Owned,

Owned, as used in the context of restricted joint bidding or a statement of production, means:
(i) With respect to crude oil - having either an economic interest in or a power of disposition over the production of crude oil;
(ii) With respect to natural gas - having either an economic interest in or a power of disposition over the production of natural gas; and
(iii) With respect to natural gas liquids - having either an economic interest in or a power of disposition over any natural gas liquids at the time of completion of the liquefaction process.

Source

30 CFR § 556.105

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Scoping language

Acronyms and terms used in this part have the following meanings:

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