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Crude Oil Factors

Crude Oil Factors. Crude oil has specific measurement properties…. U.S.: measured by volume in barrels (bbl) but refined product often measured in gallons, 42 gallons per bbl

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Crude Oil Factors

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  1. Crude Oil Factors Crude oil has specific measurement properties… • U.S.: measured by volume in barrels (bbl) • but refined product often measured in gallons, • 42 gallons per bbl • Outside U.S. : typically measured by weight in metric tonnes (1,000 kilograms, 2204 lb whereas short ton = 2000 lb; long = 2240 lb) • 1 metric tonne = 6.5 heavy oil bbl to 8.5 light oil bbl, but 7.33 bbl common factor

  2. Converting Gas to Oil Methods to get consistency between oil & gas… • 1 average oil bbl said to contain 5.8 MMBtu of energy. • 1 oil bbl = 5.615 Mcf of gas • (@1.03 MMBtu per Mcf) • U.S. tax law calls for a rate of 1 bbl to 6 Mcf • The 1:6 ratio is commonly used for GAAP • Sometimes conversion is done at a relative price: • If $25 oil and $2.50/Mcf gas, use 1:10 Barrel oil equivalent (BOE) – a customary conversion factor to compare oil and gas measurements (sometimes OEG) based on energy content

  3. Crude & Products Gravity unit of measure very important in crude & products ... Degrees API and Specific Gravities Representative Gravity - BBL/MT oAPI Sp. gr. Lb/gal oAPI Gravity = 141.5 - 131.5 Specific Gravity @ 60oF Naphtha 8.64 B/MT Kero 7.74 B/MT Gas Oil 7.38 B/MT LS Fuel Oil 6.5-6.7 B/MT Crude (32API) 7.3 B/MT The density of a hydrocarbon is usually expressed in terms of oAPI. The relationships among oAPI at 60oF, specific gravity (60oF/60oF), and pounds (Lb.)per U.S. gallon at 60oF are noted on the left: 0 1.076 8.96 5 1.037 8.63 10 1.000 8.33 15 0.966 8.04 20 0.934 7.78 25 0.904 7.53 30 0.876 7.30 35 0.850 7.08 40 0.825 6.87 45 0.802 6.68 50 0.780 6.49 55 0.759 6.32 60 0.739 6.15 65 0.720 5.99 70 0.702 5.85 75 0.685 5.70 80 0.669 5.57 85 0.654 5.44 90 0.639 5.32 95 0.625 5.20 100 0.611 5.09 BBL = 42 U.S. Gallons BCD = BBL per calendar day (360…) BSD = BBL per stream day (365) BSD = Nameplate Capacity

  4. International Conversion Factors Unit of measure varies across the international supply chain ... - By Weight - - By Volume - Weight Conversion 3.8 Litres / US Gallon 4.5 Litres / UK Gallon Type KG LBS Metric Ton(ne) 1000 2205 Short (Net) Ton 907 2000 Long Ton 1016 2240 Vessel: (DWT) Deadweight Ton 1016 2240 49.8 million MT\yr = 1.0 million BPCD

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