Oilfield Glossary
Oilfield Glossary
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Searched for "pay" in Term Name (3 result(s) found)

production payment

1. n. [Oil and Gas Business]
A portion of proceeds from production, specified by contract, and payable to the lessor or farmor, or host country until total payment has reached a predetermined limit specified by contract.

payout

1. n. [Oil and Gas Business]
The point at which all costs of leasing, exploring, drilling and operating have been recovered from production of a well or wells as defined by contractual agreement.

pay

1. n. [Geology]
A reservoir or portion of a reservoir that contains economically producible hydrocarbons. The term derives from the fact that it is capable of "paying" an income. Pay is also called pay sand or pay zone. The overall interval in which pay sections occur is the gross pay; the smaller portions of the gross pay that meet local criteria for pay (such as minimum porosity, permeability and hydrocarbon saturation) are net pay.