It depends on exactly what kind of olive oil it is, and what sort of container it is in, really. As a rule- extra virgin olive oil lasts about a year, and regular olive oil can make it about 24 months. That is is it is stored in a relatively cool spot in an airtight, dark container, preferably glass although metal is acceptable. As it gets older, it's going to become more noticeably oxidized and contaminated with bacteria- that is rancid, until it reaches a point where the taste or smell is objectionable. If you want to extend the life of your oil, you can either refrigerate it or freeze it. As far as refilling a can of olive oil, you can do so as long as the material holds up. BUT you don't want to simply add fresh oil to whatever is left in the can or bottle. Use all the oil in the can up as completely as you can, and then wash the container with regular dish soap and water. Let it completely dry, and then you can refill it with oil. You don't add new oil to old because the old oil will already be contaminated with bacteria, and have oxidized to some extent. It would be like mixing stale chips and fresh, or slightly moldy bread rolls with fresh.
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