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Oil in place is the total hydrocarbon content of an oil reservoir and is often abbreviated STOOIP, which stands for Stock Tank Original Oil In Place, or STOIIP for Stock Tank Oil Initially In Place, referring to the oil in place before the commencement of production. In this case, stock tank refers to the storage vessel (often purely notional) containing the oil after production. Oil in place must not be confused with Oil reserves, that are the technically and economically recoverable portion of it.
Calculating STOOIP Accurate calculation of the value of STOOIP requires knowledge of: and is achieved using the formula stb or m3 where Gas saturation is traditionally omitted from this equation. The constant value 7758 converts acre-feet to stock tank barrels. An acre of reservoir 1 foot thick would contain 7758 barrels of oil in the limiting case of 100% porosity, zero water saturation and no oil shrinkage. If the metric system is being used, a conversion factor of 6.289808 must be used to convert cubic meters to stock tank barrels. A 1 cubic meter container would hold 6.289808 barrels of oil. | ||||||||
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