Value of information in closed-loop reservoir management

E Goncalves Dias De Barros, PMJ Van den Hof, JD Jansen

Research output: Contribution to journalArticleScientificpeer-review

33 Citations (Scopus)

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.
Original languageEnglish
Pages (from-to)737-749
Number of pages13
JournalComputational Geosciences: modeling, simulation and data analysis
Volume20
Issue number3
DOIs
Publication statusPublished - 2016

Keywords

  • Value of information
  • Value of clairvoyance
  • Decision making
  • Geological uncertainties
  • Closed-loop reservoir management
  • Model-based optimization
  • History matching
  • Well production data

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