F

FCC (fluid catalytic cracking)
Catalytic conversion of heavier and more complex hydrocarbons into lighter products and coke in fluidised bed catalytic reactor with continuous catalyst regeneration. Thus the lighter products yield from crude oil is increased.

Feedstock
Crude oil, natural gas liquids, natural gas or other materials used as raw ingredients for making gasoline, other refined products or chemicals.

Field
A geographical area under which a producing or prospective oil and/or natural gas reservoir lies.

Field Potential
Estimate of the producing capacity of a field during a 24-hour period.

Flare
An open flame used to burn off unwanted natural gas.

Flare Stack
The steel structure on an offshore rig or at a processing facility from which gas is flared.

FOB
Free on board. FOB prices for crude oil, feedstocks and finished products do not include the cost of insurance and freight charges.

FPSO
Floating production, storage and offloading facility.

Fractionating Column
A tall tower, fitted with perforated trays, in which fractional distillation of crude oil or its products is carried out.

Fractionation
The process for breaking natural gas liquids into component parts -- methane, ethane, propane, butane, pentane and heavier hydrocarbons.

Fuel Oils
The heavy distillates from the oil refining process that are used primarily for heating, for fueling industrial processes, for fueling locomotives and ships, and for fueling power generation systems.