Bill of Lading. A document issued by a carrier, e.g. a ship's master or by a company's shipping department, acknowledging that specified goods have been received on board as cargo for conveyance to a named place for delivery to the consignee who is usually identified.

Back Off

In drilling, to pull the drill-string out of, or partly out of, the borehole to unscrew a joint of a drill pipe or to slacken off a line or block.


The right to receive a reversionary interest at some future time, upon fulfillment of contractually specified conditions. This clause allows a lease-owner; lessee or a nonparticipating partner to reserve the option to participate in a well after it has produced enough to pay the operator’s expenses of drilling and completing that well. This clause is typically used in farmout agreements to convert the overriding royalty interest of a lease-owner, lessee or nonparticipating partner into a working interest upon payout of the well. When the election to convert the overriding royalty to working interest takes place, it is known as a back-in after payout (BIAPO).


A market condition in which a futures price is lower in the distant delivery months than in the near delivery months.


Bottom Hole Pressure


Back In After PayOut


In oil and gas usage, a billion means 109, not 1012. One billion cubic feet (bcf)= one thousand million cubic feet.

Biochemical Oxygen Demand (B.O.D.)

It is the amount of dissolved oxygen needed by aerobic biological organisms in a body of water to break down organic material present in a given water sample at certain temperature over a specific time period. The term also refers to a chemical procedure for determining this amount. Ιt is widely used as an indication of the organic quality of water.


Refers to a diesel-equivalent processed fuel derived from biological sources (such as vegetable oils) which can be used in unmodified diesel-engine vehicles.


Fuel produced from renewable biomass material, commonly used as an alternative, cleaner fuel source.

Bit (Drill)

The cutting or boring element used in drilling oil and gas wells. The bit consists of a cutting element and a circulating element. The circulating element permits the passage of drilling fluid and utilizes the hydraulic force of the fluid stream to improve drilling rates. In rotary drilling, several drill collars are joined to the bottom end of the drill pipe column, and the bit is attached to the end of the string of drill collars. Most bits used in rotary drilling are roller cone bits, but diamond bits are also used extensively.


A form of heavy, solid petroleum.

Black oil/Black cargo

Crude oil, or distilled crude containing the fractions heavier than middle distillates.

Black products

Heavy distillates (fuel oil, asphalt).


Prevention of commercial exchange by physically preventing carriers from entering a port or nation.

Blow down

The process of releasing pressure in e.g. a refinery pressure vessel by venting to atmosphere.
Primary production of a crude oil or condensate reservoir using the pressure of the associated gas.


Uncontrolled release of well fluids from the well bore during drilling operations.

Blue Stream

Blue Stream is a major trans-Black Sea gas pipeline that carries natural gas from Russia into Turkey. The pipeline has been constructed by the Blue Stream Pipeline B.V., the Netherlands based joint venture of Russian Gazprom and Italian Eni. The Blue Stream Pipeline B.V. is an owner of the subsea section of pipeline, including Beregovaya compressor station, while Gazprom owns and operates the Russian land section of the pipeline and the Turkish land section is owned and operated by the Turkish energy company BOTAŞ. According to Gazprom the pipeline was built with the intent of diversifying Russian gas delivery routes to Turkey and avoiding third countries.


Bank Note Acceptor


Barrels of oil.


Board of Directors


Blowout preventer: An arrangement of valves installed at the wellhead to prevent the sudden escape of reservoir and hydrocarbon pressure during drilling completion operations. Blowout preventers on land rigs are located beneath the rig at the land’s surface; on jack up or platform rigs, at the water’s surface; and on floating rigs, on the seabed.


Barrels of oil per day.


A well, especially referring to the face of the rock outside or below the casing. Test boreholes are also sunk to examine the suitability of a site for major foundation work and to examine geological formation at points where no hydrocarbons are expected.

Bottom hole

The deepest part of a well.

Bottoms up

Circulation of drilling fluid in a well, until the bottom hole mud and cuttings reach the surface, indicating that normal circulation can commerce.


is the activity of adhering to all the requirements of installing and/or using safety-related products and items in conformance with an active certification listing that has been issued by an organization that is nationally accredited both for testing and product certification. It is the exclusive means to establish due diligence for goods and services whose use is mandated by a building code or a fire code. The term is most commonly used in North American fire protection and has originated in the construction and maintenance of nuclear reactors in the United States.


A name, logo, slogan, and/or design scheme associated with a product or service.


In Europe “Brent” is the reference quality of crude from the North Sea. Each market requires reference crudes to compare the prices of different quality products. It is used on both the Physical Market and the Spot Market.

Brown Field

Abandoned, idled, or under-used industrial and commercial facilities where expansion or redevelopment is complicated by real or perceived environmental contaminations. Reconstruction or re-branding of an existing PS.


Benzene, toluene, ethyl benzene and xylene.

BTL (1)

Below The Line. Below the line advertising typically focuses on direct means of communication, most commonly direct mail and e-mail,public relations and sales promotions for which a fee is agreed upon and charged up front.

BTL (2)

Biomass to liquid is a (multi step) process to produce liquid biofuels from biomass: The process uses the whole plant to improve the CO2 balance and increase yield.

Bunker C

A residual fuel used as ship's fuel, Buker C usually has a high sulfur content and high viscosity.

Business Angel

An angel Investor or angel (also known as a business angel or informal investor) is an affluent individual who provides capital for a business start-up, usually in exchange for convertible debt or ownership equity. A small but increasing number of angel investors organize themselves into angel groups or angel networks to share research and pool their investment capital, as well as to provide advice to their portfolio companies.

The term "angel" originally comes from Broadway, where it was used to describe wealthy individuals who provided money for theatrical productions. In 1978, William Wetzel, then a professor at the University of New Hampshire and founder of its Center for Venture Research, completed a pioneering study on how entrepreneurs raised seed capital in the USA, and he began using the term "angel" to describe the investors that supported them.

Angel investors are often retired entrepreneurs or executives, who may be interested in angel investing for reasons that go beyond pure monetary return. These include wanting to keep abreast of current developments in a particular business arena, mentoring another generation of entrepreneurs, and making use of their experience and networks on a less than full-time basis. Thus, in addition to funds, angel investors can often provide valuable management advice and important contacts. Because there are no public exchanges listing their securities, private companies meet angel investors in several ways, including referrals from the investors' trusted sources and other business contacts; at investor conferences and symposia; and at meetings organized by groups of angels where companies pitch directly to investor in face-to-face meetings.

Angel capital fills the gap in start-up financing between "friends and family" who provide seed funding—and formal venture capital.


Also called n-butane, it is the unbranched alkane with four carbon atoms, CH3CH2CH2CH3. Butane is also used as a collective term for n-butane together with its only other isomer, isobutane (also called methylpropane), CH(CH3)3.  Butanes are highly flammable, colorless, easily liquefied gases. The name butane was derived by back-formation from the name of butyric acid.


Book Value Per Share. Also known as NAV per share. This is the book value as reported or forecast at the year-end divided by the basic number of shares outstanding at that balance sheet date.