Risk management

Method for Adaptive Optimization of EOR Performance Under Uncertainty

The authors present a method to reduce uncertainty in EOR performance adaptively while identifying an optimal operational strategy for a given tolerance to risk.

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Enhanced-oil-recovery (EOR) performance may be assessed quantitatively through a variety of metrics. Because formation and fluid properties are often poorly characterized, however, performance predictions of EOR processes are uncertain. The authors present a method to reduce such uncertainty in EOR performance adaptively while identifying an optimal operational strategy for a given tolerance to risk. The proposed approach allows one to reduce uncertainty progressively in the predicted performance of an iteratively optimized EOR strategy by systematic reduction of uncertainty in identified properties of the reservoir.

Introduction

Classic approaches to optimization under uncertainty use a mean-variance approach.

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