A bulk product, e.g. crude oil, can be characterized by different quantities. Quantities are physical properties that can be measured – or calculated from other measured properties – leading to quantity values for a specific batch of bulk product.
Example:
Crude oil quantities are:
- TOV – total observed volume
- TCV – total calculated volume
- GOV – gross observed volume
- GSV – gross standard volume
- NOV – net observed volume
- NSV – net standard volume
- GSW – gross standard weight
- NSW – net standard weight
- GSM – gross standard mass
- NSM – net standard mass
- Base density in air
- Base density in vacuo
- Observed temperature
- Observed pressure
- …
Measurements in the field or laboratory result in specific quantity values for various quantities for a certain amount of product. For crude oil, you typically determine quantity values for the quantities total or gross observed volume, density in vacuum via measurements.
Quantity conversions, based on defined measurement standards, then result in quantity values for the quantities net standard volume, gross and net standard mass, gross and net standard weight, which are required for business processes and financial valuation.
