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A platform for research: civil engineering, architecture and urbanism
Multiperiod optimization model for oilfield production planning: bicriterion optimization and two-stage stochastic programming model
Abstract In this work, we present different tools of mathematical modeling that can be used in oil and gas industry to help improve the decision-making for field development, production optimization and planning. Firstly, we formulate models to compare simultaneous multiperiod optimization and sequential single period optimization for the maximization of net present value and the maximization of total oil production over long term time horizons. This study helps to identify the importance of multiperiod optimization in oil and gas production planning. Further, we formulate a bicriterion optimization model to determine the ideal compromise solution between maximization of the two objective functions, the net present value (NPV) and the total oil production. To account for the importance of hedging against uncertainty in the oil production, we formulate a two-stage stochastic programming model to compute an improved expected value of NPV and total oil production for uncertainties in oil prices and productivity indices.
Multiperiod optimization model for oilfield production planning: bicriterion optimization and two-stage stochastic programming model
Abstract In this work, we present different tools of mathematical modeling that can be used in oil and gas industry to help improve the decision-making for field development, production optimization and planning. Firstly, we formulate models to compare simultaneous multiperiod optimization and sequential single period optimization for the maximization of net present value and the maximization of total oil production over long term time horizons. This study helps to identify the importance of multiperiod optimization in oil and gas production planning. Further, we formulate a bicriterion optimization model to determine the ideal compromise solution between maximization of the two objective functions, the net present value (NPV) and the total oil production. To account for the importance of hedging against uncertainty in the oil production, we formulate a two-stage stochastic programming model to compute an improved expected value of NPV and total oil production for uncertainties in oil prices and productivity indices.
Multiperiod optimization model for oilfield production planning: bicriterion optimization and two-stage stochastic programming model
Awasthi, Utsav (author) / Marmier, Remy (author) / Grossmann, Ignacio E. (author)
Optimization and Engineering ; 20 ; 1227-1248
2019-07-19
22 pages
Article (Journal)
Electronic Resource
English
Bicriterion optimization , Mixed-integer Nonlinear programming , Multiperiod optimization , Nonlinear programming , Oilfield production planning , Stochastic programming Mathematics , Optimization , Engineering, general , Systems Theory, Control , Environmental Management , Operations Research/Decision Theory , Financial Engineering
Multiperiod design optimization with SQP decomposition
| TIBKAT | 1992
Multiperiod design optimization with SQP decomposition
| TIBKAT | 1993