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Value of Information in Closed-loop Reservoir Management
- Publisher: European Association of Geoscientists & Engineers
- Source: Conference Proceedings, ECMOR XIV - 14th European Conference on the Mathematics of Oil Recovery, Sep 2014, Volume 2014, p.1 - 15
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 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.