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B = \frac{Z}{Z_{ref}} \cdot \frac{p_{ref}}{p} \cdot \frac{T}{T_{ref}}


It is related to fluid compressibility 

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c = -  \frac{p_{ref}}{B} \cdot \frac{dB}{dp}



The 
FVF values are usually used to recalculate the fluid volumes measured at surface to the fluid volumes which are produced from or injected to subsurface reservoir.

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