Risk management in oil reservoir water-flooding under economic uncertainty

@article{Siraj2015RiskMI,
  title={Risk management in oil reservoir water-flooding under economic uncertainty},
  author={M. Mohsin Siraj and Paul M. J. Van den Hof and Jan Dirk Jansen},
  journal={2015 54th IEEE Conference on Decision and Control (CDC)},
  year={2015},
  pages={7542-7547}
}
Model-based economic optimization of the water-flooding process in oil reservoirs suffers from high levels of uncertainty. The achievable economic objective is highly uncertain due to the varying economic conditions and the limited knowledge of the reservoir model parameters. For improving robustness, different approaches, e.g., mean or mean-variance optimization have been proposed. One of the drawbacks of the mean-variance approach is the symmetric nature of the variance and hence the… CONTINUE READING

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