• ACG - Azeri-Chirag-Gunashli
  • ACQ - Annual Contract Quantity
  • APA - Awards in Predefined Areas
  • AFP - Agreement-based Early Retirement Plan
  • AnLNG - Angola LNG
  • BTC - Pipeline Baku-Tbilisi-Ceyhan
  • CCS - Carbon Capture and Storage
  • CHP - Combined heat and power plant
  • CO2 - Carbon Dioxide
  • E&P - Exploration & Production
  • EEA - European Economic Agreement
  • EFTA - European Free Trade Association
  • EMTN - Euro Medium Term Note
  • EPN - Exploration & Production Norway Business Area
  • FCC - Fluid Catalytic Cracking
  • FPSO - Floating Production Storage Offloading
  • GBS - Gravity-Based Structure
  • GDP - Gross Domestic Product
  • GoM - Gulf of Mexico
  • GTL - Gas to Liquids
  • HSE - Health, Safety, Environment
  • HTHP - High-temperature/high pressure
  • IASB - International Accounting Standards Board
  • IEA - International Energy Agency
  • IFRS - International Financial Reporting Standards
  • INT - International Exploration & Production business area
  • IO - Integrated Operations
  • IOR - Increased Oil Recovery
  • ISG - In Salah Gas
  • KEP2010 - Kårstø Upgrading Project
  • LNG - Liquefied Natural Gas
  • LPG - Liquefied Petroleum Gas
  • M&M - Manufacturing and Marketing business area
  • MPE - Norwegian Ministry of Petroleum and Energy
  • NAOSC - North American Oil Sands Corporation
  • NCS - Norwegian Continental Shelf
  • NG - Natural Gas Business Area
  • NGO - Non Governmental Organization
  • NIOC - National Iranian Oil Company
  • NOC - National Oil Companies
  • NOK - Norwegian Kroner
  • NOx- Nitrogen Oxide
  • OECD - Organisation of Economic Co-Operation and Development
  • OTC - Over the Counter
  • OTS - Oil Trading and Supply Department
  • PBO - Project Benefit Obligation
  • PDO - Plan for Development and Operation
  • PRO - Projects Functional Area
  • PSA - Production Sharing Agreement
  • R&D - Research and Development
  • ROACE - Return on Average Capital Employed
  • SAGD - Steam Assisted Gravity Drainage
  • SCP - South Caucasus Pipeline System
  • SDFI - Norwegian State's Direct Financial Interest
  • SORIE - Statement of Recognised Income and Expense
  • TAP - Trans Adriatic Pipeline
  • TNE - Technology & New energy Functional Area
  • TSP - Technical Service Provider
  • UKCS - UK Continental Shelf
  • USD - United States Dollar
  • ÅTS - Åsgard Transport System

Metric abbreviations etc:

  • bbl - barrel
  • mbbl - thousand barrels
  • mmbbl - million barrels
  • boe - barrels-of-oil equivalent
  • mboe - thousand barrels-of-oil equivalent
  • mmboe - million barrels-of-oil equivalent
  • mmcf - million cubic feet
  • bcf - billion cubic feet
  • tcf - trillion cubic feet
  • scm - standard cubic metre
  • mcm - thousand cubic metres
  • mmcm - million cubic metres
  • bcm - billion cubic metres
  • mmtpa - million tonnes per annum
  • km - kilometre
  • ppm - part per million
  • one billion - one thousand million

Equivalent measurements are based upon:

  • 1 barrel equals 0.134 tonnes of oil (33 degrees API)
  • 1 barrel equals 42 US gallons
  • 1 barrel equals 0.159 standard cubic metres
  • 1 barrel of oil equivalent equals 1 barrel of crude oil
  • 1 barrel of oil equivalent equals 159 standard cubic metres of natural gas
  • 1 barrel of oil equivalent equals 5,612 cubic feet of natural gas
  • 1 barrel of oil equivalent equals 0.0837 tonnes of NGLs
  • 1 billion standard cubic metres of natural gas equals 1 million standard cubic metres of oil equivalent
  • 1 cubic metre equals 35.3 cubic feet
  • 1 kilometre equals 0.62 miles
  • 1 square kilometre equals 0.39 square miles
  • 1 square kilometre equals 247.105 acres
  • 1 cubic metre of natural gas equals one standard cubic metre of natural gas
  • 1000 standard cubic metres of natural gas equals 6.29 boe
  • 1 standard cubic foot equals 0.0283 standard cubic metres
  • 1 standard cubic foot equals 1000 British thermal units (btu)
  • 1 tonne of NGLs equals 1.9 standard cubic metres of oil equivalents
  • 1 degree Celsius equals minus 32 plus five-ninths of the number of degrees Fahrenheit

Miscellaneous terms:

  • Biofuel: A solid, liquid or gaseous fuel derived from relatively recently dead biological material and is distinguished from fossil fuels, which are derived from long dead biological material.
  • BOE: Barrels of oil-equivalent A measure to quantify crude oil, natural gas liquids and natural gas amounts using the same basis. Natural gas volumes are converted to barrels on the basis of energy content.
  • Carbon footprint: Total set of greenhouse gas emissions caused directly and indirectly by an individual, organization, event or product.
  • Condensates: The heavier natural gas components, such as pentane, hexane, iceptane and so forth, which are liquid under atmospheric pressure - also called natural gasoline or naphtha
  • Crude oil, or oil: Includes condensate and natural gas liquids
  • Development: The drilling, construction, and related activities following discovery that are necessary to begin production of crude oil and natural gas fields.
  • Downstream: The selling and distribution of products derived from upstream activties.
  • Equity and entitlement volumes of oil and gas: Equity volumes represent volumes produced under a Production Sharing Agreement (PSA) that correspond to Statoil's percentage ownership in a particular field. Entitlement volumes, on the other hand, represent Statoil's share of the volumes distributed to the partners in the field, which are subject to deductions for, among other things, royalties and the host government's share of profit oil. Under the terms of a PSA, the amount of profit oil deducted from equity volumes will normally increase with the cumulative return on investment to the partners and/or production from the licence. The distinction between equity and entitlement is relevant to most PSA regimes, whereas it is not applicable in most concessionary regimes such as those in Norway, the UK, Canada and Brazil. The overview of equity production provides additional information for readers, as certain costs described in the profit and loss analysis were directly associated with equity volumes produced during the reported years.
  • FCC: Fluid catalytic cracking A process used to convert the high-boiling hydrocarbon fractions of petroleum crude oils to more valuable gasoline, gases and other products.
  • GTL: Gas to liquids, means the technology used for chemical conversion of natural gas into transportable liquids (diesel and naphtha) and specialty products (base oils).
  • Heavy Oil: Crude oil with high viscosity (typically above 10 cp), and high specific gravity. The API classifies heavy oil as crudes with a gravity below 22.3° API. In addition to high viscosity and high specific gravity, heavy oils typically have low hydrogen-to-carbon ratios, high asphaltene, sulfur, nitrogen, and heavy-metal content, as well as higher acid numbers.
  • High Grade: Relates to selectively harvesting goods, to cut the best and leave the rest. In reference to exploration and production this entails strict prioritisation and sequencing of drilling targets.
  • Hydro: A reference to the oil and energy activities of Norsk Hydro ASA which merged with Statoil ASA.
  • IOR: Increased oil recovery is used about actual measures resulting in an increased oil recovery factor from a reservoir as compared with the expected value at a certain reference point in time. IOR comprises both of conventional and emerging technologies.
  • Liquids: Refers to oil, condensates and NGL.
  • LNG: Liquefied Natural Gas,lean gas - primarily methane - converted to liquid form through refrigeration to minus 163 degrees Celsius under atmospheric pressures
  • LPG: Liquefied petroleum gas and consists primarily of propane and butane, which turn liquid under a pressure of six to seven atmospheres. LPG is shipped in special vessels.
  • Midstream: Processing, storage, and transport of crude oil, natural gas, natural gas liquids and sulphur.
  • Naphtha is an inflammable oil obtained by the dry distillation of petroleum
  • Natural gas: Petroleum that consists principally of light hydrocarbons. It can be divided into 1) lean gas, primarily methane but often containing some ethane and smaller quantities of heavier hydrocarbons (also called sales gas) and 2) wet gas, primarily ethane, propane and butane as well as smaller amounts of heavier hydrocarbons; partially liquid under atmospheric pressure
  • NGL: Natural gas liquids, light hydrocarbons mainly consisting of ethane, propane and butane which are liquid under pressure at normal temperature
  • Oil sands: A naturally occurring mixture of bitumen, water, sand, and clay. A heavy viscous form of crude oil.
  • Petroleum: A collective term for hydrocarbons, whether solid, liquid or gaseous. Hydrocarbons are compounds formed from the elements hydrogen (H) and carbon (C). The proportion of different compounds, from methane and ethane up to the heaviest components, in a petroleum find varies from discovery to discovery. If a reservoir primarily contains light hydrocarbons, it is described as a gas field. If heavier hydrocarbons predominate, it is described as an oil field. An oil field may feature free gas above the oil and contain a quantity of light hydrocarbons, also called associated gas.
  • Proved reserves: Proved reserves are those reserves claimed to have a reasonable certainty (normally at least 90% confidence) of being recoverable under existing economic and political conditions, and using existing technology. They are the only type the U.S. Securities and Exchange Commission allows oil companies to report.
  • Share turnover: Turnover of shares is a measure of stock liquidity calculated by dividing the total number of shares traded over a period by the average number of shares outstanding for the period. The higher the share turnover, the more liquid the share of the company.
  • Syncrude: The output from bitumen extra heavy oil upgrader facility used in connection with oil sand production.
  • Upstream: Includes the searching for potential underground or underwater oil and gas fields, drilling of exploratory wells, subsequent operating wells which bring the liquids and or natural gas to the surface.
  • VOC: Volatile Organic Compounds, are organic chemical compounds that have high enough vapor pressures under normal conditions to significantly vaporise and enter the earth's atmosphere, e.g. gasses formed under loading and offloading of crude oil. 
  • Økokrim: Prosecution of Economic and Environmental Crime in Norway