Value of information in closed-loop reservoir management

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

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33 Citaten (Scopus)
365 Downloads (Pure)


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.
Originele taal-2Engels
Pagina's (van-tot)737-749
TijdschriftComputational Geosciences
Nummer van het tijdschrift3
Vroegere onlinedatum4 aug 2015
StatusGepubliceerd - jun 2016

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