TY - JOUR
T1 - Value of information in closed-loop reservoir management
AU - Goncalves Dias De Barros, E
AU - Van den Hof, PMJ
AU - Jansen, JD
N1 - harvest
PY - 2016
Y1 - 2016
N2 - 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.
AB - 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.
KW - Value of information
KW - Value of clairvoyance
KW - Decision making
KW - Geological uncertainties
KW - Closed-loop reservoir management
KW - Model-based optimization
KW - History matching
KW - Well production data
UR - http://resolver.tudelft.nl/uuid:b87a2e75-73a2-4a50-a50b-d8551e40f2cc
U2 - 10.1007/s10596-015-9509-4
DO - 10.1007/s10596-015-9509-4
M3 - Article
SN - 1420-0597
VL - 20
SP - 737
EP - 749
JO - Computational Geosciences: modeling, simulation and data analysis
JF - Computational Geosciences: modeling, simulation and data analysis
IS - 3
ER -