“…However, proxy-model seems to be more accepted in the petroleum industry and will be used in this paper (Zubarev, 2009). Typical application areas in reservoir simulation include Sensitivity analysis of uncertainty variables, Probabilistic forecasting and risk analysis (see Yeten et al, 2005), Conditioning of a simulation model to historically observed data (history matching; see Cullick et al, 2006;Junker et al, 2006;Slotte and Smorgrav, 2008), and Field development planning and production optimization (see Pan and Horne, 1998;Guyaguler et al, 2000;Badru and Kabir, 2003;Ozdogan et al, 2005;Yeten, 2007).…”