What does Oil Initially In Place - OIIP mean?
The quantity of petroleum which is estimated to exist originally in the underground reservoir. Oil-initially-in-place is the total quantities petroleum which is estimated to be contained in the reservoir and also includes yet to be discovered plus already produced.
Futures Knowledge Explains Oil Initially In Place - OIIP
Total oil-initially-in-place is subdivided into discovered petroleum-initially-in place and undiscovered petroleum-initially-in-place. This is the estimated quantity on a particular date. This is subject to change depending on technological development and economic consideration.