Glossary of terms

Explaining the terms used on our website

  Term Definition      
  ACG     Azeri-Chirag-Gunashli      
  ACQ Annual contract quantity      
  Acre approximately 0.4 hectares      
  Actual serious incident frequency (SIF) The number of serious incidents (per million hours worked). An incident is an event or chain of events that has caused or could have caused injury, illness and/or damage to/loss of property, the environment or a third party. All undesirable incidents are categorised according to the degree of seriousness, based on established categorisation matrices.      
  ADS American Depositary Share      
  AFP Agreement-based early retirement plan      
  AGM Annual General Meeting      
  APA Awards in pre-defined areas      
  Appraisal well A well drilled to determine the extent and size of a petroleum discovery      
  Area of high biodiversity value Comprises “Key biodiversity areas” included in the World Database on Key Biodiversity Areas managed by International Union for Conservation of Nature (IUCN) and Particularly Valuable and Sensitive Areas (“Særlig verdifulle og sårbare områder”) on the Norwegian Continental Shelf.      
  b/d barrels per day      
  Bbl barrel      
  Bcf billion cubic feet      
  bcf/d billion cubic feet per day      
  Bcm billion cubic metres      
  Blowout preventer (BOP) A large valve installed on top of a well which can be closed if the drilling crew loses control of the well (blowout).      
  BoD SSEC Board of Directors’ Safety, Sustainability and Ethics committee      
  BOD Board of Directors      
  Boe barrels of oil equivalent      
  boe(/d) barrels of oil equivalent (per day)      
  BTC         Baku-Tbilisi-Ceyhan pipeline      
  Btu       British thermal units      
  BTX benzene, toluene, xylene      
  C$ Canadian dollar      
  Capex Capital expenditure      
  Carbon dioxide (CO₂) emissions CO₂ released to the atmosphere as a result of our processes and activities, including CO₂ emissions from energy generation, heat production, flaring (including well testing/well work-over), and remaining emissions from carbon capture and treatment plants. Separate data compiled for Equinor operated activities and equity basis.      
  Carbon dioxide (CO₂) equivalents Carbon dioxide equivalent is a quantity that describes, for a given mixture and amount of greenhouse gas, the amount of CO2 that would have the same global warming potential.      
  CCS Carbon capture and storage      
  CCS Carbon capture, utilisation and storage      
  CDP CDP is a not-for-profit charity that runs a global disclosure system for investors, companies, cities, states and regions to report and benchmark their environmental impacts.      
  CHF Swiss franc      
  CHP Combined heat and power plant      
  Christmas (Xmas) tree An assembly of pipes and valves installed on a wellhead.      
  CO2 carbon dioxide      
  D&P Development and production      
  DBP Deferred bonus plan      
  Derrick The steel tower which carries the drill string during drilling operations      
  Dividends Includes cash dividend and scrip dividend      
  DPI Development and Production International      
  DPN Development and Production Norway      
  DPNA Development and Production North America      
  Drill bit Attached to the end of the drill string. It is fitted with rotating teeth which bite their way through the rock during drilling      
  Drill string A series of steel pipes screwed together, which link the drill bit with the drill rig. Each pipe is usually about 10 metres long. The string rotates and also conducts mud during the drilling operation.      
  Drilling mud (fluids) A blend of chemicals and clay with water or oil used to lubricate and cool the drill bit, prevent the well from collapsing, keep possible oil and gas flows under control and transport drill cuttings (rock chips) to the surface      
  dwt deadweight tonnes      
  EEA European Economic Area      
  EFTA European Free Trade Association      
  EITI Extractives Industries Transparency Initiative      
  EMTN Euro medium-term note      
  Energy consumption Energy used for power generation and heat production in combustion processes, unused energy from flaring (including well testing/work-over and venting), energy sold/delivered to third parties and gross energy (heat and electricity) purchased.      
  EPC engineering, procurement and construction      
  EU ETS European Union Emissions Trading System      
  EXP Exploration      
  FCC Fluid catalytic cracking      
  FEED Front-end engineering design      
  FID Final investment decision      
  FPSO Floating production storage offloading      
  FracFocus The US national hydraulic fracturing chemical registry      
  Fresh water Naturally occurring water with a low concentration of salts, or generally accepted as suitable for abstraction and treatment to produce potable water. Includes water from public installations, wells (including groundwater reservoirs), lakes, streams, rivers and purchased fresh water. Fresh water produced from salt water on facilities/installations is not included.      
  GBS Gravity-based structure      
  GBS Global Business Services      
  GDP Gross domestic product      
  GDPR General Data Protection Regulation      
  GHG Greenhouse gas. For Equinor, the relevant GHGs are CO₂ and methane (CH4). Other GHGs are not included as they are assessed to be non- material for Equinor. Equinor uses a global warming potential that is 25 times higher than CO₂ in a 100-year perspective for methane, aligned with industry reporting practice.      
  GoM Gulf of Mexico      
  Greenhouse gases  See GHG      
  GRI Global Reporting Initiative      
  GSB Global Strategy and Business development      
  GTL gas to liquids      
  Hazardous waste Waste is considered to be hazardous waste according to the regulations under which the activity operates or where the waste can pose a substantial hazard to human health and/or the environment when improperly managed      
  HSE health, safety and environment      
  HSSE health, safety, security and environment      
  HTHP High-temperature/high pressure      
  IASB International Accounting Standards Board      
  IEA International Energy Agency      
  IFRIC International Financial Reporting Interpretations Committee      
  IFRS International Financial Reporting Standards      
  Injected CO₂ The total quantity of CO₂ injected into the subsurface for the purpose of storage or improved/enhanced oil recovery      
  Injection well A well used for injecting gas or water to provide pressure support in a reservoir. Injection below an oil or gas zone helps to maintain pressure      
  IOGP The International association of Oil & Gas Producers      
  IOR Improved oil recovery      
  IPIECA The global oil and gas industry association for environmental and social issues      
  kdwt thousand deadweight tonnes      
  Km kilometre      
  KPI Key Performance Indicator      
  LNG liquefied natural gas      
  Low carbon and energy efficiency         
  LPG liquefied petroleum gas      
  LTIP long-term incentive plan      
  Mbbl thousand barrels      
  Mboe thousand barrels of oil equivalent      
  Mcm thousand cubic metres      
  MEG mono-ethylene glycol      
  Methane (CH4) emissions CH4 released to the atmosphere including emissions from energy generation and heat production at own plants, flaring (including well testing/well work-over), cold venting, diffuse emissions, and the storage and loading of crude oil.      
  Methane intensity Total methane emissions from our up- and midstream activities divided by the marketed gas, both on a 100 % operated basis.      
  Mmbbl million barrels      
  Mmboe million barrels of oil equivalent      
  Mmcf million cubic feet      
  Mmcm million cubic metres      
  Mmtpa million tonnes per annum      
  MPE Norwegian Ministry of Petroleum and Energy      
  MPR Marketing, Processing and Renewable Energy      
  mtpa million tonnes per annum      
  Multilateral well A well where several branches (sidetracks) have been drilled out through the wall of the original borehole.      
  MW megawatts      
  NCS The Norwegian Continental Shelf      
  Net carbon intensity GHG emissions associated with the production and use of energy produced by Equinor, including negative emissions related to carbon services and offsets, divided by the amount of energy produced by the company (gCO₂e/MJ).       
  Net income Net profit after all revenues, income items and expenses, including tax, have been accounted for.      
  New energy solutions capex New Energy Solutions’ (NES) gross capital expenditure, before including the effect of project financing.      
  NG Natural Gas business cluster      
  NGL natural gas liquids      
  NGO non-governmental organisation      
  NICO Naftiran Intertrade Co. Ltd      
  NIOC National Iranian Oil Company      
  Nitrogen oxides (NOx) emissions NOx released from power generation and heat production, flaring (including well testing/well work-over) and process.      
  nmVOC Non-methane volatile organic compounds (nmVOC) emissions released to the atmosphere from power generation and heat production, flaring (including well testing/well work-over), process, cold venting and fugitives.      
  NOC national oil company      
  NOK Norwegian kroner      
  Non-hazardous waste Waste that is not defined as hazardous waste. This excludes drill cuttings and produced and flow-back water from our USA onshore operations which are exempted from regulation and are registered separately as ‘exempted waste’.      
  NOx Nitrogen oxide      
  OECD Organisation of Economic Co-Operation and Development      
  OGCI Oil and Gas Climate Initiative      
  OML onshore oil mining lease      
  OPEC Organization of the Petroleum Exporting Countries      
  Operations Temporary or permanent sites, activities and assets used for exploration, extraction, refining, transporting, distributing, and marketing petroleum products.      
  OPL oil prospecting licence      
  OTC Over-the-counter      
  Other spills Unintentional spills of chemicals, produced water, ballast water and polluted water reaching the natural environment      
  OTS Oil trading and supply department      
  Payments to governments Payments made directly by Equinor to governments, such as income tax, host government entitlements (value), bonuses, royalties and fees, related to exploration and production activities. Includes environmental fees and taxes. Payments made on behalf of other license partners, e.g. area fees, are included.      
  PBO Project benefit obligation      
  PDO Plan for development and operation      
  Ppm part per million      
  PRO Projects business cluster      
  Produced water Water that is brought to the surface during operations which extract hydrocarbons from oil and gas reservoirs      
  Production well A well used to recover petroleum from a reservoir      
  Protected area A protected area is a clearly defined geographical space, recognised, dedicated and managed, through legal or other effective means, to achieve the long term conservation of nature with associated ecosystem services and cultural values. (IUCN Definition 2008).      
  PSA Production sharing agreement      
  PSC production-sharing contract      
  Psychosocial work environment The psychosocial work environment concerns aspects of the design and management of work and its social and organisational context that could have an impact on the employee’s health and well-being      
  Purchase of goods and services Part of the cost is charged to partners in activities we operate.      
  R&D research and development      
  Recovered waste Waste from Equinor operated activities that has been delivered for reuse, recycling or incineration with energy recovery      
  Regular discharges of oil to water Oil in regulated or controlled discharges to the sea from Equinor operated activities. This includes produced water, process water, displacement water, ballast water, jetting water, drainage water and water discharged from treatment plants      
  REMCO Remuneration Committee      
  Revenues Total revenues including income from sales of liquids on behalf of the Norwegian state’s direct financial interest      
  ROACE Return on average capital employed      
  Roughneck A drill floor worker, who performs heavy manual operations related to drilling. An iron roughneck is an automated system which has taken over many of the heaviest and most dangerous jobs on the drill floor      
  RRR Reserve replacement ratio      
  RSP restricted share plan      
  Safety and environmental fines The monetary charge or payment imposed on a Equinor entity for failure to comply with safety and environmental laws and regulations. Only fines paid by Equinor as an operator are included. Fines are reported for the financial year       
  SAGD Steam-assisted gravity drainage      
  scf standard cubic feet      
  Scm standard cubic metre      
  Scope 1 GHG emissions Direct GHG emissions from operations that are owned and/or controlled by the organisation.      
  Scope 2 GHG emissions Indirect GHG emissions from energy imported from third parties, heating, cooling, and steam consumed within the organisation. We use IEA (physical) and RE-DISS (market-based) as sources of scope 2 emissions factor, expressed as kg CO₂/kWh. A location-based calculation method reflects the average emissions intensity of grids (using mostly grid- average emission factor data). A market-based calculation method reflects emissions from electricity that companies have purposefully chosen (or their lack of choice). It derives emission factors from contracts between two parties for the sale and purchase of energy bundled with attributes about the energy generation, or for unbundled attribute claims. (Source: Greenhouse gas protocol).      
  Scope 3 greenhouse gas (GHG) emissions Emissions from the use of products (GHG Protocol category 11) originating from Equinor’s equity oil and gas production. Regional product spreads are assumed using IEA statistics.      
  SCP South Caucasus Pipeline System      
  SDAG Shtokman Development AG      
  SDFI Norwegian State's Direct Financial Interest      
  SDGs The United Nations’ Sustainable Development Goals      
  SDS The International Energy Agency’s (IEA) Sustainable Development Scenario.      
  SEAPOP A monitoring and mapping programme for Norwegian seabirds (SEAbird POPulations).      
  SEC United States Securities and Exchange Commission      
  SIF Serious incident frequency. The number of serious incidents (including near misses) per million hours worked. An incident is an event or chain of events that has caused or could have caused injury, illness and/or damage to/loss of property, the environment or a third party. All undesirable incidents are categorised according to degree of seriousness, based on established categorisation matrices.      
  SFR Statoil Fuel & Retail      
  Share of production in areas of high water stress The share in % of Equinor’s operated production in areas of high or extremely high baseline water stress, versus Equinor’s total operated production. World Resources Institute’s Aqueduct® tool is used to determine baseline water stress, which is the ratio of total annual water withdrawal from a catchment to average annual available water to the same catchment. The Aqueduct® tool classifies stress into five levels, Low, Low-medium, Medium-high, High and Extremely high. (Aqueduct® indicator: Baseline Water Stress).      
  Sickness absence The total number of sickness absence hours as a percentage of planned working hours (Equinor ASA employees).      
  SM/PO styrene monomer/propylene oxide      
  Social investments Includes voluntary and contractual payments. Part of the cost is charged to partners in activities we operate. Contractual social investments include the contributions that we are required to pay under the terms of the production sharing agreements (PSA) or contracts or host government agreements or national laws.      
  Spud The first step in drilling a well, and the period when the drill bit first penetrates the seabed. Spud fever: an informal term for the hectic period immediately before a well is spudded      
  STEM Science, technology, engineering and mathematics      
  SOx  Sulphur oxides emissions: SOx released from power generation and heat production, flaring and process.      
  tcf trillion cubic feet      
  TCFD Task Force on Climate-related Financial Disclosures      
  Toolpusher The drilling contractor’s representative on the rig. Monitors progress with the drilling process, and ensures that the right people and equipment are in place at all times to do the work.      
  Top drive A motor suspended in the derrick to rotate the drill string as it penetrates the seabed.      
  TPD Technology and product development      
  TRCF total recordable case frequency      
  TRIF Total recordable injury frequency (TRIF). Number of fatal accidents, lost-time injuries, injuries involving substitute work and medical treatment injuries per million hours worked.      
  TSP Technical service provider      
  UNGP United Nations Guiding Principles on Business and Human Rights      
  Upstream carbon dioxide (CO₂ ) emission intensity Total scope one emissions of CO₂ (kg CO₂) from exploration and production, divided by total production (boe).      
  USD United States dollar      
  USGC United States Gulf Coast      
  VPSHR Voluntary Principles on Security and Human Rights.      
  Waste Materials are defined as waste when; they are classified as such according to the regulations under which the activity operates or where the material is contained and intended to be transported for further handling and/or re-use or disposal by a 3rd party. Residual materials from industrial activity, which are discharged, recycled, injected or reused at the place of generation as part of the consented operations, are not included      
  Wildcat/exploration well The first well drilled on a completely new, clearly defined geological structure (prospect).      
  WRI Work related illness (WRI) frequency. Number of Number of WRI incidents that result in death. Serious WRI, WRI that results in treatment from authorized health care personnel and other WRI per million of hours worked. For Equinor employees and contractors incidents that result in death, serious WRI, WRI that results in treatment from authorized health care personnel and other WRI per million of hours worked. For Equinor employees and contractors.      
  WTI West Texas Intermediate