Environment & Energy

A barrel of oil is a standard unit of measurement used to quantify crude oil and its products. It is equivalent to 42 gallons or about 159 liters.

Brent Crude is a type of crude oil that is extracted from the North Sea. It serves as a major benchmark for oil prices globally, influencing the cost of oil around the world.

Carbon Capture and Storage (CCS) is a technology that captures carbon dioxide emissions produced from the use of fossil fuels and stores it underground to prevent it from entering the atmosphere. This process helps reduce greenhouse gas emissions and combat climate change.

It is a technology that captures carbon dioxide emissions from sources like power plants and repurposes it for use in various products or processes. This helps reduce greenhouse gases in the atmosphere and can contribute to a more sustainable energy future.

Carbon lock-in refers to the situation where society becomes heavily dependent on fossil fuels, making it difficult to transition to cleaner energy sources. This dependence can be due to existing infrastructure, economic factors, and political decisions that favor fossil fuel use over alternatives.

A natural black or brownish-black rock, coal is formed from decayed plant material that has been subjected to heat and pressure over millions of years. It is primarily used as a fuel source for electricity generation and in various industrial processes.

A coal power plant is a facility that generates electricity by burning coal to produce steam, which drives turbines connected to generators. It is a major source of energy but also a significant contributor to air pollution and greenhouse gas emissions.

Cogeneration is a process that simultaneously produces electricity and useful heat from the same energy source. This method increases efficiency and can reduce energy costs and greenhouse gas emissions.

Combined Heat and Power (CHP) is a technology that generates electricity and captures usable heat simultaneously from the same energy source. This process improves energy efficiency by utilizing the heat that would otherwise be wasted.

A natural, unrefined petroleum product, crude oil is a thick, black liquid found deep beneath the Earth's surface. It is made up of a mixture of hydrocarbons and is the primary source of energy for many industries.

Direct Air Capture is a technology that removes carbon dioxide directly from the atmosphere. It uses chemical processes to capture CO2, which can then be stored or reused.

Energy efficiency means using less energy to provide the same service or achieve the same outcome. It helps reduce energy waste and can lower costs for consumers and businesses.

Energy intensity measures the amount of energy used to produce a unit of economic output, typically expressed in joules per unit of GDP. It indicates how efficiently an economy uses energy, with lower values signifying greater efficiency.

An energy mix refers to the combination of different energy sources used to meet a region's energy needs. This can include fossil fuels, renewables, and nuclear power, reflecting how energy is generated and consumed.

Energy security refers to the reliable availability of energy resources at affordable prices. It involves ensuring that a country can meet its energy needs without excessive reliance on foreign sources or facing supply disruptions.

An energy subsidy is a financial support given by the government to lower the cost of energy production or consumption. This often involves direct payments or tax breaks for energy companies, particularly in the fossil fuel sector, to make energy more affordable for consumers.

Enhanced Oil Recovery is a set of techniques used to extract more oil from the ground after the initial production has declined. It involves methods like injecting water, gas, or chemicals to increase pressure and improve oil flow.

Flaring is the process of burning off excess natural gas that cannot be processed or sold. It typically occurs at oil extraction sites to prevent gas from being released into the atmosphere.

Divestment from fossil fuels means selling off investments in companies that extract or produce fossil fuels like coal, oil, and natural gas. This action is taken to reduce financial support for industries that contribute to climate change and to promote cleaner energy alternatives.

Fracking, or hydraulic fracturing, is a method used to extract oil and gas from deep underground. It involves injecting high-pressure fluid into rock formations to create fractures, allowing fossil fuels to flow more freely to the surface.

A futures market for energy is a platform where buyers and sellers agree to exchange energy commodities at a predetermined price on a future date. It helps manage the risk of price fluctuations in the energy sector, particularly for fossil fuels like oil and natural gas.

A gas turbine is a type of engine that converts natural gas or other fossil fuels into mechanical energy. It uses a rotating shaft to generate electricity or provide propulsion for aircraft and other vehicles.

A hedge in energy refers to a strategy used by companies or investors to protect themselves against price fluctuations in the energy market, particularly fossil fuels. By using financial instruments or contracts, they can secure prices and reduce the risk of losses due to market volatility.

An LNG terminal is a facility where liquefied natural gas (LNG) is received, stored, and regasified for distribution. It plays a crucial role in the supply chain of natural gas, enabling its transportation over long distances.

Liquefied Natural Gas (LNG) is natural gas that has been cooled to a liquid state for easier storage and transport. It is primarily composed of methane and is used as a cleaner alternative to other fossil fuels.

Methane leaks are unintended releases of methane gas into the atmosphere, often occurring during the extraction and transportation of fossil fuels. These leaks contribute to climate change because methane is a potent greenhouse gas, much stronger than carbon dioxide in the short term.

A fossil fuel, it is a colorless and odorless gas primarily made of methane. Natural gas is used for heating, electricity generation, and as a fuel for vehicles.

An intergovernmental organization of oil-producing countries, OPEC coordinates and unifies petroleum policies among its member states. Its main goal is to ensure stable oil prices in the global market.

Offshore drilling is the process of extracting oil and natural gas from beneath the seabed. It involves drilling wells in oceans or large lakes to access fossil fuel reserves that are not available on land.

A natural liquid found beneath the Earth's surface, oil is a crucial fossil fuel used for energy and manufacturing. It is formed from the remains of ancient marine organisms and is refined into various products like gasoline and plastics.

The oil price refers to the cost of crude oil per barrel in the global market. It fluctuates based on supply and demand, geopolitical events, and market speculation.

Oil sands are a mixture of sand, clay, water, and bitumen, a thick, heavy form of crude oil. They are found in large deposits and can be processed to extract oil, making them an important source of fossil fuels.

It refers to the point in time when the extraction of oil reaches its maximum rate, after which production will decline. This concept is critical for understanding the future availability of fossil fuels and its impact on energy supply.

A natural resource found underground, petroleum is a liquid mixture of hydrocarbons that can be refined into fuels like gasoline and diesel. It is formed from the remains of ancient marine organisms, subjected to heat and pressure over millions of years.

A refinery is a facility that processes crude oil into useful products like gasoline, diesel, and other petrochemicals. It transforms raw materials into refined products through various chemical processes.

A type of natural gas found in shale formations, shale gas is extracted through a process called hydraulic fracturing or fracking. It is an important source of energy and is considered a fossil fuel.

A type of crude oil extracted from shale rock formations, shale oil is obtained through a process called hydraulic fracturing or fracking. It is a significant part of the fossil fuel industry, contributing to energy production and economic growth.

A spot market in energy refers to a platform where energy commodities, like electricity and fossil fuels, are bought and sold for immediate delivery. Prices in the spot market fluctuate based on supply and demand at that moment.

A stranded asset is an investment that has lost its value due to changes in the market or regulatory environment. This often happens to fossil fuel resources that become unprofitable as society shifts towards renewable energy sources.

Tar sands are a type of crude oil found in sand and clay that requires special processes to extract. They are a significant source of fossil fuels but come with environmental concerns due to the extraction methods used.

West Texas Intermediate is a high-quality crude oil used as a benchmark for oil prices. It is primarily produced in the United States and is known for its low sulfur content and ease of refining.