We present an efficient and risk-informed closed-loop field development (CLFD) workflow for recurrently revising the field development plan (FDP) using the accrued information. To make the process practical, we integrated multiple concepts of machine learning, an intelligent selection process to discard the worst FDP options and a growing set of representative reservoir models. These concepts were combined and used with a cluster-based learning and evolution optimizer to efficiently explore the search space of decision variables. Unlike previous studies, we also added the execution time of the CLFD workflow and worked with more realistic timelines to confirm the utility of a CLFD workflow. To appreciate the importance of data assimilation and new well-logs in a CLFD workflow, we carried out researches at rigorous conditions without a reduction in uncertainty attributes. The proposed CLFD workflow was implemented on a benchmark analogous to a giant field with extensively time-consuming simulation models. The results underscore that an ensemble with as few as 100 scenarios was sufficient to gauge the geological uncertainty, despite working with a giant field with highly heterogeneous characteristics. It is demonstrated that the CLFD workflow can improve the efficiency by over 85% compared to the previously validated workflow. Finally, we present some acute insights and problems related to data assimilation for the practical application of a CLFD workflow.