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lease automatic custody transfer

   Also found in: Acronyms 0.07 sec.
lease automatic custody transfer [′lēs ¦ȯd·ə¦mad·ik ′kəs·tə·dē ‚trans·fər]
(petroleum engineering)
Automatic unattended system to receive and record oil produced from a drilling lease, then to transfer the contents to a pipeline. Abbreviated LACT.


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