DECLINE CURVE
It is the process of estimating oil reserves and predicting the production of it in the reservoirs and oil fields. It shows how oil and gas production rates decreases. Most decline curves are based on exponential, hyperbolic or harmonic Arps equations, but tend to have shortcomings such as underestimating reserves, underestimating production rates, or overestimating reservoir performance. The Arps equations were developed in the mid-1900s but are still used today despite their limitations.
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Affirmative Covenant
A kind of contract or promise that requires a party to conduct some action. For example, a bond covenant which provides that the issuer must delive ...
Pure Risk
A risk where loss is the only potential outcome; there is no positive result. A pure risk is related to events that are out of control of the risk- ...
Efficiency
Performance level describing a process which uses the lowest amount of inputs to come up with the greatest amount of inputs. It is relative to usin ...
Tax Free
Goods and/or financial products that are not taxable. Having the tax free status allows an entity to save money and encourages additional spending ...
Reprice
A situation that is most often allowed for company executives or high-level employees. It permits them to trade in their options that out of the mo ...
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