Reservoir Modeling and Production Forecast under Geological Uncertainties

This work presents an integrated workflow for closed loop reservoir management. Closed-loop reservoir management is a combination of model-based optimization and data assimilation (computer-assisted history matching), also referred to as ‘real-time reservoir management’, ‘smart reservoir management’ or ‘closed-loop optimization’. The aim is to optimize reservoir performance, in terms of recovery or value, over the full life of the reservoir by increasing the frequency of optimization to a near-continuous process. There are two loops present in this approach: the conditioning loop or the big loop, representing the Assisted History Matching process and the optimization loop representing the Optimization process