Abstract
In this paper, we present a software tool for oil production optimization. The software combines the simulation power of a commercial black-oil reservoir simulator with adjoint-gradient capability (Eclipse E300) and state-of-the-art software for constrained optimization (Matlab). The software enables deterministic and ensemble-based optimization strategies for black-oil reservoir flow models and compositional reservoir flow models. The software implements a number of ensemble-based optimization strategies such as the robust optimization, the mean-variance optimization, and the conditional value at risk optimization. Consequently, the software constitutes a powerful tool to assist and guide decision making in the real-life reservoir management process. In this paper, we present the workflow and numerical results for mean-variance optimization of a synthetic 2-dimensional black-oil reservoir using water flooding.
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