Glossary

 
 

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

2P Reserves Those reserves which analysis of geologic and engineering data suggests are more likely than not to be recoverable under reasonable economic, technical and operating conditions.

A

AFL Australian Football League.

A-IFRS Australian equivalents to International Financial Reporting Standards.

Air quality The condition of the air we breathe.

Appraisal well A well drilled for the purpose of determining the size of an oil or gas discovery.

ASX Australian Stock Exchange.

Availability The portion of a period a generation plant was available for use after deducting planned and unplanned outage hours, compared to the total time period under review.



B

Bbls Barrels. The standard unit of measurement for oil production and sales. One barrel is equal to 159 litres.

Biodiversity Biological diversity (biodiversity) is the term that describes the richness and variety of all living things in the world.

Bopd Barrels of oil per day.



C

Capacity factor The actual output of a generation plant over a period compared to the expected maximum output from the plant in that period based on 100% availability at the manufacturer’s operating specifications.

Carbon A chemical substance, which exists in its pure form as diamond or graphite, and is part of coal and oil, as well as being contained in all plants and animals.

Carbon dioxide (CO2) A greenhouse gas that can be produced as a by-product of oil and gas production, burning fossil fuels and biomass.

Carbon intensity CO2 emissions per unit of energy.

Clean coal Coal-based technological innovations that are more efficient than technologies in common use today.

Climate change Any change in climate over time, whether due to natural variability or as a result of human activity.

CO2e Carbon dioxide equivalent.

Cased and suspended A successful well that has had a steel casing installed to enable future production.

Chemical injection lines Devices constructed in close proximity to gas pipelines and used to treat the raw gas so that it is suitable to be brought onshore for processing.

Coal seam gas (CSG) Natural gas contained within coal seams.

Cogeneration The production of two or more forms of energy from one fuel source. In general, cogeneration plants operated by Origin produce steam and electricity from natural gas.

Combined cycle gas turbine (CCGT) Combined cycle technology uses both gas and steam turbine cycles in a single plant to produce electricity with high conversion efficiencies and low emissions.

Contact Contact Energy Limited.

Contract price (CP) An international price for LPG set in US dollars using the Saudi Aramco Contract Price – a tender process that occurs throughout each month. Australian LPG producers export LPG or sell into the domestic Australian market at price reflective of CP. Similarly, Australian LPG retailers purchase domestically produced or imported LPG based on CP.

Customer churn Mass market energy customers switching suppliers.



D

Demerger The separation of Boral's energy business and building and construction materials business into two separately listed companies now trading as Origin Energy Ltd and Boral Ltd respectively.

Development well A well drilled to enable production from a known oil or gas reservoir.



E

EBIT Earnings before interest and tax.

EBITDA Earnings before interest, tax, depreciation and amortisation.

Electricity measures

  • Watt (W) A measure of power present when a current of one ampere flows under the pressure of one volt. One watt represents the expenditure of one joule of energy per second.
  • Kilowatt (kW) One kW=1,000 watts.
  • Kilowatt hour (KWh) The standard unit of electrical energy that represents the consumption of one kilowatt over the period of one hour.
  • Megawatt (MW) One MW = 1,000 kW or one million watts.
  • Gigawatt hour (GWh) One GWh = 1,000 megawatt hours or one million kilowatt hours
  • Terawatt hour (TWh) One TWh = 1,000 gigawatt hours, or one million megawatt hours.

Emissions Substances being released to the environment.

EOWA Equal Opportunity for Women in the Workplace Agency.

EPA Environment Protection Authority or equivalent State authority.

Exploration well A well drilled to identify a new reservoir of oil or gas.



F

Fossil fuels Fuels derived from fossilised organic matter such as coal, oil and petroleum.

Fugitive emissions Substances which escape to air such as leaks from equipment.

Full retail contestability (FRC) Where homes and businesses are able to choose their own energy supplier.



G

Gas measures

  • Joule A joule is the primary measure of energy in the metric system.
  • Gigajoule (GJ) A gigajoule is equal to one billion joules. An average household in Victoria consumes approximately 55 GJ per annum.
  • Terajoule (TJ) A terajoule is equal to 1,000 gigajoules.
  • Petajoule (PJ) A petajoule is equal to one million gigajoules.
  • Petajoules equivalent (PJe) The measurement used by Origin Energy to represent the equivalent energy in different products so the amount of energy contained in these products can be compared.

    The factors used by Origin to convert to PJe are:
    One million barrels crude oil = 5.83 PJe.
    One million barrels condensate = 5.41 PJe.
    One million tonnes LPG = 49.3 PJe.
    One TWh of electricity = 3.6 PJe.

Geosequestration Processes and technologies to capture and store carbon dioxide underground.

GGAP Greenhouse Gas Abatement Program.

GHG Greenhouse gas.

GIS Geographic Information System.

Global warming potential (GWP) Greenhouse impact relative to carbon dioxide.

Greenhouse effect A natural effect that keeps the Earth's temperature at a level necessary to support life. Gases in the lower atmosphere such as carbon dioxide, methane and water vapour are warmed by radiation releases by the Earth's surface after it has been warmed by solar energy. These gases then radiate heat back towards the ground-adding to the heat the ground receives from the Sun. Without the natural greenhouse effect the surface of the planet would be about 33ºC colder on average. The enhanced greenhouse effect occurs when human activity, such as burning fossils fuels and land clearing, generates more greenhouse gases and increases the warming process. Most scientists agree that the enhanced greenhouse effect is leading to global warming and climate change.

Greenhouse gases Natural and anthropogenic gases in the atmosphere that absorb and emit infrared or heat radiation , causing the greenhouse effect. The main greenhouse gases are carbon dioxide and methane.

Green Power A national government-approved accreditation program that sets stringent environmental and reporting standards for renewable energy products offered by electricity suppliers to households and businesses across Australia.

Greenfields exploration Exploration in an area in which Origin holds exploration rights, but does not have a substantial producing interest.



H

Hedge contract A financial instrument to manage the risk created by price volatility for a commodity (such as electricity or crude oil) on a spot market. Buyers and sellers of the commodity may enter into long or short-term contracts that set an agreed price for the commodity outside the spot market.

Hot dry rocks (HDR) Technology to harness the heat stored deep underground to generate electricity.

HSE Health, safety and environment.

HSEMS Health, Safety and Environment Management System.

Hydrocarbons Oil and gas, including condensate and gas liquids (LPG and ethane).



K

Kbbls Kilobarrels = 1,000 barrels.

Kt Kilotonnes = 1,000 tonnes.

Kyoto Protocol A protocol adopted by the United Nations Framework Convention on Climate Change in Kyoto, Japan in 1997, committing Annex B countries (most OECD and some others) to reduce anthropogenic greenhouse gas emissions relative to 1990 levels. The Kyoto Protocol deals with carbon dioxide, nitrous oxide, methane, sulphur hexafluoride, hydrofluorocarbons and perfluorocarbons.



L

Light oil Lighter fuel oils distilled off during the refining process. Virtually all petroleum used in internal combustion and gas turbine engines is light oil.

LTI Lost Time Injury.

LTIFR Lost Time Injury Frequency Rate. Calculated as LTIs per million hours worked.

LPG Liquefied Petroleum Gas.



M

MMTIR Moderate Medical Treatment Injuries Rate



N

Nameplate capacity The design rated output of generation plant in MW at standard operating conditions.

NEM National Electricity Market.

NOx Oxides of nitrogen.



O

OCA Oil Company of Australia Limited.

Operating Cash Flow After Tax Ratio (OCAT Ratio)
OCAT Ratio = EBITDA
less change in working capital
less stay-in business capital
less tax
less interest tax shield
divided by wieghted average funds employed.

Origin Origin Energy Limited.

Ozone depletion The reduction of ozone (O3) in the upper atmosphere as a result of human-produced chemicals, such as CFCs. Recent evidence suggests that ozone depletion in the upper atmosphere may affect climatic patterns on the Earth's surface.



P

Photovoltaic (PV) Photovoltaic cells convert sunlight directly into electricity.

Plugged and abandoned A well, generally unsuccessful, which has been abandoned with cement plugs and from which hydrocarbons cannot be produced in the future.

PMS Performance Management System.

Production well A well drilled and completed for the purpose of removing light oil or natural gas from a reservoir.



R

RCMS Regulatory Compliance Management System.

Reserves Origin uses reserves definitions consistent with those of the Society of Petroleum Engineers and required by the Australian Stock Exchange. Reserves reported are based on information compiled by full-time employees of the company who are qualified in accordance with Australian Stock Exchange listing rule 5.11.

Proved plus probable (2P) reserves are those reserves which analysis of geologic and engineering data suggest are more likely than not to be recoverable under reasonable economic, technical and operating conditions.

Reserves Replacement Ratio (RRR) Reserves change during the year, before the deduction of production, divided by production during the year. An annual RRR of 100% indicates full replacement of production by reserve additions for that year.



S

Seismic survey A geophysical survey used to gain an understanding of rock formations beneath the earth’s surface.

Sequestration The uptake and storage of carbon, for example reforestation and increasing the carbon content of soil.

SOx Oxides of sulphur.

Spot market A wholesale market for commodities, such as electricity or crude oil, which allows matching of supply against demand.

Stakeholders Refers to our employees, shareholders, government, landowners, customers and communities.

Stationary energy Includes emissions from electricity generation and from fuels consumed in the manufacturing, construction and commercial sectors, and emissions from other sources like domestic heating.



T

TRCFR Total Reportable Case Frequency Rate.

The company Origin Energy Limited and its controlled entities.

Total Shareholder Return (TSR) TSR represents the return to shareholders. This is determined by taking into account the appreciation in stock price, returns to shareholders in the form of dividends and other disbursements, and the effect of movements in issued capital.



U

Upstream Part of Origin’s business that is involved in the exploration and production of hydrocarbon liquids and gases.



W

Wellhead The point at which the light oil and/or natural gas exits the ground.