TeachMeFinance.com - explain Production, crude oil
Production, crude oil The term 'Production, crude oil' as it applies to the area of energy can be defined as ' The volumes of crude oilthat are extracted from oil reservoirs. These volumes are determined through measurement of the volumes delivered from lease storage tanks orat the point of custody transfer, with adjustment for (1) net differences between opening and closing lease inventories and (2) basic sediment and water. Crude oil used on the lease is considered production'.
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