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Defined as drilling wastes, salt water and other wastes associated with the exploration, development, and production of crude oil or natural gas. E & P wastes Upstream oil and gas training specialists. Upstream. Oil & Gas. Glossary. For updates visit esandaengineering.com. Now including LNG. Crude Oil. Naturally occurring, unrefined petroleum product composed of hydrocarbon deposits and other organic materials. Page 11. BC Oil and Gas Commission. The Latham & Watkins Glossary of. Oil & Gas Terminology. JARGON. Oil & Gas. The Pursuant to an Oil and Gas Lease, the Lessor retains the Lessor Royalty.Edge Water: In oil and gas wells, it is water that holds the oil and gas in the higher structural positions; usually encroaches on a petroleum field after Acreage: an area covered by a lease granted for oil and gas exploration. Actuals: physical cash commodities, as opposed to futures commodities. Additive: a Organization of the Petroleum Exporting Countries (OPEC) and/or its Member oil and gas reservoirs, and the initial drilling, followed by the production. The definitions used in this abbreviated glossary are taken from a comprehensive "Dictionary for the Petroleum Industry" 3rd Edition 2001, published by the Cautionary Note to U.S. Investors – The ConocoPhillips Glossary of Oil and Gas Terms is intended to be a high-level, informal reference tool for