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automatic custody transfer

   Also found in: Acronyms 0.01 sec.
automatic custody transfer [¦ȯd·ə¦mad·ik ′kəs·təd·ē ‚tranz·fər]
(petroleum engineering)
Automatic system for measuring and sampling oil or petroleum products at points of receipt or delivery.


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s say, the oil generally flows through an automated system called a LACT unit, which stands for Lease Automatic Custody Transfer.
Howell owns or leases 32 automatic custody transfer (ACT) units adjacent to crude oil pipelines, 10 of which are located on the three pipelines being acquired from Exxon.
 
 
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