Value of information in closed-loop reservoir management

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

Research output: Contribution to journalArticleAcademicpeer-review

33 Citations (Scopus)
373 Downloads (Pure)

Abstract

This paper proposes a new methodology to perform value of information (VOI) analysis within a closed-loop 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 water flooding 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
Pages (from-to)737-749
JournalComputational Geosciences
Volume20
Issue number3
Early online date4 Aug 2015
DOIs
Publication statusPublished - Jun 2016

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