Lexicon of Terms

Learn how to talk like an Oilman
417 Oil & Gas and related investment terms defined.
 
Jack or Unit — An oil-pumping unit. The pumping jack's walking beam provides the up-and-down motion to the well's pump rods.

Jetting — Injecting gas into a subsurface formation for the purpose of maintaining reservoir pressure.

Joint venture — A large-scale project in which two or more parties (usually oil companies) cooperate. One supplies funds and the other actually carries out the project. Each participant retains control over his share, including liability and the right to sell.

Joint — A single section of drill pipe, casing, or tubing, usually about 30 feet long.

Jet fuel — See Kerosene.

Jack-up rig — A floating platform with legs on each corner that can be lowered to the sea bottom to raise or jack up the platform above the water.

Joint Operating Agreement — A detailed written agreement between the working interest owners of a property which specifies the terms according to which that property will be developed.

Junk basket — A magnet used to retrieve small tools lost in the well. A fishing instrument.

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