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Computational Geosciences

, Volume 20, Issue 3, pp 737–749 | Cite as

Value of information in closed-loop reservoir management

  • E. G. D. BarrosEmail author
  • P. M. J. Van den Hof
  • J. D. Jansen
Open Access
ORIGINAL PAPER

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.

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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Copyright information

© The Author(s) 2015

Open AccessThis article is distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution, and reproduction in any medium, provided you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license, and indicate if changes were made.

Authors and Affiliations

  • E. G. D. Barros
    • 1
    Email author
  • P. M. J. Van den Hof
    • 2
  • J. D. Jansen
    • 1
  1. 1.Department of Geoscience and EngineeringDelft University of TechnologyDelftNetherlands
  2. 2.Department of Electrical EngineeringEindhoven University of TechnologyEindhovenNetherlands

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