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 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.
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Famous quotes containing the words oil and/or place:
“I bade, because the wick and oil are spent
And frozen are the channels of the blood....”
—William Butler Yeats (1865–1939)
“All know that all the dead in the world about that place are stuck
And that should mother seek her son she’d have but little luck
Because the fires of Purgatory have ate their shapes away;
I swear to God I questioned them and all they had to say
Was fol de rol de rolly O.”
—William Butler Yeats (1865–1939)