 A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z
A
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AGÊNCIA NACIONAL DO PETRÓLEO (ANP) -The National Petroleum Agency, Brazil's regulatory agency for the oil and natural gas sectors.
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AMERICAN DEPOSITARY RECEIPTS (ADRs) - Certificates tradable in the U.S. that represent one or more shares of a foreign company. An American depositary bank issues the ADRs upon deposit of the underlying shares kept by a custodian institution in the country of origin.
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ANNEX IV - A part of the National Monetary Council Resolution No. 1832 that regulates foreign investments in Brazilian capital markets.
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API - American Petroleum Institute.
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API DEGREE (°API) - A scale created by the American Petroleum Institute expressing the relative density of an oil or oil by-product. The API scale, measured in degrees, varies inversely with the relative density, i.e. the higher the relative density, the lower the API degree. The API degree is greater when the oil is lighter. Oil with an API degree greater than 30º is considered light; between 22º and 30º API, medium; and below 22º API, heavy. Oil below 10º API is considered extra-heavy. The higher the API degree, the higher the market value.
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ATMOSPHERIC DISTILLATION UNIT - A physical process that separates the components of a liquid mixture in function of its boiling point. In the distillation process, untreated oil is fractioned by heating. The lighter parts are separated in the form of steam while the heavier fractions remain in liquid form.
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B
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BACK TESTING - A technique that basically consists of the use of historic data in a model to evaluate the precision of past answers.
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BASIC PETROCHEMICALS - These are divided into two groups: olefins (ethylene, propylene, butylene) and aromatics (benzene, toluene, xylene). They are produced from different feedstocks by a process known as steam cracking.
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BBL - Barrel.
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BLOCK - A small portion of a sedimentary basin where activities are carried out for exploration and production of oil and natural gas.
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BOE - Barrels of oil equivalent. Normally used to express oil and gas volumes in the same unit of measurement (barrels) by converting domestic gas at a rate of 1,000 m3 of gas for 1 m3 oil.
1 m3 of oil = 6.289941 barrels of oil.
An international barrel of oil equivalent is approximately 6,000 cubic feet of natural gas.
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BOEPD - Barrels of oil equivalent per day.
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BOVESPA INDEX (IBOVESPA) - Index of the price variation of a theoretical portfolio of shares defined periodically by the São Paulo Stock Exchange.
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BPD - Barrels per day
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BUNKER - Fuel for ships.
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BUSINESS TO BUSINESS - Companies that sell products or services to other companies.
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C
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CATALYTIC CRACKING UNIT - Refining process that converts heavy distilled oils into lighter fractions with greater commercial value, such as gasoline, liquefied petroleum gas (LPG) and naphtha.
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CATALYZER - A substance that speeds up or retards a chemical reaction, but whose chemical composition is not permanently changed during the process.
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CATENARY - A plane curve that shows the effects of gravity on the shape of a wire, held in place only by its endpoints.
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CO-GENERATION - Simultaneous generation of electricity and thermal energy (heat/processing steam), via the sequential and efficient use of quantities of energy from the same source. It increases the thermal efficiency of a thermodynamic system as a whole.
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COMMODITY - A physical asset, typically produced through agriculture, mining or a manufacturing process, normally subject to quality or standard classification, and that is traded commercially.
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CONDENSATE - A natural gas liquid, obtained in the normal process of separation in the field, which is maintained in its liquid state under normal pressure and temperature conditions.
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CORPORATE GOVERNANCE - The relationship between economic agents (shareholders, executives, board members) with the capacity of influencing/determining the direction and the performance of a corporation. Good corporate governance assures equal treatment for partners, transparency and responsibility with the results.
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CORRELATION - A statistical indicator that demonstrates until what point the variation of two indexes is related one to another.
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D
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DERIVATIVE - A contract or security whose values are related to the price movement of a security, instrument or subjacent index. It can be used as a hedge instrument.
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DOWNSTREAM - A term used essentially to define the activities of refining crude oil and treatment of natural gas, and the transport and distribution of their products.
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E
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e-COMMERCE - This is a type of trade characterized by the exchange of bits, where transactions are carried out in Cyberspace. The relationship is digital and, thus, virtual. The products or services make use of a digital media, multi-media, and the main outlets of this trade are through: CD-ROMs, kiosks, BBS and the Internet. It also is known as virtual commerce or electronic commerce.
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e-PROCUREMENT - An electronic process (via the Internet) for the purchase of materials and acquisition of services.
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EBITDA - Earnings before interest, taxes, depreciation and amortization expenses.
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EBITDA MARGIN - Reports about how much net revenues contribute to the EBITDA.
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ENGINEERING, PROCUREMENT AND CONSTRUCTION (EPC) - Planning, purchasing and construction.
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E&P - Exploration and production of petroleum and natural gas.
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EVALUATION 90º - Methodology for the evaluation of skills, including self-evaluation, evaluation of the manager to whom the executive reports and evaluation of in-house clients.
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EVALUATION 360º - Methodology for the evaluation of skills, including self-evaluation, evaluation of the manager to whom the executive reports, evaluation of in-house clients, managers at the same hierarchical level and the work team.
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ETHANE OR ETHYLENE - C2H4, a basic petrochemical product of the light olefin family, produced from naphtha or ethane.
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EXPLORATORY SUCCESS INDEX - The number of exploratory wells with the presence of commercially extractable oil and/or natural gas in relation to the total number of exploratory wells drilled and evaluated in a particular year.
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F
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FARM-IN - The process of partial or total acquisition of concession rights held by another company. In the same negotiation, a company that is acquiring the concession rights is in the farm-in process and the company that is selling those rights is in the farm-out process.
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FCC COKE - A product that is deposited on the surface of catalyzers that results in the degradation of the gas-oil that is produced by the Catalytic Cracking Unit. It is burned off during the continuous regeneration process of the catalyzer, supplying energy to heat the charge and to generate steam.
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FIELD - An area for the production of oil or natural gas made-up of one or more continuous reservoirs, possibly at variable depths, encompassing facilities and equipment destined for production.
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FLOATING, PRODUCTION, STORAGE & OFFLOADING (FPSO) - A floating unit for production, storage and transfer of petroleum, using a ship as a platform.
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FLOATING, STORAGE & OFFLOADING (FSO) -A floating unit for storage and transfer of petroleum, using a ship as a platform.
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FUEL OIL - The heavier fractions from atmospheric distillation of petroleum, widely used as an industrial fuel in boilers, furnaces, etc.
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H
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HEDGE - A position or combination of financial positions that contribute to the reduction of some type of risk.
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I
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IGP-DI - General Price Index - Internal Availability. This index is determined monthly by the Fundação Getúlio Vargas and is one of the two main price level indexes used in the Brazilian economy.
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INTERBANK DEPOSIT CERTIFICATE (IDC) - A security that backs loan operations between financial institutions.
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L
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LINEAR ALKYL-BENZENE - Used in making biodegradable detergents.
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LIQUEFIED NATURAL GAS (LNG) - Natural gas cooled to temperatures below 160o C to be transfered and stored in liquid form.
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LIQUEFIED PETROLEUM GAS (LPG) - A mixture of hydrocarbons with high-pressure steam, obtained from natural gas in special refinery processors and kept in its liquid state under special surface storage conditions.
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LIQUID NATURAL GAS LIQUIDS (NGLs) - The portion of the natural gas that is found in its liquid state under a determined pressure and temperature condition at the surface, obtained through field separation processes, in natural gas processing units or in gas pipeline transfer operations.
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M
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MARKETPLACE - A term used to define the word "market" from a marketing viewpoint. In digital marketing, this word is used to distinguish the physical (marketplace) from the virtual (marketspace).
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MERCHANT POWER STATION - Commercial power stations which normally produce power for the spot market. In this type of business there are usually contracts for the supply of natural gas with clauses for sharing gains and losses above a pre-established level.
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METHANOL - Also called methyl alcohol, it can be produced from coke, naphtha or natural gas (methane).
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N
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NAPHTHA - A petroleum by-product mainly used as feedstock by the petrochemical industry to produce ethylene and propylene, along with other liquid fractions such as benzene, toluene and xylene.
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NATURAL GAS - All hydrocarbons or hydrocarbon mixtures that remain in a gaseous state under normal atmospheric conditions, extracted directly from reservoirs of petroleum or gas. Includes moist, dry, residual and rare gases.
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NATURAL GAS LIQUIDS (NGLs) - The portion of the natural gas that is found in its liquid state under particular pressures and temperatures at the surface, obtained through field separation processes, in natural gas processing units or in gas pipeline transfer operations.
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NATURAL GASOLINE - Gasoline obtained from natural gas through a process of compression, distillation and absorption.
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NGPU - Natural gas processing unit.
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O
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OIL - The portion of petroleum that exists in liquid state under original reservoir conditions and which remains as a liquid under surface pressure and temperature conditions.
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OIL COKE - A solid, black and shiny product obtained from the cracking of solid residues (coking). It burns without leaving ashes.
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OPTION - A type of derivative that gives an individual the right to buy (call option) or to sell (put option) an asset or security for a determined price at a future date.
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OVERHEAD - General expenses.
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P
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PANAMAX - A type of ship capable of transporting between 55,000 and 70,000 tons of crude oil or oil products, which meets the conditions for passage through the Panama Canal.
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PAYOUT - The ratio between dividends that have been distributed and the fiscal year's net profits. The payout ratio measures the percentage of the net operational revenue to be distributed to a company's shareholders.
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PETROLEUM - Any liquid hydrocarbon in its natural state, for example crude oil and condensate.
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PIPELINE EXTREMITIES - A pipeline is composed of an extremity and various exit points.
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POLYETHYLENE - A petrochemical product used to make many objects such as casks, containers, film holders, plastic packaging for clothing and lightweight objects.
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POLYMER - The generic designation for some second-generation petrochemical products, such as plastics, rubber and synthetic fibers.
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POLYPROPYLENE - A petrochemical product with applications similar to those of high-density polyethylene: film, beverage containers and other packaging.
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POWER PURCHASE AGREEMENT (PPA) - Fixed term contract for purchase and sale of power.
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PROPYLENE - A basic petrochemical produced from naphtha or propane that serves as feedstock for making polypropylene.
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PROVEN RESERVES - Reserves of petroleum and/or natural gas that, based upon analysis of geological and engineering data, is estimated to be profitably recoverable from reservoirs discovered and evaluated to a high degree of certainty, taking into account prevailing economic conditions, feasible operational methods and Brazilian petroleum and tax regulations.
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PTAX - The official exchange rate disclosed by the Brazilian Central Bank.
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R
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REALIZATION PRICE - Follows the system established by Published Ruling 3/98 of the Mines and Energy Ministry, representing the Petrobras unit of net revenue for basic oil products both produced by its refineries and imported and sold on the domestic market. The prices follow a parametric formula to maintain them in line with the prices practiced on the international market.
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RECOVERABLE VOLUME - Volume of oil, expressed in basic conditions, that can be obtained from a reservoir, starting from the initial conditions until abandonment, through the best method determined by technical and economic studies carried out at the time of evaluation. Recoverable volume = original volume x recovery factor.
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RESERVE - Discovered resources of oil or natural gas that are commercially recoverable, starting on a specific date.
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RESERVE REPLACEMENT INDEX (RRI) - Variation in the proven recoverable volume in relation to the accumulated output of a given year.
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RESIDUE - There are two types of residues: atmospheric (RAT), which is the fraction of oil from an atmospheric distillation unit whose distillation varies from 420º C and above; and residues from deasphalting units (asphalt residues), which are refined products resulting from the extraction of light fractions from the vacuum residue with a paraffin solvent (propane or butane).
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RETARDED COKING UNIT - The most severe form of thermal cracking, transforming vacuum residue into lighter products, additionally producing coke.
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RISER - The vertical portion of an outflow line that conveys oil and/or natural gas from the well to the platform.
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ROA - Return on Total Assets. Measures the efficiency of the employment of funds by a company, dividing the net operational revenue for the period by the total assets at the end of the period.
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ROCE - Return on Capital Employed. Net operational revenue - financial income (net of income taxes and social security) / loans and financing + stockholders' equity - financial investments.
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ROE - Return on Equity. Net operational revenue / stockholders' equity - net operational revenue for the period.
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S
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SECURITIES AND EXCHANGE COMMISSION (SEC) - The regulatory agency that oversees the U.S. capital markets, equivalent to Brazil's Comissão de Valores Mobiliários (CVM).
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SOLVENT - A volatile liquid that has the power to dissolve another substance without altering the original chemical composition, forming a uniform mixture.
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SPE - Society of Petroleum Engineers.
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STRESS TESTING - An evaluation technique that gives an answer about how a portfolio of assets or securities will behave under different extremes in the variables that influence the portfolio. The purpose of the stress test is to quantify a portfolio's loss if specific adverse market situations should occur.
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SUEZMAX - A type of ship capable of transporting a million barrels of oil (about 130,000 to 150,000 tons), satisfying the conditions for passage through the Suez Canal.
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SUSTAINABLE DEVELOPMENT -Development which meets the needs of the present generation without the reducing capacity to meet the needs of future generations.
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SWAP -A Contract for the exchange of payment flows between two parties. A traditional type of oil swap consists of a contract in which one party buys for a determined fixed price and sells at a future floating price.
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T
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TAUT LEG - A taut cable used for anchoring platforms.
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THERMOELECTRIC PRIORITY PROGRAM (TPP) - Program introduced by the Federal Government on February 24, 2000.
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THROUGHPUT - In a refinery, the total volume processed.
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TLD - Long Duration Testing.
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TORPEDO ANCHOR - A type of anchor in the shape of a steel stake that is used to anchor lines, risers and ships. It is launched from a support boat and its own weight carries it to the seabed. It has been tested and approved in clay soils and is expected to be efficient also in non-compacted sandy soils. It is substantially less costly than conventional anchors. This project generated a patent for Petrobras.
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U
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UNSTABLE CURRENTS HYDRO-TREATMENT - Produces diesel with low sulfur content from direct distillation currents and from the retarded oil coking unit.
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UPSTREAM - Exploration and production activities.
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US GAAP - Accounting principles generally accepted in the U.S.
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V
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VALUE AT RISK (VaR) - A measurement, in monetary value, of the maximum expected loss, under normal market conditions, of the value of a financial position or set of positions, considering a determined degree of reliability and a specific time period.
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VOLATILITY - A statistic that shows the variation between a price or fee over time. Normally measured by standard variance, the higher the volatility of a price the more extensive the variation, regarding the amount being measured.
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W
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WELL COMPLETION - To complete a well for production, it must first be inlaid with a steel pipe. First, a layer of cement is placed around the steel pipe, covering the well walls to inhibit penetration of undesirable fluids and the collapse of the walls. Then a special device is lowered down the shaft and activated from the surface, causing perforations in the steel and cement and opening small holes in the oil- or gas-bearing zones, allowing these fluids to flow into the well's interior. Next, another pipe with a smaller diameter (production column) is inserted into the well to carry the fluids to the surface. Finally, a set of valves, known as a christmas tree, is installed at the wellhead to control output.
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Y
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YIELD - Percentage rate of return paid as dividends on common or preferred stock.
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