Challenges in Parameter Estimation of Models for Offshore Oil and Gas Production Optimization

Real-time optimization of offshore oil and gas production may<br>be decomposed into production optimization, maximization of<br>value from the daily production of reservoir fluids, and<br>reservoir management, optimization of injection and reservoir<br>drainage on the time scales of months and years. Each<br>subproblem may consider different models which are less<br>complex than an all-purpose model.