Lease

Lease
 

I found this sentence in a document about oil industry:

"Almost all oil production is in the form of crude oil and lease condensates from natural gas production."

Common dictionaries only define "lease" for property renting and hiring, but this doesn't make much sense to me in this context. However, I found this definition for "lease condensates" in some petroleum glossary:

"Liquid hydrocarbons produced with natural gas and separated from the gas at the well or on the lease."

So, my question is how do we understand "lease" here?
Is it the facility, as in "hydrocarbons produced in the refinery facilities"? :thinking:

All hints will be highly appreciated.

I might be wrong, but I understand that the separation can be done at the well or by contract (an estimate)

A bit complicated, but to drill for oil you need to secure rights to do so. This is called a lease.
Anything that has to do with obtaining gas can be called the lease, I think.

(Liquid) condensates in the gas are called 'lease condensates'. The factory that removes the condensates is also called a lease. So is the field.

lease condensate = condensado de campo

Thank you, Rusty, it makes sense. :rose:

I found lease condensate as "condensado de petróleo", but now I will have to see whether there is a difference between field condensate and lease condensate. :thinking:


@Hernán: Thank you, but it doesn't have to do with company contracts, but rather with the technical separation process. :)

I don't think there is a difference.

I saw references to 'lease or field condensates'.
The list of constituents is the same in both 'lease condensates' and 'field condensates'.

Thank you, Rusty! It helps. :rose: