The black-oil equations are a set of partial differential equations that describe fluid flow in a petroleum reservoir, constituting the mathematical framework for a black-oil reservoir simulator.[1]
The term black-oil refers to the fluid model, in which water is modeled explicitly together with two hydrocarbon components, one (pseudo) oil phase and one (pseudo-)gas phase.
This is in contrast with a compositional formulation, in which each hydrocarbon component (arbitrary number) is handled separately