Many drilling and oil companies are facing tight budgets, and a promising option for survival is to optimally revisit the drilling plans and production operations. Although there are some options for this task in the current reservoir simulators, more in-depth analysis is indeed required. Hence, in this study we borrow the flexibilities and capabilities of both modeling and a reservoir simulator to spatiotemporally plan the drillings of new injector and/or producer wells, determine the total number of new wells, and schedule the production/injection from all wells. The entire approach is both mathematically enriched and simple to use in the industry. We show that our methodology outperforms the decisions of an industrially accepted reservoir simulator in two separate examples by 4.4% and 2.4%, respectively.

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