U - Oil & Gas Terms

Underproduction

Production that is less than the allowable assigned to a proration unit.


Undeveloped Acreage

Lease acreage on which wells have not been drilled or completed to a point that would permit the production of commercial quantities of oil and gas.


Unitization, Unitization Agreement, Unit Agreement

Joint operations to maximize recovery among separate operators within a common reservoir.


Upstream

Refers to the searching for and the recovery and production of crude oil and natural gas.  Commonly referred to as the exploration and production (E&P) sector.