Oil and Gas Glossary: U Terms
4 oil and gas terms start with the letter U. Each one is defined below, in alphabetical order.
Underproduction
Production that is less than the allowable assigned to a proration unit.
Undeveloped Acreage
Lease acreage on which wells have not been drilled or completed to a point that would permit the production of commercial quantities of oil and gas.
Unitization, Unitization Agreement, Unit Agreement
Joint operations to maximize recovery among separate operators within a common reservoir.
Upstream
Refers to the searching for and the recovery and production of crude oil and natural gas. Commonly referred to as the exploration and production (E&P) sector.