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.
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G. D. Barros, E., Van den Hof, P.M.J. & Jansen, J.D. Value of information in closed-loop reservoir management. Comput Geosci 20, 737–749 (2016). https://doi.org/10.1007/s10596-015-9509-4
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DOI: https://doi.org/10.1007/s10596-015-9509-4
Keywords
- Value of information
- Value of clairvoyance
- Decision making
- Geological uncertainties
- Closed-loop reservoir management
- Model-based optimization
- History matching
- Well production data