GLOSSARY - ABBREVIATIONS
Generally Accepted Accounting Principles. It is the standard framework of guidelines for financial accounting. It includes the standards, conventions, and rules accountants follow in recording and summarizing transactions, and in the preparation of financial statements.
Gas Cap/ Gas Cap Drive
The natural accumulation of associated gas in the top of an oil reservoir. Gas Cap Drive, or primarily production utilizes the pressure and expansion of this gas to drive the oil to the surface. Sometimes called Depletion Drive.
It is an intermediate product in an oil refinery that is heavier than diesel but lighter than lube oil or residual fuel. It can be a feedstock to make lubricating oils such as motor oil, or it is often converted into lighter, more valuable products such as gasoline or kerosene by a cracking process. Heavier gasoils produced by vacuum distillation called vacuum gasoils are usually feedstock for catalytic cracking.
Gaz de France is a French company which produces, transports and sells natural gas around the world and especially in France which is its main market, but also Belgium, the United Kingdom, Germany and other European countries.
Gross Domestic Product, is one of the ways for measuring the size of its economy. The GDP of a country is defined as the market value of all final goods and services produced within a country in a given period of time. It is also considered the sum of value added at every stage of production of all final goods and services produced within a country in a given period of time.
GDP = consumption + investment + (government spending) + (exports − imports)
The steady rise in global average temperature in recent decades, which experts believe is largely caused by man-made greenhouse gas emissions.
Gross National Product is the total value of all final goods and services produced by a country's factors of production and sold on the market in a given time period. Nominal GNP measures the value of output during a given year using the prices prevailing during that year. Over time, the general level of prices rises due to inflation, leading to an increase in nominal GNP even if the volume of goods and services produced is unchanged. GNP does not include goods produced on a subsistence level, i.e. farmers who eat their own products do not have their crops included in the GNP.
Real GNP measures the value of output in two or more different years by valuing the goods and services adjusted for inflation. For example, if both the "nominal GNP" and price level doubled between 1995 and 2005, the "real GNP" would remain the same. For year over year GNP growth, "real GNP" is usually used because it gives a more accurate view of the economy. It also has nothing to do with the population.
Global Positioning System. Gives coordinates for any position on earth via satellite.
A term used to describe a piece of undeveloped land, either currently used for agriculture or just left to nature. Construction of new PS on an existing plot.
The insulating effect of certain gases in the atmosphere, which allow solar radiation to warm the earth and then prevent some of the heat from escaping.
Greenhouse Gas (GHGs)
Atmospheric gases that are transparent to solar (short-wave) radiation but opaque to long-wave (infrared) radiation, thus preventing long-wave radiant energy from leaving Earth's atmosphere. The net effect of these gases is a trapping of absorbed radiation and a tendency to warm the planet's surface. The greenhouse gases most relevant to the oil and gas industry are carbon dioxide, methane and nitrous oxide.
It is an ambiguous phrase that expresses the relationship between gross profit and sales revenue. The ambiguity arises because it can be expressed in absolute terms: Gross Margin = Revenue - Cost of Goods Sold
Or as the ratio of gross profit to sales revenue, usually in the form of a percentage:
Gross Margin percentage = 100 * (Revenue - Cost of Goods Sold) / Revenue
Gas to liquids is a refinery process to convert natural gas or other gaseous hydrocarbons into longer-chain hydrocarbons. Methane-rich gases are converted into liquid fuels either via direct conversion or via syngas as an intermediate, for example using the Fischer Tropsch process.