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The AAPG/Datapages Combined Publications Database
AAPG Special Volumes
Abstract
Bailey, William J., Benoit Couet, and Michael Prange,
DOI:10.1306/13301416M963484
2011 by The American Association of Petroleum Geologists.
Forecast Optimization and Value of Information under Uncertainty
William J. Bailey,1 Benoit Couet,2 Michael Prange3
1Schlumberger-Doll Research, Cambridge, Massachusetts, U.S.A.
2Schlumberger-Doll Research, Cambridge, Massachusetts, U.S.A.
3Schlumberger-Doll Research, Cambridge, Massachusetts, U.S.A.
ACKNOWLEDGMENTS
We thank Schlumberger, Ltd., for permission to publish this work.
ABSTRACT
Optimization algorithms provide methods to explore complex solution spaces efficiently and accurately to achieve a desired outcome. Optimization problems are common in our daily lives. If planning to drive a car, one commonly decides on the best (optimum) route to the desired destination. For oil field exploration and development, optimization can take many forms, but essentially the goal is to maximize recovery, total production, or net monetary profit from the asset.
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