The total amount of crude oil estimated to exist in a field or a reservoir.
The estimation of the real amount of oil in a reservoir.
An estimated measure of the total amount of oil contained in a reservoir, and, as such, a higher figure than the estimated recoverable reserves of oil.
The amount of crude oil that is estimated to exist in a reservoir and which has not been produced.
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 it.