Optimizing Multiple-Field Scheduling and Production Strategy With Reduced Risk

Abstract

Developing large E&P assets requires long-term commitments of capital that are tied to decisions on facilities, wells, scheduling, and production strategy. The decisions often must be made in the project-planning phase when large uncertainties exist that can lead to project risks. We present an optimization system and method that enables finding more-optimal reservoir-planning and managementdecision alternatives under conditions of uncertainty, such that the associated risks can be managed. The system integrates a global, stochastic search-optimization algorithm, finite-difference reservoir simulation, and economics. The optimization problem is posed with This is paper SPE 88991. Distinguished Author Series articles are general, descriptive representations that summarize the state of the art in an area of technology by describing recent developments for readers who are not specialists in the topics discussed. Written by individuals recognized as experts in the area, these articles provide key references to more definitive work and present specific details only to illustrate the technology. Purpose: to inform the general readership of recent advances in various areas of petroleum engineering.

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