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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 barrels'' refers to the volume of oil after production, at surface pressure and temperature (as opposed to reservoir conditions).
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| Oil in place must not be confused with [[oil reserves]], that are the technically and economically recoverable portion of oil volume in the reservoir. Current recovery factors for oil fields around the world typically range between 10 and 60 percent; some are over 80 percent. The wide variance is due largely to the diversity of fluid and reservoir characteristics for different deposits.<ref>{{cite web|url=http://www.eia.doe.gov/oiaf/ieo/oilproduction.html|title=Defining the Limits of Oil Production |date=June 2008|work=International Energy Outlook 2008 |publisher=U.S. Department of Energy|accessdate=2008-11-22{{deadlink|date=June 2012}}}}</ref>
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| ==Calculation of STOOIP==
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| Accurate volumetric calculations of the value of STOOIP requires knowledge of:
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| # Volume of reservoir rock containing the oil. This can be expressed as (a) Gross Rock Volume (GRV) multiplied by the net-to-gross ratio of the reservoir, (b) Net Rock Volume (NRV) expressing the volume of reservoir rock only (non-reservoir facies taken out), (c) Area of the reservoir multiplied by net pay thickness. In the USA this is usually in given in acre-feet, elsewhere in the world in cubic meters.
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| # Percentage porosity of the reservoir rock
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| # Percentage water content of that porosity
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| # Amount of shrinkage that the oil undergoes when brought to the Earth's surface
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| and is achieved using the below formula
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| :<math>N = \frac{7758\ A\ h\ \phi\ \left(S_o \right)}{B_{oi}}\ \ </math> [stb]
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| where
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| * <math>N\ </math> = STOOIP [barrels]
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| * <math>A\ </math> = Area [acres]
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| * <math>h\ </math> = Net pay thickness [feet]
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| * <math>7758\ </math> = Conversion factor (acre-ft * 7758 = barrels)
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| * <math>\phi\ </math> = Porosity of this net reservoir rock (decimal)
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| * <math>S_o\ </math> = Oil saturation - oil-filled portion of this porosity (decimal)
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| * <math>B_{oi}\ </math> = Formation Volume Factor (decimal). Expresses the change in oil volume between reservoir and [[standard conditions]] at surface. (reservoir barrels / stock tank barrels)
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| Gas saturation <math>S_g </math> is traditionally omitted from this equation.
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| 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 can be used to convert cubic metres to stock tank barrels. A 1 cubic metre container would hold 6.289808 barrels of oil.
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| ===Formation volume factor===
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| When oil is produced, the high reservoir temperature and pressure decreases to surface conditions and gas bubbles out of the oil. As the gas bubbles out of the oil, the volume of the oil decreases. Stabilized oil under surface conditions (either 60 F and 14.7 psi or 15 C and 101.325 kPa) is called stock tank oil. Oil reserves are calculated in terms of stock tank oil volumes rather than reservoir oil volumes. Oil formation volume factor ( Bo ) can be defined as ratio of Volume at reservoir condition to Volume at the surface condition (at 60F and 14.7psi). It usually varies from 1.0 to 1.7. A formation volume factor of 1.4 is characteristic of high-shrinkage oil and 1.2 of low-shrinkage oil.
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| ==References==
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| {{reflist}}
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| [[Category:Petroleum production]]
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