| Word | Definition |
| Ocean Energy Systems | Energy conversion technologies that harness the energy in tides, waves, and thermal gradients in the oceans. |
| Octane | Performance rating of gasoline; the higher the octane number, the greater the anti-knock quality of the gasoline. |
| Octane Rating | A number used to indicate gasoline's antiknock performance in motor vehicle engines. The two recognized laboratory engine test methods for determi... |
| Odorant | A substance (example: mercaptan) added to odourless natural gas or NGLs to enable detection. |
| Off Peak Gas | Gas that is to be delivered and taken on demand when demand is not at its peak. |
| Off-system | Any point not on, or directly interconnected with, a transportation, storage, and/or distribution system operated by a natural gas company within a st... |
| Offshore | The geographic area that lies seaward of the coastline. In general, the coastline is the line of ordinary low water along with that portion of the coa... |
| Offshore Reserves and Production | Reserves and production that are in either state or Federal domains, located seaward of the coastline. |
| Oil Allowance | A gross production relief that reduces effective PRT rate, but cannot be used to create a tax loss. |
| Oil Company Use | Includes sales to drilling companies, pipelines or other related oil companies not engaged in the selling of petroleum products. Includes fuel oil tha... |
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