Optimal choice of a surveillance operation using information theory

Le, Duc H.; Reynolds, Albert C.

doi:10.1007/s10596-014-9401-7

Cited by 18 publications

(9 citation statements)

References 10 publications

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“…Another approach is taken by Le et al (2014) who address the usefulness of information in terms of the reduction in uncertainty of a variable of interest (e.g. NPV).…”

Section: Information Valuationmentioning

confidence: 99%

“…The two studies that we referred to above (Krymskaya et al, 2010 andLe et al, 2014) only measure the effect of additional information on model predictions and do not explicitly take into account how the additional information is used to make better decisions. In these studies it is simply assumed that history-matched models automatically lead to better decisions.…”

Section: Voi and Decision Makingmentioning

confidence: 99%

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Value of Information in Closed-loop Reservoir Management

Barros

Hof

2014

Proceedings

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SUMMARYThis paper proposes a new methodology to perform value of information (VOI) analysis within a closedloop reservoir management (CLRM) framework. The workflow combines tools such as robust optimization and history matching in an environment of uncertainty characterization. The approach is illustrated with two simple examples: an analytical reservoir toy model based on decline curves and a waterflooding problem in a two-dimensional five-spot reservoir. The results are compared with previous work on other measures of information valuation, and we show that our method is a more complete, although also more computationally intensive, approach to VOI analysis in a CLRM framework. We recommend it to be used as the reference for the development of more practical and less computationally demanding tools for VOI assessment in real fields.

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“…Another approach is taken by Le et al (2014) who address the usefulness of information in terms of the reduction in uncertainty of a variable of interest (e.g. NPV).…”

Section: Information Valuationmentioning

confidence: 99%

Section: Voi and Decision Makingmentioning

confidence: 99%

Value of Information in Closed-loop Reservoir Management

Barros

Hof

2014

Proceedings

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“…We note that this repetition is similar to the use of multiple plausible truth cases in Le and Reynolds [13,14]. We also note that in the literature on VOI, most of the times the term VOI is used to refer to the expected VOI.…”

Section: Methodsmentioning

confidence: 66%

“…Another approach is taken by Le and Reynolds [13,14] who address the usefulness of information in terms of the reduction in uncertainty of a variable of interest (e.g., NPV). They introduce a method to estimate, in a computationally feasible way, how much the assimilation of an observation contributes to reducing the spread in the predictions of the variable of interest, expressed as the difference between P 10 and P 90 percentiles, i.e., between the 10 and 90 % cumulative probability density levels.…”

Section: Information Valuationmentioning

confidence: 99%

“…The studies that we referred to above ( [12,13] and [14]) only measure the effect of additional information on model predictions and do not explicitly take into account how the additional information is used to make better decisions. In these studies, it is simply assumed that history-matched models automatically lead to better decisions.…”

Section: Voi and Decision Makingmentioning

confidence: 99%

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Value of information in closed-loop reservoir management

Barros

Hof

2015

Comput Geosci

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This paper proposes a new methodology to perform value of information (VOI) analysis within a closedloop reservoir management (CLRM) framework. The workflow combines tools such as robust optimization and history matching in an environment of uncertainty characterization. The approach is illustrated with two simple examples: an analytical reservoir toy model based on decline curves and a water flooding problem in a two-dimensional fivespot reservoir. The results are compared with previous work on other measures of information valuation, and we show that our method is a more complete, although also more computationally intensive, approach to VOI analysis in a CLRM framework. We recommend it to be used as the reference for the development of more practical and less computationally demanding tools for VOI assessment in real fields.

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Efficient data‐worth analysis for the selection of surveillance operation in a geologic CO₂ sequestration system

Dai

Zhang

et al. 2015

Greenhouse Gases

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In this study, we propose an approach to selecting an appropriate surveillance operation in a geologic CO2 sequestration, through efficient data‐worth analysis with the probabilistic collocation‐based Kalman Filter (PCKF). A surrogate model with polynomial chaos expansion is constructed by performing a small number of flow simulations, based on which history‐matching is implemented with the observations from the surveillance operations. The proposed approach is demonstrated numerically for selecting a surveillance operation and assessing the reduction of uncertainties in predicting CO2 leakage from abandoned wells during geologic CO2 sequestration. Our results reveal that the proposed approach of data‐worth analysis can be utilized to select an appropriate surveillance operation in a geologic CO2 system, with a small computational effort.© 2015 Society of Chemical Industry and John Wiley & Sons, Ltd

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Optimal choice of a surveillance operation using information theory

Cited by 18 publications

References 10 publications

Value of Information in Closed-loop Reservoir Management

Value of Information in Closed-loop Reservoir Management

Value of information in closed-loop reservoir management

Efficient data‐worth analysis for the selection of surveillance operation in a geologic CO₂ sequestration system

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Optimal choice of a surveillance operation using information theory

Cited by 18 publications

References 10 publications

Value of Information in Closed-loop Reservoir Management

Value of Information in Closed-loop Reservoir Management

Value of information in closed-loop reservoir management

Efficient data‐worth analysis for the selection of surveillance operation in a geologic CO2 sequestration system

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Product

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Efficient data‐worth analysis for the selection of surveillance operation in a geologic CO₂ sequestration system