Barrel of oil equivalent
The barrel of oil equivalent (BOE) is a
crude oil. The BOE is used by oil and gas companies in their financial statements as a way of combining oil and natural gas
reserves and production into a single measure, although this energy equivalence does not take into account the lower financial value of energy in the form of gas.
The U.S.
higher heating value, the value for one BOE would be approximately 5.4 GJ (see tonne of oil equivalent). Typically 5,800 cubic feet of natural gas or 58 CCF are equivalent to one BOE. The USGS gives a figure of 6,000 cubic feet (170 cubic metres) of typical natural gas.[2]
A commonly used multiple of the BOE is the
petroleum reserves.[4]
Metric regions commonly use the tonne of oil equivalent (toe), or more often million toe (Mtoe). Since this is a measurement of mass, any conversion to barrels of oil equivalent depends on the density of the oil in question, as well as the energy content. Typically 1 tonne of oil has a volume of 1.08 to 1.19 cubic metres (6.8 to 7.5 bbl). The United States EIA suggests 1 toe has an average energy value of 39.68 million British thermal units (41.9 GJ).[5]
See also
- Conversion of units § Energy
- A Cubic Mile of Oil – Book about the unit of energy
- Energy density – Energy per volume
- Heat of combustion – Amount of heat released by combustion of a quantity of substance
- Miles per gallon gasoline equivalent – Measurement of fuel economy
- Therm – Unit of energy
- Tonne of oil equivalent – Unit of energy
References
- ^ IRS publication
- ^ Table AR-1 USGS World Petroleum Assessment 2000, Description and results, USGS World Energy Assessment team
- ^ Energy Infocard retrieved 16 October 2008
- ^ USGS World Petroleum Assessment retrieved 16 October 2008
- ^ Conversion Factors retrieved 16 October 2008