Abstract
This paper proposes a new methodology to perform value of information (VOI) analysis within a closedloop reservoir management (CLRM) framework. The workflow combines tools such as robust optimization and history matching in an environment of uncertainty characterization. The approach is illustrated with two simple examples: an analytical reservoir toy model based on decline curves and a waterflooding problem in a two-dimensional five-spot reservoir. The results are compared with previous work on other measures of information valuation, and we show that our method is a more complete, although also more computationally intensive, approach to VOI analysis in a CLRM framework. We recommend it to be used as the reference for the development of more practical and less computationally demanding tools for VOI assessment in real fields.
Original language | English |
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Title of host publication | 14th European Conference on the Mathematics of Oil Recovery 2014, ECMOR 2014 |
Publisher | European Association of Geoscientists and Engineers (EAGE) |
Number of pages | 15 |
ISBN (Electronic) | 978-163-439-168-9 |
Publication status | Published - 1 Jan 2014 |
Event | 14th European Conference on the Mathematics of Oil Recovery 2014, ECMOR 2014 - Catania, Italy Duration: 8 Sep 2014 → 11 Sep 2014 |
Conference
Conference | 14th European Conference on the Mathematics of Oil Recovery 2014, ECMOR 2014 |
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Country/Territory | Italy |
City | Catania |
Period | 8/09/14 → 11/09/14 |