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A method and system for the combined underground storage and production of petroleum. A wellbore is drilled such that the surface is in fluid communication with an oil bearing and a salt bearing formation. Salt is leached from the salt bearing formation to form a cavern. The oil bearing formation is

A method and system for the combined underground storage and production of petroleum. A wellbore is drilled such that the surface is in fluid communication with an oil bearing and a salt bearing formation. Salt is leached from the salt bearing formation to form a cavern. The oil bearing formation is placed in condition for production. The pressure in the salt bearing formation is maintained below the pressure in the oil bearing formation and oil is collected in the cavern that was formed in the salt bearing formation. Periodically, oil is displaced from the cavern to the surface. The system includes a wellbore connecting the surface, an oil bearing formation and a cavern in fluid communication, a check valve is placed within the wellbore to permit the one way flow of oil from the oil bearing formation to the cavern. A wellhead tree seals the wellbore through which passes a conduit to inject gas into the wellbore. Also passing through the welltree is a conduit which extends into the cavern through which oil may be displaced. Oil is displaced from the cavern by injecting a fluid into the cavern to displace the oil. In off shore operations the system is especially useful to render wells with a low production rate economical to exploit.

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1. A method for forming a storage cavern associated with a petroleum well comprising:a. drilling a borehole into a petroleum bearing formation having a production zone capable of producing petroleum;b. drilling said borehole into a salt bearing formation which is separate from said petroleum bearing

1. A method for forming a storage cavern associated with a petroleum well comprising:a. drilling a borehole into a petroleum bearing formation having a production zone capable of producing petroleum;b. drilling said borehole into a salt bearing formation which is separate from said petroleum bearing formation such that a single wellbore connects said petroleum bearing formation and said salt bearing formation,c. leaching said salt bearing formation to form a cavern that is not in fluid communication with said production zone except through said borehole without the removal of oil from said oil bearing formation;d. placing said production zone in condition to produce petroleum; ande. maintaining the pressure within said cavern lower than the pressure within said petroleum bearing formations. 2. A method for production of petroleum from a petroleum bearing formation comprising:a. drilling a single wellbore which connects the surface, a petroleum bearing formation having a production zone capable of producing petroleum and a salt bearing formation which is separate from said production zone capable of producing petroleum;b. leaching salt from said salt bearing formation to form a cavern which is not in fluid communication with said production zone capable of producing oil except through said wellbore; andc. placing said production zone in condition to produce petroleum. 3. The method of claim 2 further comprising:maintaining the pressure in said cavern at a predetermined pressure to cause a predetermined flow rate of petroleum from said petroleum bearing formation to said cavern. 4. A method of claim 2 further comprising:periodically removing petroleum from said cavern. 5. A method for the production of petroleum from a petroleum bearing formation comprising:a. connecting a cavern in a salt bearing formation to a petroleum bearing formation which is a separate formation from the salt bearing formation by providing a conduit such that said cavern is not in fluid communication with said petroleum bearing formation except through said conduit; andb. maintaining the pressure in said cavern at a predetermined pressure to cause a predetermined flow rate of petroleum from said petroleum bearing formation to said cavern. 6. A method for the production of petroleum from a petroleum bearing formation comprising:a. drilling a wellbore which connects the surface and a salt bearing formation;b. leaching salt from said salt bearing formation to form a cavern;c. extending said wellbore into a petroleum bearing formation having a production zone capable of producing petroleum which is separate from said salt bearing formation; andd. placing said production zone in condition to produce petroleum. 7. The method of claim 6 further comprising:maintaining the pressure in said cavern at a predetermined pressure to cause a predetermined flow rate of petroleum from said petroleum bearing formation to said cavern. 8. A system for producing oil from a formation comprising:a wellbore having an opening extending from the surface and in fluid communication with a cavern in a salt bearing formation and a production zone of a petroleum bearing formation which is separate from said salt bearing formation;a passageway connecting said cavern with said production zone of said petroleum bearing formation such that the said cavern and said production zone are in fluid communication only through said passageway;a wellhead tree positioned proximate said opening;a production conduit extending through said wellhead tree and into said wellbore for the removal of oil; anda displacement conduit extending through said wellhead tree and into said wellbore. 9. The system of claim 8 further comprising:a cheek valve located within said passageway. 10. A system for producing oil comprising:a wellbore connecting the surface, an oil bearing formation, and a cavern in fluid communication, said wellbore having an opening at the surface;a check valve within the wellbore between said oil bearing formation and said cavern which prevents flow of oil from said oil bearing formation into said cavern and prevents flow from said cavern to said oil bearing formation;a wellhead tree proximate to said opening;a displacement conduit extending through said wellhead tree in fluid communication with said wellbore; anda production conduit extending through said wellhead tree and in fluid communication with said cavern. 11. A system of claim 10 further comprising:a displacement valve positioned in said displacement conduit. 12. A system of claim 10 further comprising:a production valve positioned in said production conduit. 13. A system of claim 11 further comprising:a displacement valve positioned in said displacement conduit. 14. A system for producing oil from a formation comprising:a wellbore having an opening extending from the surface and in fluid communication with a cavern and a petroleum bearing formation;a passageway connecting said cavern with said petroleum bearing formation;a wellhead tree positioned proximate said opening;a production conduit extending through said wellhead tree and into said wellbore for the removal of oil;a check valve located within said passageway; anda displacement conduit extending through said wellhead tree and into said wellbore. 15. A system for producing oil from a formation comprising:a wellbore having an opening extending from the surface and in fluid communication with a cavern in a salt bearing formation and a petroleum bearing formation which is separate from said salt bearing formation;a passageway connecting said cavern with said petroleum bearing formation;a check valve located within said passageway;a wellhead tree positioned proximate said opening;a production conduit extending through said wellhead tree and into said wellbore for the removal of oil; anda displacement conduit extending through said well head tree and into said wellbore.