Value of information in closed-loop reservoir management

E. G.D. Barros, J. D. Jansen, P.M.J. van den Hof

Research output: Chapter in Book/Report/Conference proceedingConference contributionAcademicpeer-review

5 Citations (Scopus)

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 languageEnglish
Title of host publication14th European Conference on the Mathematics of Oil Recovery 2014, ECMOR 2014
PublisherEuropean Association of Geoscientists and Engineers (EAGE)
Number of pages15
ISBN (Electronic)978-163-439-168-9
Publication statusPublished - 1 Jan 2014
Event14th European Conference on the Mathematics of Oil Recovery 2014, ECMOR 2014 - Catania, Italy
Duration: 8 Sep 201411 Sep 2014

Conference

Conference14th European Conference on the Mathematics of Oil Recovery 2014, ECMOR 2014
CountryItaly
CityCatania
Period8/09/1411/09/14

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