Gross Observed Volume (GOV):  The total volume of all petroleum liquids and sediment and water, excluding free water, at observed temperature and pressure. Gross Standard Volume (GSV):  The total volume of all petroleum liquids and sediment and water, excluding free water, corrected by the appropriate volume correction factor (VCF) for the observed temperature and API gravity, relative density, or density to a standard temperature such as 60°F or 15°C and also corrected by the applicable pressure correction factor and meter factor. Relative Density: It is defined as the ratio of the … [Read more...]