Print Email Facebook Twitter Value of information in closed-loop reservoir management Title Value of information in closed-loop reservoir management Author Barros, E.G.D. Jansen, J.D. Van den Hof, P.M.J. Faculty Civil Engineering and Geosciences Department Geoscience and Engineering Date 2014-09-08 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. Subject value of informationclosed-loop reservoir managementfield developmentoil and gasenergy To reference this document use: http://resolver.tudelft.nl/uuid:b87a2e75-73a2-4a50-a50b-d8551e40f2cc Publisher EAGE Source ECMOR XIV: Proceedings 14th European Conference on Mathematics in Oil Recovery, Catania, Italy, 8-11 September 2014 Part of collection Institutional Repository Document type conference paper Rights (c) 2014 The Author(s) Files PDF BarrosEtAl2014_ECMOR_Valu ... gement.pdf 2.42 MB Close viewer /islandora/object/uuid:b87a2e75-73a2-4a50-a50b-d8551e40f2cc/datastream/OBJ/view