Date: September 28th, Thursday
Time: 11:45 am
Place: Little 339 (the Atrium)
Speaker: Juan Liu

Drinks and Pizza will be provided after the talk

Title: Reservoir Model Optimization under Uncertainty
　

Abstract
Reservoir simulation models are widely used in the industry
to forecast the behavior of hydrocarbon reservoirs over long production
periods. These simulation models are costly to build and time consuming
to run. On the other hand, decison makers in the reservoir management need to
quickly assess the risks associated with a certain model and production
strategy.
To achieve reduced turnaround time, reservoir engineers and mathematicians
explore ways to employ optimization techniques that use surrogate models
to perform these tasks. The costly simulation model is used to seed the
design space and to assist with local refinement of the model.

In this talk, We will examine different methods to build surrogate models
for a simple oil reservoir. Besides estimating NPV for certain high/low
scenarios, we will use surrogate models to find optimal producer well
locations and to perform simple history matching of a 2D permeability
field.