Barrel, bbl: One barrel of oil (1 barrel = 42 U.S. gallons [approx.] or 35 imperial gallons [approx.] or 159 liters [approx.]; 7.45 barrels = 1 ton [approx.]; 6.29 barrels = 1 cubic meter).
Bcf: Billion cubic feet (1 billion cubic feet of natural gas = .026 million metric tons or 0.18 million barrels of oil equivalent).
Bcm: Billion cubic meters (1 cubic meter = 35.31 cubic feet).
BOE: Barrel of oil equivalent. A unit of measure to equate O&G volumes. Each barrel of oil equals 6,000 cubic feet (or 6 mcf) of natural gas. For example, if a company produces 1 million barrels of oil and 6 million mcf of gas, it has produced 2 million BOE.
BTU: British thermal unit.
Mcf: One thousand cubic feet. The standard measure of natural gas volume (1 mcf = 1 million BTU of energy at 1 atmosphere of pressure; 6 mcf = 1 barrel of oil equivalent [BOE]).
Volumetric calculations: A method of determining O&G reserves by use of rock volume and rock characteristics. Relating to VPP (volumetric production payment).