Oil and gas industry in the context of "Upstream (petroleum industry)"

A joint venture (JV) is a business entity created by two or more parties, generally characterized by shared ownership, shared returns and risks, and shared governance. Companies typically pursue joint ventures for one of four reasons: to access a new market, particularly an emerging market; to gain scale efficiencies by combining assets and operations; to share risk for major investments or projects; or to access skills and capabilities.

Most joint ventures are incorporated, although some, as in the oil and gas industry, are "unincorporated" joint ventures that mimic a corporate entity. With individuals, when two or more persons come together to form a temporary partnership for the purpose of carrying out a particular project, such a partnership can also be called a joint venture where the parties are co-venturers.

Geological modelling, geologic modelling or geomodelling is the applied science of creating computerized representations of portions of the Earth's crust based on geophysical and geological observations made on and below the Earth surface. A geomodel is the numerical equivalent of a three-dimensional geological map complemented by a description of physical quantities in the domain of interest.Geomodelling is related to the concept of Shared Earth Model; which is a multidisciplinary, interoperable and updatable knowledge base about the subsurface.

Geomodelling is commonly used for managing natural resources, identifying natural hazards, and quantifying geological processes, with main applications to oil and gas fields, groundwater aquifers and ore deposits. For example, in the oil and gas industry, realistic geological models are required as input to reservoir simulator programs, which predict the behavior of the rocks under various hydrocarbon recovery scenarios. A reservoir can only be developed and produced once; therefore, making a mistake by selecting a site with poor conditions for development is tragic and wasteful. Using geological models and reservoir simulation allows reservoir engineers to identify which recovery options offer the safest and most economic, efficient, and effective development plan for a particular reservoir.

A remotely operated underwater vehicle (ROUV) or remotely operated vehicle (ROV) is a free-swimming submersible craft. ROVs are used to perform underwater observation, inspection, and physical tasks such as valve operations, hydraulic functions, and other general tasks within the subsea oil and gas industry, military, scientific and other applications. ROVs can also carry tooling packages for undertaking specific tasks such as pull-in and connection of flexible flowlines and umbilicals, and component replacement. They are often used to do research and commercial work at great depths beyond the capacities of most submersibles and divers. Most users of the machines use the term "remotely operated vehicle" (ROV).