Volumetric is a method to estimate fluid in reservoir based on volume of pore space in a rock and water saturation.
Volume of Oil Initially In Place (OIIP)
To estimate oil initially volume in place, the following formula is a volumetric calculation for oil.
STOIIP = stock tank oil in place, stb
A= area, acre
h = reservoir thickness, ft
ɸ = rock porosity, %
Swc =connate water saturation, %
Boi = oil formation volume factor, rb/stb
Note: the stock tank condition is a standard surface condition of oil and gas at 60F and 14.7 psia. Continue reading