Value of information in closed-loop reservoir management

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...

Hidden information in ill-posed inverse problems

It is well known that parameter updating of large-scale numerical reservoir flow models (a.k.a. ‘computer assisted history matching’) is an ill-posed inverse problem. Typically the number of uncertain parameters in a reservoir flow model is very large whereas the available information for estimating these parameters is limited. The classic...