Lexicon of Terms

Learn how to talk like an Oilman
417 Oil & Gas and related investment terms defined.
 
Workover — To clean out or work on a well to restore or increase production.

Wellhead — A device on the surface used to hold the tubing in the well. The wellhead is the originating point of the producing well at the top of the ground.

Wasting assets — Assets that will eventually lose their value.

Whipstock — A steel blocking device place in a borehole. As drilling is resumed, the whipstock forces the drill bit to veer off at a slight angle.

Write-off — In common usage: a reduction in taxable income that results when allowable deductions are subtracted from gross income.

Workover rig — The rig used when oilmen try to restore or increase a well's production.

Well platform — An offshore structure that supports a well's surface controls and flow piping.

Water drive — The most efficient driving mechanism to force oil and gas out of the reservoir.

Wall sticking — A condition in which a section of the drillstring becomes stuck on deposits of filter cake on the wall of the borehole in a well.

Wellbore — Physically, wellbore refers to a borehole, in other words a completed well.

Wildcat — An exploration well drilled to a reservoir, from which no oil or gas has previously been produced in the nearby surrounding area. Wildcatter

Waterflooding — A secondary recovery method in which water is injected into a reservoir to force additional oil into the wells.

Wet — A reservoir rock is said to be "wet" when it contains water but no hydrocarbons.

Working interest — An interest created by the execution of an oil and gas lease.

Wet gas — Natural gas containing liquid hydrocarbons - commonly condensate.

West Texas Intermediate — Refers to a grade of crude oil produced in the Permian and Midland basin areas of west Texas. The price paid for crude oil varies according to quality.

Well program — The procedure for drilling, casing, and completing a well.

Water-drive reservoir — A reservoir in which the pressure that forces the oil to the surface is exerted by edge or bottom water in the field.

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