Glossary

bbl	barrel (1 barrel = 6.3 m3)
bcm	billion cubic metres (1 metre 3 = 35.3 cubic feet)
billion	One thousand million
boe	barrel of oil equivalent - including oil, gas and gas / hydrocarbon liquids.  (1 boe= 164 m3 gas = 5.8 thousand cubic feet)
bpd	barrels per day
boepd	barrel of oil equivalent per day
Capex	Capital Expenditure
CCS	Carbon Capture and Storage
CNS	Central North Sea
CT	Corporation Tax
DTI	Department of Trade and Industry
EU	European Union
EU ETS	European Union Emissions Trading Scheme
FYA	First Year Allowances
kboepd	thousand barrels of oil equivalent per day
kbpd	thousand barrels per day
m3/d	cubic metres per day (gas)
Mtoe	Million tonnes of oil equivalent
MW	Mega Watts
NG	National Grid
NNS	Northern North Sea
NTS	National Transmission System
Opex	Operating Expenditure
OSPAR	Oslo and Paris Convention for the Protection of the Marine Environment of the North East Atlantic
PILOT	Joint Oil and Gas Industry/Government Task Force chaired by the Energy Minister
PRT	Petroleum Revenue Tax
p/therm	Pence per therm
SCT	Supplementary Charge to Corporation Tax
SNS	Southern North Sea
UKCS	United Kingdom Continental Shelf
UKOOA	UK Offshore Operators Association
WoS	West of Shetlands