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The AAPG/Datapages Combined Publications Database

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Abstract

Bailey, William J., Benoit Couet, and Michael Prange, 2011, Forecast optimization and value of information under uncertainty, in Y. Z. Ma and P. R. La Pointe, eds., Uncertainty analysis and reservoir modeling: AAPG Memoir 96, P. 217233.

DOI:10.1306/13301416M963484

Copyright copy2011 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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