Refers to all oil currently present in Petroleum Reservoir.
The volumetric value of OIP in NTP conditions is given by STOIP.
The changes in volume and structure of OIP over time can be caused by production from a given petroleum reservoir or because of the hydrocarbons migration caused by production from the remote hydrodynamically connected petroleum reservoirs.
See Also
Petroleum Industry / Upstream / Exploration / Booking Reserves
[ Hydrocarbon Initial In Place (HCIP) ] [ Gas Initial In Place (GIIP) ]
[ Surface Tank Hydrocarbon In Place (STHCIP) ] [ Stock-Tank Oil In-Place (STOIP) ] [ Stock-Tank Gas Initial In-Place (STGIIP) ]