Barrel of oil equivalent
Encyclopedia
The barrel of oil equivalent (BOE) is a unit of energy
based on the approximate energy released by burning one barrel
(42 US gallons or 158.9873 litres) of crude oil. The US Internal Revenue Service
defines it as equal to 5.8 × 106 BTU. The value is necessarily approximate as various grades of oil have slightly different heating values.
5.8 × 106 BTU59 °F equals 6.1178632 × 109 J
, about 6.1 GJ (HHV), or 1 barrel of oil equivalents (1.7 MWh).
If one considers the lower heating value instead of the higher heating value, the value for one BOE would be approximately 5.4 GJ (see Ton of oil equivalent
).
One BOE is roughly equivalent to 1 barrel of oil equivalents (5,798.6 cuftnaturalgas) or 58 CCF
. The USGS
gives a figure of 6,000 cubic feet (170 cubic meters) of typical natural gas.
A commonly used multiple of the BOE is the kilo
barrel of oil equivalent (kboe or kBOE), which is 1,000 times larger.
Other common multiples are the BBOe, (also BBOE), or billion barrel of oil equivalent, representing 109 barrels of oil, used to measure petroleum reserves, and million barrels per day, MMbd (or MMBD), used to measure daily production and consumption. Also used is the Mtoe, or Millions of tonnes of oil equivalent, a metric measurement equivalent to approximately 0.006841 BBOE.
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.
Units of energy
Because energy is defined via work, the SI unit for energy is the same as the unit of work – the joule , named in honour of James Prescott Joule and his experiments on the mechanical equivalent of heat...
based on the approximate energy released by burning one barrel
Barrel (unit)
A barrel is one of several units of volume, with dry barrels, fluid barrels , oil barrel, etc...
(42 US gallons or 158.9873 litres) of crude oil. The US Internal Revenue Service
Internal Revenue Service
The Internal Revenue Service is the revenue service of the United States federal government. The agency is a bureau of the Department of the Treasury, and is under the immediate direction of the Commissioner of Internal Revenue...
defines it as equal to 5.8 × 106 BTU. The value is necessarily approximate as various grades of oil have slightly different heating values.
5.8 × 106 BTU59 °F equals 6.1178632 × 109 J
Joule
The joule ; symbol J) is a derived unit of energy or work in the International System of Units. It is equal to the energy expended in applying a force of one newton through a distance of one metre , or in passing an electric current of one ampere through a resistance of one ohm for one second...
, about 6.1 GJ (HHV), or 1 barrel of oil equivalents (1.7 MWh).
If one considers the lower heating value instead of the higher heating value, the value for one BOE would be approximately 5.4 GJ (see Ton of oil equivalent
Ton of oil equivalent
The tonne of oil equivalent is a unit of energy: the amount of energy released by burning one tonne of crude oil, approximately 42 GJ .The toe is sometimes used for large...
).
One BOE is roughly equivalent to 1 barrel of oil equivalents (5,798.6 cuftnaturalgas) or 58 CCF
Therm
The therm is a non-SI unit of heat energy equal to 100,000 British thermal units . It is approximately the energy equivalent of burning 100 cubic feet of natural gas....
. The USGS
United States Geological Survey
The United States Geological Survey is a scientific agency of the United States government. The scientists of the USGS study the landscape of the United States, its natural resources, and the natural hazards that threaten it. The organization has four major science disciplines, concerning biology,...
gives a figure of 6,000 cubic feet (170 cubic meters) of typical natural gas.
A commonly used multiple of the BOE is the kilo
Metric system
The metric system is an international decimalised system of measurement. France was first to adopt a metric system, in 1799, and a metric system is now the official system of measurement, used in almost every country in the world...
barrel of oil equivalent (kboe or kBOE), which is 1,000 times larger.
Other common multiples are the BBOe, (also BBOE), or billion barrel of oil equivalent, representing 109 barrels of oil, used to measure petroleum reserves, and million barrels per day, MMbd (or MMBD), used to measure daily production and consumption. Also used is the Mtoe, or Millions of tonnes of oil equivalent, a metric measurement equivalent to approximately 0.006841 BBOE.
The BOE is used by oil and gas companies in their financial statements as a way of combining oil
Petroleum
Petroleum or crude oil is a naturally occurring, flammable liquid consisting of a complex mixture of hydrocarbons of various molecular weights and other liquid organic compounds, that are found in geologic formations beneath the Earth's surface. Petroleum is recovered mostly through oil drilling...
and natural gas
Natural gas
Natural gas is a naturally occurring gas mixture consisting primarily of methane, typically with 0–20% higher hydrocarbons . It is found associated with other hydrocarbon fuel, in coal beds, as methane clathrates, and is an important fuel source and a major feedstock for fertilizers.Most natural...
reserves and production into a single measure.
See also
- Conversion of units#Energy
- Cubic mile of oilCubic mile of oilThe cubic mile of oil is a unit of energy. It was created by Hew Crane of SRI International to aid in public understanding of global-scale energy consumption and resources....
- Energy densityEnergy densityEnergy density is a term used for the amount of energy stored in a given system or region of space per unit volume. Often only the useful or extractable energy is quantified, which is to say that chemically inaccessible energy such as rest mass energy is ignored...
- Heat of combustionHeat of combustionThe heat of combustion is the energy released as heat when a compound undergoes complete combustion with oxygen under standard conditions. The chemical reaction is typically a hydrocarbon reacting with oxygen to form carbon dioxide, water and heat...
- Miles per gallon gasoline equivalentMiles per gallon gasoline equivalentMiles per gallon gasoline equivalent is a measure of the average distance traveled per unit of energy consumed. MPGe is used by the U.S...
- ThermThermThe therm is a non-SI unit of heat energy equal to 100,000 British thermal units . It is approximately the energy equivalent of burning 100 cubic feet of natural gas....
- Ton of oil equivalentTon of oil equivalentThe tonne of oil equivalent is a unit of energy: the amount of energy released by burning one tonne of crude oil, approximately 42 GJ .The toe is sometimes used for large...