Barrels of oil equivalent: Difference between revisions
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<onlyinclude>'''Barrels of oil equivalent''' or BOE is a measure of [[energy]]; it's almost always used to discuss [[primary energy]]. It compares any amount of energy to how much energy is contained in a single [[barrel]] of [[oil]].</onlyinclude><ref>Investopedia. (2015). ''Barrels of Oil Equivalent'' [Online]. Available: http://www.investopedia.com/terms/b/boed.asp [March 2, 2015].</ref> The [[volume]] of a barrel of oil is quite specific and equal to about 159 [[liter]]s. A barrel of oil is also significantly heavy. Since average domestic crude oil weighs about 7.21 pounds per gallon, a barrel of oil weighs around 300 pounds or about 136 kilograms.<ref>Chevron. (July 6, 2015). ''What is in a Barrel of Oil?'' [Online]. Available: http://elsegundo.chevron.com/home/abouttherefinery/whatwedo/what_is_in_a_barrel_of_oil.aspx</ref> | <onlyinclude>'''Barrels of oil equivalent''' or BOE is a measure of [[energy]]; it's almost always used to discuss [[primary energy]]. It compares any amount of energy to how much energy is contained in a single [[barrel]] of [[oil]].</onlyinclude><ref>Investopedia. (2015). ''Barrels of Oil Equivalent'' [Online]. Available: http://www.investopedia.com/terms/b/boed.asp [March 2, 2015].</ref> The [[volume]] of a barrel of oil is quite specific and equal to about 159 [[liter]]s. A barrel of oil is also significantly heavy. Since average domestic crude oil weighs about 7.21 pounds per gallon, a barrel of oil weighs around 300 pounds or about 136 kilograms.<ref>Chevron. (July 6, 2015). ''What is in a Barrel of Oil?'' [Online]. Available: http://elsegundo.chevron.com/home/abouttherefinery/whatwedo/what_is_in_a_barrel_of_oil.aspx</ref> | ||
The amount of energy that this amount equates to is dependent on the [[energy density]] of oil, and ends up making 1 BOE equal to 5.8 M[[BTU]]s or 1.7 M[[watt-hour|Wh]].<ref name=inv>Investopedia, ''Barrel of Oil Equivalent'' [Online], Available: http://www.investopedia.com/terms/b/barrelofoilequivalent.asp</ref> | The amount of energy that this amount equates to is dependent on the [[energy density]] of oil, and ends up making 1 BOE equal to 6.12 [[joule|GJ]], 5.8 M[[BTU]]s or 1.7 M[[watt-hour|Wh]].<ref name=inv>Investopedia, ''Barrel of Oil Equivalent'' [Online], Available: http://www.investopedia.com/terms/b/barrelofoilequivalent.asp</ref> | ||
A barrel of oil is a lot of energy, so it is typically used when exploration and production companies are reporting the amount of reserves they may have. By giving a BOE figure, analysts, investors and management can assess the total amount of energy the firm has access to, providing an equivalent unit for different amounts of primary energy for [[natural gas]], [[coal]] or even [[uranium]].<ref name=inv/> | A barrel of oil is a lot of energy, so it is typically used when exploration and production companies are reporting the amount of reserves they may have. By giving a BOE figure, analysts, investors and management can assess the total amount of energy the firm has access to, providing an equivalent unit for different amounts of primary energy for [[natural gas]], [[coal]] or even [[uranium]].<ref name=inv/> | ||
Revision as of 22:46, 9 February 2017
Barrels of oil equivalent or BOE is a measure of energy; it's almost always used to discuss primary energy. It compares any amount of energy to how much energy is contained in a single barrel of oil.[1] The volume of a barrel of oil is quite specific and equal to about 159 liters. A barrel of oil is also significantly heavy. Since average domestic crude oil weighs about 7.21 pounds per gallon, a barrel of oil weighs around 300 pounds or about 136 kilograms.[2]
The amount of energy that this amount equates to is dependent on the energy density of oil, and ends up making 1 BOE equal to 6.12 GJ, 5.8 MBTUs or 1.7 MWh.[3]
A barrel of oil is a lot of energy, so it is typically used when exploration and production companies are reporting the amount of reserves they may have. By giving a BOE figure, analysts, investors and management can assess the total amount of energy the firm has access to, providing an equivalent unit for different amounts of primary energy for natural gas, coal or even uranium.[3]
Conversions
To learn more about BOE, click here and search "BOE".
References
- ↑ Investopedia. (2015). Barrels of Oil Equivalent [Online]. Available: http://www.investopedia.com/terms/b/boed.asp [March 2, 2015].
- ↑ Chevron. (July 6, 2015). What is in a Barrel of Oil? [Online]. Available: http://elsegundo.chevron.com/home/abouttherefinery/whatwedo/what_is_in_a_barrel_of_oil.aspx
- ↑ 3.0 3.1 Investopedia, Barrel of Oil Equivalent [Online], Available: http://www.investopedia.com/terms/b/barrelofoilequivalent.asp