2022
DOI: 10.2118/206041-pa
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Hydrocarbon Field (Re-)Development as Markov Decision Process

Abstract: Summary Hydrocarbon field (re-)development requires that a multitude of decisions are made under uncertainty. These decisions include the type and size of surface facilities, location, configuration, and number of wells but also which data to acquire. Both types of decisions, which development to choose and which data to acquire, are strongly coupled. The aim of appraisal is to maximize value while minimizing data acquisition costs. These decisions have to be done under uncertainty owing to the … Show more

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Cited by 4 publications
(2 citation statements)
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“…Each decision's conditional reward is determined by taking into account possible action combinations. When a decision-making process is multi-level, which happens when an event occurs in a series of levels, the DT Analysis approach is appropriate [40]. As a result, the DT Analysis approach is logically organised and appropriate for situations involving decision-making.…”
Section: Resultsmentioning
confidence: 99%
“…Each decision's conditional reward is determined by taking into account possible action combinations. When a decision-making process is multi-level, which happens when an event occurs in a series of levels, the DT Analysis approach is appropriate [40]. As a result, the DT Analysis approach is logically organised and appropriate for situations involving decision-making.…”
Section: Resultsmentioning
confidence: 99%
“…The final selection of the polymer needs to take all the points mentioned above into account. The selection of polymers for heterogeneous reservoirs requires dynamic simulation under uncertainty and integrated economic assessment to maximize the expected reward (Sieberer and Clemens [42]).…”
Section: Polymer Selectionmentioning
confidence: 99%