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Intelligent Systems in Oil Field Development under Uncertainty (Hardcover, 2009 ed.)
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Intelligent Systems in Oil Field Development under Uncertainty (Hardcover, 2009 ed.)
Series: Studies in Computational Intelligence, 183
Expected to ship within 12 - 17 working days
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The decision to invest in oil field development is an extremely
complex problem, even in the absence of uncertainty, due to the
great number of technological alternatives that may be used, to the
dynamic complexity of oil reservoirs - which involves mul- phase
flows (oil, gas and water) in porous media with phase change, and
to the c- plicated combinatorial optimization problem of choosing
the optimal oil well network, that is, choosing the number and
types of wells (horizontal, vertical, directional, m- tilateral)
required for draining oil from a field with a view to maximizing
its economic value. This problem becomes even more difficult when
technical uncertainty and e- nomic uncertainty are considered. The
former are uncertainties regarding the existence, volume and
quality of a reservoir and may encourage an investment in
information before the field is developed, in order to reduce these
uncertainties and thus optimize the heavy investments required for
developing the reservoir. The economic or market uncertainties are
associated with the general movements of the economy, such as oil
prices, gas demand, exchange rates, etc. , and may lead
decision-makers to defer - vestments and wait for better market
conditions. Choosing the optimal investment moment under
uncertainty is a complex problem which traditionally involves
dynamic programming tools and other techniques that are used by the
real options theory.
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