Oil reserves

Oil reserves is a restricted term that is often contrasted with oil in place. STOOIP, meaning "Stock Tank Original Oil In Place", represents all of the liquid hydrocarbon contained in a reservoir.

Related Topics:
Oil in place - STOOIP - Hydrocarbon - Reservoir

~ ~ ~ ~ ~ ~ ~ ~ ~ ~

Reserves are the portion of the STOOIP that are recoverable under economic constraints. Oil in the ground is not a reserve unless it is economically recoverable, and the recovery factor (RF) is the percentage of STOOIP which is economically recoverable under a given set of conditions.

~ ~ ~ ~ ~ ~ ~ ~ ~ ~

Reserves = STOOIP * RF

~ ~ ~ ~ ~ ~ ~ ~ ~ ~

Proven, Probable and Possible Reserves are the commonly used categories of reserves that represent the certainty that the reserves actually exist based on the geologic and engineering data and interpretation for the reservoir. In the USA the authority for reserves definitions is generally the Society of Petroleum Engineers.

~ ~ ~ ~ ~ ~ ~ ~ ~ ~