Oil and Gas Glossary: I Terms
7 oil and gas terms start with the letter I. Each one is defined below, in alphabetical order.
Independent Producer
An energy company, usually in the exploration and production segment of the industry – and generally, with no marketing, transportation or refining operations. Also known as a non-integrated producing company in the oil industry.
Infill Drilling
Wells drilled to fill in between established producing wells on a lease.
Initial Production, IP
The rate of initial flow from a well.
Injection Well
Well used to inject fluids (usually water) into a subsurface formation.
Intangible Drilling Costs, IDC
All costs incurred in drilling a well other than equipment or leasehold. These expenses are 100% tax deductible even if the well is productive.
Interest
A right or a claim to a property.
Intestate Death
A death which occurs without a valid will in place, indicating whom to leave one’s estate to after death.