Exploration and Production of hydrocarbons.


A right to use another person’s property.

East Med pipeline

East Med pipeline is a proposed plan which will  bring gas from the Israeli and Cypriot offshore reserves into mainland Greece.


Earnings Before Interest and Tax. A measure of a firm’s profitability that excludes interest and income tax expenses.
EBIT = Operating Revenue - Operating Expenses + Nonoperating Income


Earnings Before Interest, Tax, Depreciation and Amortization. Operating result. It is a non-GAAP metric that can be used to evaluate a company’s profitability.
EBITDA = Net income + income taxes + interest + depreciation + amortization


Hellenic Fuels and Lubricants Industrial and Commercial Company.


Elf Aquitaine was a French oil company which merged with TotalFina to form TotalFinaElf. The new company changed its name to Total in 2003. Elf has been maintained as a major brand of Total.

Emissions Reduction Units (ERUs)

The Emission Reduction Unit (ERU) is an emissions unit issued under a Joint Implementation project in terms of the Kyoto Protocol. An ERU represents a reduction of greenhouse gases under the Joint Implementation mechanism, where it represents one tonne of CO2 equivalent reduced.

En Route

In transit (referring to goods, passengers, or vessels).

Energy Efficiency

Using less energy/electricity to perform the same function.

Energy Intensity

It is a measure of the energy efficiency of a nation's economy. It is calculated as units of energy per unit of GDP.

Enhanced Oil Recovery (EOR)

Enhanced Oil Recovery (EOR) is a generic term for techniques used for increasing the amount of crude oil that can be extracted from an oil field. Enhanced oil recovery is also called improved oil recovery or tertiary recovery (as opposed to primary and secondary recovery). Such techniques may include steam flood and water flood injection and hydraulic fracturing.


Ente Nazionale Idrocarburi S.p.A. is an Italian multinational oil and gas company, with a presence in 70 countries, currently Italy’s largest industrial company.


EPS: The portion of a company’s profit allocated to each outstanding share of common stock. EPS serves as an indicator of a company’s profitability.


The net worth of a company. This represents the ownership interest of the shareholders (common and preferred) of a company. For this reason, shares are often known as equities.

Escalation / de-escalation

Adjustment of fuel price according to its density, as compared with a standard density recorded in Platt’s Oilgram (0,755 for gasoline and 0,845 for diesel). It compensates for the “gain” in volume of white products purchased in mass units (MT) and sold in volume units (liters).


The expected date and time of arrival of a carrier.


The expected date and time of departure of a carrier.


It is a chemical compound with chemical formula C2H6. It is the only two-carbon alkane, that is, an aliphatic hydrocarbon. At standard temperature and pressure, ethane is a colorless, odorless gas.


The EU Emissions Trading System (EU ETS) is a key toolfor the combat of climate change and for reducing industrial greenhouse gas emissions cost-effectively. The first - and still by far the biggest - international system for trading greenhouse gas emission allowances, the EU ETS covers more than 11,000 power stations and industrial plants in 31 countries, as well as airlines.


EU Emission Allowances, or EUAs, are the credits that are allocated to the companies covered by the EU Emission Trading Scheme. Each one represents the right to emit one tonne of carbon dioxide. There are a fixed number of EUAs available to industries covered by the EU Emission Trading Scheme. EUAs are tradable. Carbon Retirement buys and retires EUAs.

European Emission Standards

European Emission Standards: Sets of requirements defining the acceptable limits for exhaust emissions of new vehicles sold in EU member states.  The emission standards are defined in a series of European Union directives staging the progressive introduction of increasingly stringent standards. Euro I: July 1992, Euro II: Jan. 1996, Euro III: Jan. 2000, Euro IV: Jan. 2005, Euro V (proposed): Sep. 2009, Euro VI (proposed): Sept. 2014.

European Federation of Energy Traders (EFET)

EFET is an organization of more than 100 energy trading companies from over 27 European countries designed to improve the conditions of energy trading in Europe and to promote the development of a sustainable and liquid European wholesale market

European Network of Transmission System Operators for Electricity (ENTSO-E)

The European Network of Transmission System Operators for Electricity (ENTSO-E) represents all electric TSOs in the EU and others connected to their networks, for all regions, and for all their technical and market issues.

Important Europe-wide planning and operations roles are assigned to ENTSO-E in new European legislation: The Regulation on cross-border exchanges of electricity that are part of the EU 3rd Energy Package legislation as voted in the European Parliament, and in force since March 2011, establishes ENTSO for Electricity in order to promote the completion and functioning of the internal market in electricity and cross-border trade and to ensure the optimal management, coordinated operation and sound technical evolution of the European electricity transmission network.


Economic Value Added is an estimate of true economic profit after making corrective adjustments to GAAP accounting, including deducting the opportunity cost of equity capital. EVA can be measured as Net Operating Profit After Taxes (or NOPAT) less the money cost of capital. Money cost of capital refers to the amount of money rather than the proportional rate (cost of capital). The amortization of goodwill or capitalization of brand advertising and other similar adjustments are the translations that occur to Economic Profit to make it EVA.


,called the Return on Invested Capital (ROIC).

Is the firm’s return on capital, NOPAT is the Net Operating Profit After Tax, c is the Weighted Average Cost of Capital (WACC) and K is capital employed


European Wind Energy Association. EWEA's objective is to facilitate national and international policies and initiatives that strengthen the development of European and global wind energy markets, infrastructure and technology through effective communication and its engagement in the political decision-making processes,  in order to achieve a more sustainable and cleaner energy future.

Ex works

The seller delivers when he places the goods at the disposal of the buyer at the seller’s premises or another named place (i.e. works, factory, warehouse, etc.) not cleared for export and not loaded on any collecting vehicle.

Ex-ship out-turn

Quantity of fuel delivered out of a ship at the receiving terminal, as measured in the receiving tank.