GLOSSARY

ADR
American depositary receipt
Alkaline-surfactant-polymer (ASP) flooding
A chemical enhanced oil recovery technique for mature fields where a mixture of alkali, surfactant and polymers is injected into a formation
APG
Associated petroleum gas
Augmented reality
Superimposing digital information (images, videos, text, graphics) on content displayed by an electronic device, be it a smartphone or AR glasses. In production, it is leveraged to promptly receive information about equipment and its condition, simulate work processes, report failures, conduct employee training, etc. This significantly reduces the number of errors and helps to improve performance
B2B
Business-to-business: the exchange of products and services between businesses, rather than between businesses and consumers
B2C
Business-to-consumer: the process of selling products and services directly to consumers, who are the end-users of these products and services
Bps
Basis point
Cased borehole
A portion of the borehole lined with casing pipes, which are screwed or welded together to form a casing string
CGF
Central gathering facility
CGU
Cash-generating units
CIS
Commonwealth of Independent States (former Soviet republics, except for Latvia, Lithuania, Georgia and Estonia)
CNG
Compressed natural gas
Corporate culture
A system of values, attitudes, goals and principles underlying teamwork and workplace dispute settlement, which are shared by all company employees. Corporate culture is based on corporate values
Corporate culture workshops
Employee workshops attended by company and enterprise executives to discuss the current and target corporate culture model in the company and initiatives that may help to build an engaging environment
CPI
Consumer price index
D&O
Directors and officers liability insurance
DCU
Delayed coking unit
EAD
Electronic asset development
EBIT
Earnings before interest and taxes. This measure of company financial performance is in between gross and net profit
EBITDA
Earnings before interest, taxes, depreciation and amortisation
ECA
Export credit agency
Engaging environment
A set of principles and processes that help employees reach their full potential, continuously develop and improve their performance, actively collaborate to address issues, and feel a sense of personal responsibility for their share of work and their contribution to the company achievements
EnMS
Energy management system
Etalon
An operational transformation programme based on an exemplary business model. The commitment to delivering exemplary performance is typical of a mature company that has successfully navigated through development challenges
EURIBOR
Euro Interbank Offered Rate
FAR
Fatal accident rate
Fracking
Hydraulic fracturing
GDP
Gross domestic product
GRI
An internationally recognised sustainability reporting framework developed by the Global Reporting Initiative
Hierarchical management
A classical organisational model integrating top-down management guidance with bottom-up flow of information from personnel on the ground. It is based on strict supervision, clear delineation of responsibilities, red tape and a vertical hierarchy, and is regarded as inefficient in today's world
HRR
Hard-to-recover reserves
HSE
Health, safety and environment
IEA
International Energy Agency
IFRS
International Financial Reporting Standards
Indigenous minorities
Indigenous minorities of the Russian Far North
Industrial Internet of Things (IIoT)
A system of interconnected computer networks and connected physical assets (equipment) with embedded sensors to enable data collection and exchange. This enables remote equipment control and industrial automation, with no human intervention
IRMF
Integrated risk-management framework
KMAO
Khanty-Mansi Autonomous Okrug
KPI
Key performance indicator
LB
Licence block
Lean production
A management concept based on continuous improvement and commitment to eliminating all types of losses, with all employees being involved in the improvement process
LIBOR
London Interbank Offered Rate
LPG
Liquefied petroleum gas
LTIFR
Lost time injury frequency rate
Management by objectives
A collective approach to formulating goals, setting the direction, and decision-making in the company. It ensures that company executives and employees share the same goals, understand their importance, and are able to assess their performance and make improvements
MET
Mineral extraction tax
MFWKO
Mobile free-water knockout unit
MSHF
Multi-stage hydraulic fracturing
Mud pit
A facility designed for centralised collection, treatment and disposal of drilling waste
Network-based management
A modern management model based on flexible cross-functional teams capable of setting their own goals and making independent decisions. It relies on horizontal hierarchy, lifelong learning and personal responsibility for the outcomes It is best suited for addressing complex challenges in a rapidly changing environment
NGL
Natural gas liquids
NIS
Naftna Industrija Srbije А.D., Novi Sad
NPP
Non-profit partnership
NPS
Net Promoter Score
OC
Oil company
Oe
Oil equivalent
OECD
Organisation for Economic Cooperation and Development
OGCF
Oil and gas condensate field
OIRSP
Prirazlomnaya offshore ice-resistant stationary platform
OMS
Operations management system
OPEC
Organisation of the Petroleum Exporting Countries
ORF
Oil recovery factor
PMAC
Polymer-modified asphalt cement
PMB
Polymer-modified bitumen used for road construction
Pp
Percentage point
Predictive analytics
A class of data analysis techniques focused on predicting the future behaviour of objects and entities in order to optimise decision-making
Predictive incident management
A fundamentally new approach to equipment maintenance and repairs based on the analysis of digital data gathered from sensors to accurately predict wear and tear. This helps to maximise maintenance efficiency and prevent accidents
PRMS
Petroleum Resources Management System. This is the world's most widely used system for estimating hydrocarbon resources, defining not only the degree of uncertainty over oil and gas discovery, but also the economic feasibility of extracting hydrocarbons. Reserves to be measured are divided into three categories: proved, probable and possible (3P)
Proppant / propping agent
Granular material designed to keep an induced hydraulic fracture open under ground pressure and thus enhance oil recovery
R&D
Research and development
RAS
Russian Accounting Standards
Refinery
Oil refinery
Regular management practices
Tools used by managers to improve operating performance and safety. They rely on clearly defined algorithms and implementation principles and are applied at all levels of company management. Regular management practices help implement the company values and create a cultural environment that contributes to achieving its strategic goals
ROACE
Return on average capital employed, calculated as net profit (less dividend on shares) divided by the average number of ordinary shares
SEC
US Securities and Exchange Commission
Seismic
Seismic survey
Underbalanced drilling
A drilling technique where formation pressure is higher than the pressure in the wellbore. The pressure difference minimises formation contamination and helps to increase the drilling rate and the oil recovery factor
US GAAP
Generally Accepted Accounting Principles approved in the US
USA
Untied States of America
VAT
Value-added tax
VIOC
Vertically integrated oil company
YNAO
Yamalo-Nenets Autonomous Okrug