| Particulates |
| Tiny particles of soot, ash and other solids or liquids that are emitted into the air upon combustion. |
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| Passive Solar |
| Architectural designs in buildings taking advantage of site and building materials to enhance the amount of solar radiation turned into useful interior heat during cold periods and to minimize absorption of solar heat during warm periods. Contrasts with active solar. |
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| Payzone |
| Rock in which oil and gas are found in exploitable quantities. |
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| Peak Demand |
| The maximum load consumed by a customer or a group of customers or a system in a period of time such as month or year. The value may be the maximum instantaneous load or more usually the average load over a designated short interval of time such as one hour. Normally stated in kilowatts or megawatts. |
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| Peak Load Pricing |
| A method of pricing for a product in which the highest charge occurs at the time when the demand is highest. |
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| Peaking Capacity |
| Electrical generating equipment which is operated to supply energy during periods of high demand on the power system. Peak capacity usually entails low capital cost and high operating cost. |
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| Pentanes Plus |
| A volatile hydrocarbon liquid composed primarily of pentanes and heavier hydrocarbons.Generally, a byproduct obtained from the production and processing of raw natural gas. Also called condensate, pentanes plus is equivalent to a light crude oil. |
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| Permeability |
| A property of a porous medium: a measure of the capacity of the medium to transmit fluids. The common unit of mesurement of the millidarcy.
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| Petrochemicals |
| Chemicals derived from crude oil or natural gas, including ammonia, carbon black and thousands of organic chemicals. The primary petrochemical group (that is, the first-stage derivatives of oil and gas) is generally regarded to include ethylene, propylene, butadiene, butylenes, benzene, toluene and xylenes. |
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| Petroleum |
| A generic name for hydrocarbons, including crude oil,
natural gas liquids, natural gas and their products. |
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| Petroleum Refining |
| The separation of the different petroleums (crude oil) hydrocarbons into groups and their conversion into marketable products. It includes processes for increasing the yield of desired hydrocarbons and methods for purifying the resultant products. |
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| Photovoltaics |
| An active solar technology involving the conversion of sunlight directly into electricity by means of a semiconductor. |
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| Pinnacle Reef |
| A conical formation, usually composed of limestone, where
hydrocarbons may be trapped. |
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| Plasma Arc Technology |
| Use of electrical arcs in a plasma furnace to efficiently produce very high temperatures for applications such a metal melting and coating and industrial drying. |
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| Platform |
| An offshore structure that is permanently fixed to the
seabed. |
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| Plugged and Abandoned |
| There may be oil or gas in the well but for the time being it is not worth taking out. The company may, however, decide to return and retrieve the oil or gas at a later date. |
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| Plugged Back |
| Up hole depth after the well has been drilled to its final depth, it is sometimes cemented, plugged off, above final total. |
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| Plutonium |
| A radioactive element used as a raw material in the manufacture of nuclear weapons; a waste product of processes yielding atomic energy. |
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| Polymer Gasoline |
| A high-octane gasoline produced by the catalyst polymerization of light olefins generated by various refinery units. |
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| Pool |
| A natural underground reservoir containing, or appearing to contain, an
accumulation of petroleum or natural gas. |
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| Porosity |
| The percentage of void in a porous rock compared
to the solid formation. |
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| Possible Reserves |
| Reserves that, at present, cannot be regarded as ‘probable’ but are estimated
to have a significant but less than 50% chance of being technically and
economically productive. |
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| Posted Prices |
| Prices published by refiners for petroleum products, from which discounts (relating to the size of volumes taken and other factors) are subtracted to determine actual contract prices. An alternative system is rack pricing. |
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| Pour Point |
| The lowest temperature at which a given crude oil or petroleum product will flow as a liquid. Material with a pour point expressed as 16o celcius Max will flow at temperature s down to 16o celcius. Petroleum with a high pour point maximum of 41o celcius and above is generally considered high pour oil, although this term has also been applied to all oil with a maximum above 18o celcius or 24o celcius. At the guaranteed pour point (or perhaps slightly below it) the oil will begin to solidify. Inasmuch as product with a relatively low pour point would require less preheating prior to combustion and can be stored or shipped at lower temperatures (high pour oil, in contrast, must be transported and stored in tanks equipped with heating coils to maintain its liquidity), such low pour oil generally commands a price premium on the market. |
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| Power |
The rate at which energy is delivered by an electrical system, usually measured in kilowatts or megawatts. In the electric utility industry, power is classified as follows:
Power / Firm
Electricity intended to be available at all times in accordance with an agreement.
Power / Interruptible
Electricity that may be interrupted at the supplier's discretion. |
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| Price Control |
| The setting of limits on prices by government order. These include maximum limits as well as "floor prices" (designed to limit how far prices may drop). |
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| Primary Energy |
| The available energy content of a natural resource. Contrasts with secondary energy. |
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| Primary Recovery |
| The standard oil well production technique, sometimes called flush production, using only the natural water or gas pressure in the reservoir to force the petroleum to the surface. Primary recovery typically yields approximately 20% of the oil in a conventional light crude reservoir, but only about 5% of the oil in a heavy crude reservoir. Primary recovery is usually first augmented by wellhead pumps.
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| Probable Reserves |
| Reserves that are not proven but are estimated to have a better than 50% chance of being technically and economically productive. |
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| Production Casing |
| The casing which is set in the productive zone through which perforations and production comes from. |
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| Production Zone |
| The formation, that through testing, indicates the potential for producing hydrocarbons. |
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| Productive Capacity |
| The estimated average daily ability of a property to produce oil and/or natural gas, unrestricted by demand, but restricted by reservoir performance, well density and well capacity, oil sands mining capacity, field processing capacity and pipeline capacity. |
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| Profit |
| Net income after taxes, excluding extraordinary gains or losses. |
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| Projected Depth |
| The approximate depth the company will reach. This depth is set before drilling commences. Note that the final total depth is usually greater or lesser than the projected depth. |
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| Propane |
| A colourless, odourless hydrocarbon gas, liquified at relatively low pressure and therefore easily stored in cylinders for use as a fuel. Propane (C3H8) is a byproduct of natural gas processing plants and petroleum refineries. |
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| Propylene |
| Second member of the olefin series of hydrocarbons (C3H6). Propylene is a flammable gaseous byproduct of the thermal or catalytic dehydrogenation of propane. Most propylene used for chemical purposes is generated as co-product in the production of ethylene via steam cracking of natural gas liquids, naphtha or gas-oil. |
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| Proved (Proven) Reserves |
| An estimate of the amount of oil or natural gas believed to recoverable from know reservoirs under existing economic and operating conditions.
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| Pulping Liquor |
| A substance consisting primarily of lignin (a non-carbohydrate constituent of wood) produced as a byproduct of the manufacture of chemical pulp. It can be burned in a boiler to produce steam or electricity. Also known as waste liquor or black liquor. |
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| Pyrolysis |
| Application of heat in the absence of air to break complex materials into simpler units. |
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