What does afe stand for in oil and gas? Let's break it down
If you've spent more than five minutes around a drilling rig or in a corporate production office, you've likely heard someone asking about the status of an AFE, which naturally leads to the question: what does afe stand for in oil and gas exactly? Simply put, it stands for Authorization for Expenditure. While that sounds like a dry piece of accounting jargon, it is actually the heartbeat of every project in the oil patch. Without an approved AFE, nothing moves—no dirt is turned, no pipe is laid, and certainly no wells are drilled. ...