mixture of primarily sand, bitumen and water •Bitumen, in its raw state, is a heavy, viscous crude oil which contains high amounts of sulphur –viscosity is a measure of a fluid’s resistance to flow. At room temperature, the viscosity of water is 1 whereas bitumen ranges from 100,000 and 1,000,000 –bitumen is defined as oil that is less than 10º API and will not flow to a well in its naturally occurring state

Oil Shale	Fine-grained sedimentary rocks containing relatively large amounts of organic matter from which significant amounts of shale oil and combustible gas can be extracted by destructive distillation.

Oil Well	Any well which produces one barrel or more crude petroleum oil to each 100,000 cubic feet of natural gas.

Old lease	when used with respect to the Outer Continental Shelf, means any lease other than a new lease.

Old well	means any well other than a new well.

Olefins	A group of petrochemicals characterized by their straight or branched structure. Includes ethylene, the largest volume petrochemical, and propylene and butadiene.

Olmeca Crude Oil	Mexican crude oil

Oman Crude Oil	Oman crude oil with API gravity of * degrees and the sulfur content of * %.

Oneok Gas Transmission Natural Gas Hub - Oklahoma	Oklahoma natural gas hub

Opal Natural Gas Hub	Wyoming natural gas hub - 3 pipeline interconnects

OPEC	Full name is The Organization of the Petroleum Exporting Countries. Group of crude-producing countries which has used its collective weight of production since OPEC was founded in 1960 in an attempt to influence oil prices. Current membership (May 2000): 11 countries—Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, UAE, Venezuela. Ecuador resigned from OPEC in 1992, Gabon in 1995. Founder members were Saudi Arabia, Iran, Iraq, Kuwait and Venezuela.

OPEC Basket Price	OPEC collects pricing data on a "basket" of seven crude oils, including: Algeria's Saharan Blend, Indonesia's Minas, Nigeria's Bonny Light, Saudi Arabia's Arab Light, Dubai's Fateh, Venezuela's Tia Juana Light, and Mexico's Isthmus (a non-OPEC crude oil). OPEC uses the price of this basket to monitor world oil market conditions. As mentioned above, because WTI crude oil is a very light, sweet (low sulfur content) crude, it is generally more expensive than the OPEC basket, which is an average of light sweet crude oils such as Algeria's Saharan Blend and heavier sour crude oils (with high sulfur content) such as Dubai's Fateh. Brent is also lighter, sweeter, and more expensive than the OPEC basket, although less so than WTI.

Open Access	The non-discriminiatory access to interstate pipeline transportation services. This enables end-use customers the option of securing their own gas supplies rather than relying upon local distribution companies.

Open-flow Test	A test made to determine the volume of gas that will flow from a well during a given time span with minimum restrictions.

Operator	A person, acting for himself or as an agent for others and designated as the one who has the primary responsibility for complying with its rules and regulations in any and all acts subject to the jurisdiction of the State or Federal Government.

Organization of the Petroleum Exporting Countries	Group of crude-producing countries which has used its collective weight of production since OPEC was founded in 1960 in an attempt to influence oil prices. Current membership (May 2000): 11 countries—Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, UAE, Venezuela. Ecuador resigned from OPEC in 1992, Gabon in 1995. Founder members were Saudi Arabia, Iran, Iraq, Kuwait and Venezuela.

Oriente Crude Oil	Crude oil from Esmeraldas, Ecuador with API gravity of * and * % sulfur.

Oseberg	The price is for barrels loading FOB Sture, Norway. The API gravity is * , and the sulfur is * %.

Out-Turn	Quantity of oil unloaded from vessel at discharge point.

Outer Continental Shelf ("OCS")	the same meaning as such term has under section 1331 (a) of title 43.

Outer Continental Shelf Facility	Means an offshore facility which is located, in whole or in part, on the U.S. Outer Continental Shelf and is or was used for one or more of the following purposes: exploring for, drilling for, producing, storing, handling, transferring, processing, or transporting oil produced from the U.S. Outer Continental Shelf

Overriding Royalty Interest	A royalty interest which is typically retained by geologists or third parties which interest bears no part of the cost of drilling- completing or operating the well.

Oxygenate	Oxygen-containing blend stocks favored for their octane and their clean burning quality. Includes MTBE and ethanol.