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Oil in place (OIP) (not to be confused with original oil-in-place (OOIP)) is a specialist term in petroleum geology that refers to the total oil content of an oil reservoir. As this quantity cannot be measured directly, it has to be estimated from other parameters measured prior to drilling or after production has begun.
The ratio between in place and recoverable volumes is known as the recovery factor (RF), which is determined by a combination of subsurface geology and the technology applied to extraction. [13] When reporting oil & gas volumes, in order to avoid confusion, it should be clarified whether they are in place or recoverable volumes.
The properties also influence how the oil is classified and its value. [1] The quantity of oil originally in place in a reservoir is usually expressed as Stock Tank Oil Originally In Place (STOOIP), this is usually given in millions of stock tank barrels (MMstb). [2]
Such oil is called the stock tank oil initially in place. As a result of studying factors such as the permeability of the rock (how easily fluids can flow through the rock) and possible drive mechanisms, it is possible to estimate the recovery factor, or what proportion of oil in place can be reasonably expected to be produced.
Gas initially in place (GIIP) or original gas in place (OGIP) denote the total estimated quantity (volume) of natural gas contained in a "subsurface" asset prior to extraction . [ 1 ] Gas Initially In Place = Gross Rock Volume * Net/Gross * Porosity * average initial Gas Saturation / Formation Volume Factor [ 2 ]
Example with calculations to illustrate the principle of proportional allocation. Assume that the flows of separated oil from two production units go to a common storage tank. The tank is used as a cache so that the owners of the oil can get their load according to an entitlement plan. Allocation is first calculated using estimated production ...
For some reason, the oil market is always spoken of in hyperbolic terms. A pending dispute between two nations can double oil prices within a matter of months. Or peak oil worries set in and ...
Proven reserves (also called measured reserves, 1P, and reserves) is a measure of fossil fuel energy reserves, such as oil and gas reserves and coal reserves. It is defined as the "quantity of energy sources estimated with reasonable certainty, from the analysis of geologic and engineering data, to be recoverable from well established or known ...