Oil and Gas Glossary: M Terms
8 oil and gas terms start with the letter M. Each one is defined below, in alphabetical order.
Mcf
One thousand cubic feet of natural gas measured at standard pressure and temperature conditions.
Mcfe
Mcf of natural gas equivalent, usually determined by using the ratio of six Mcf of natural gas to one Bbl of crude oil, condensate or natural gas liquids.
Mineral Lease
An instrument which sets out the terms by which one party leases the right to explore and produce (if found) certain minerals within a specific tract or tracts of land. In the oil and gas industry, this is sometimes referred to as an Oil, Gas, and Mineral Lease (OGML)
Mineral Owner
Owner of the rights and interests in a mineral estate (where interests in a landed estate have been severed) along with the right to execute a lease on the same.
Mineral Rights
The ownership of the minerals on or under the surface, with the owner having the right to capture or recover and the right to delegate owner rights to another party to recover mineral by negotiating a lease agreement.
Mineral Title
Refers to the legal ownership of the mineral estate (minerals), generally referred to as associated with a particular tract of land.
MMBtu
One million British thermal units; a measurement of heating value.
MMcf
One million cubic feet; a measurement of gas volume only.