Patent ID: 6775578
Filing Date: 2004-08-10
Classification: E21B

Abstract:
A method for optimizing production in an oil field having at least one production well and at least one injection well where production is subject to a plurality of uncertainty parameters and a plurality of risk aversion constants, said method comprising:a) choosing a risk aversion constant K; b) choosing a set of flow rates for the production well(s) and injection well(s); c) for each uncertainty parameter value, calculating and storing an objective production function; d) calculating the mean and variance of the objective function set obtained in step (c) to obtain an objective function FK of the risk aversion constant chosen in step (a); e) repeating steps (b) through (d) until an optimal FK is found for the risk aversion constant K chosen in step (a); f) storing the means and variances calculated in step (d), when the optimal FK is found for the risk aversion constant K chosen in step (a); g) repeating steps (a) through (f) for each risk aversion constant; h) generating an efficient frontier based on the set of means and variances stored in step (f); and i) optimizing production by setting the flow rate for the production well(s) and the injection well(s) based on the efficient frontier.