Estimation Techniques
The amount of oil in a subsurface reservoir is called oil in place (OIP). Only a fraction of this oil can be recovered from a reservoir. This fraction is called the recovery factor. The portion that can be recovered is considered to be a reserve. The portion that is not recoverable is not included unless and until methods are implemented to produce it.
There are a number of different methods of calculating oil reserves. These methods can be grouped into three general categories: "volumetric", "material balance", and "production performance". Each method has its advantages and drawbacks.
Read more about this topic: Oil Reserves
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