| Ultimate Potential |
| An estimate of the initial established reserves which will have become developed in an area by the time all exploratory and development activity has ceased, having regard for the geological prospects of the area and the anticipated technology and economic conditions. Ultimate potential includes cumulative production, remaining established reserves and future additions through extensions and revisions to existing pools and the discovery of new pools.
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| Undiscovered Recoverable Resources |
| Oil or gas resources outside of known fields, estimated from broad geological knowledge and theory. |
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| Unitization |
| A process where owners of adjoining properties pool reserves, forming
a single unit that is operated by one of the owners. |
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| Upstream |
| An oil industry term referring to operations associated with exploration for, and production of crude oil. Industry operations after crude recovery (such as refining) are called downstream. |
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| Uranium |
| A heavy, slightly radioactive metallic element with atomic number 92. As found in nature, it is a mixture of the isotopes U-235 (0.7%) and U-238 (99.3%). The artificially produced U-233 and the naturally occurring U-235 are fissile. U-238 is fertile. |
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| Uranium Dioxide (UO2) |
| A uranium compound used, with the natural concentration of U-235 unchanged, as the fuel in CANDU power reactors, because of its chemical and radiation stability, good gaseous fission product retention, and high melting point. |
