initial production
Definition
A measurement of the amount of oil produced by a newly opened oil well, measured in B/D (barrels of oil per day) or BOE/D (barrels of oil equivalent per day). Because oil production always follows a bell curve, the initial production will be relatively small compared to the peak production level at the middle of the curve. This is used to estimate total production, the peak oil production level and subsequent decline rate. Also called initial production rate.
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