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Abstract

Summary

In a recent report, McKinsey and Company estimated that there is potential for extracting another one trillion barrels of oil equivalents by operating our existing fields smarter. The key to unlocking these additional barrels is to continuously increase our understanding of the subsurface. In this presentation we demonstrate how efficient algorithms can help oil and gas companies increase the value potential of their assets by optimizing the drainage strategy given the uncertainty in the subsurface properties. By optimizing the oil production rate in 11 producers and 7 water injection rates over a 20-year life cycle, we increase the expected net present value by 11 % compared with a baseline reactive control drainage strategy.

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/content/papers/10.3997/2214-4609.201977015
2019-12-02
2024-03-28
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