Directorate General (department of
EU Commission with responsibilities
in a certain field, for example, II - Economic and Financial
Affairs, III - Industry, XI - Environment, XVII - Energy).
Signed by 45 governments and EU in Lisbon,
Portugal on 17 December 1994.
EU
European Union
Framework
Convention on Climate Change
UK signed Framework convention at Rio
in 1992 and, along with other developed countries, agreed to
return its emissions of greenhouse gases to 1990 levels by 2000
- a necessary first step.
Gas Act 1995
Enabled final liberalisation of gas
market by creating licensing framework for new entrants into
domestic UK market.
Licence
Right to explore for and exploit hydrocarbon
reserves within a defined area.
Period during which Government offers
and then allocates a number of specified areas (Blocks or part Blocks) within its national boundaries.
Licensee(s)
Companies that Government believes are capable of satisfying
various conditions of a Licence.
Operator
Company which operates a Licence,
either on its own behalf, or, if a member of a consortium, on
behalf of Licensees. Takes primary responsibility
for day-to-day operations for an activity (exploration, development
or production).
PEDL
Petroleum Exploration and Development Licence. New single
licence came into effect in 1995 (Seventh Round) for onshore
UK Licensing.
Petroleum (Production) Act 1934
Onshore legislation which vested in Crown ownership of all
petroleum (oil and natural gas) existing in natural conditions
in strata in Great Britain.
When licensees of oil and/or gas
reserves pool their individual interests in return for an interest
in overall unit, which is then operated by a single company on
behalf of group. Occurs where a field
lies under different licences with differing
equity interests.
