Value of information in closed-loop reservoir management

Conference paper (2014)
Department
Geoscience and Engineering (CEG) (TU Delft)
Copyright: © 2014 The Author(s)
Energy Oil and gas Value of information Closed-loop reservoir management Field development
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Published Date

08-09-2014

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Source:

ECMOR XIV: Proceedings 14th European Conference on Mathematics in Oil Recovery, Catania, Italy, 8-11 September 2014

Faculty

Civil Engineering and Geosciences

Department

Geoscience and Engineering

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.