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. Van den Hof, P.M.J. Jansen, J.D. Faculty Civil Engineering and Geosciences Department Geoscience & Engineering Date 2015-08-04 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 water flooding 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 informationvalue of clairvoyancedecision makinggeological uncertaintiesclosed-loop reservoir managementmodel-based optimizationhistory matchingwell production data To reference this document use: http://resolver.tudelft.nl/uuid:12f65e46-5f05-4e91-918b-b7ea91f7b8f9 Publisher Springer ISSN 1420-0597 Source https://doi.org/10.1007/s10596-015-9509-4 Source Computational Geosciences, 2015 Part of collection Institutional Repository Document type journal article Rights © 2015 The Author(s)This article is published with open access at Springerlink.com Files PDF Barros_2015.pdf 2.14 MB Close viewer /islandora/object/uuid:12f65e46-5f05-4e91-918b-b7ea91f7b8f9/datastream/OBJ/view