Abstract: The method for well placement is a computerized optimization method using net present value (NPV) and voidage replacement ratio (VRR) in waterflooding as simultaneous objective functions in the determination of the optimal location of wells. The objective function of the overall multiobjective optimization problem is evaluated as a weighted sum of the NPV and the VRR. The method of well placement uses an evolutionary algorithm to optimize the multiobjective function ?MOBJ to maximize net present value (NPV) and to minimize voidage imbalance ratio (VIR), where the VIR is given by VIR=VRR?1, where the voidage replacement ratio (VRR) is a ratio of the total volume of fluid injected to the volume of fluid produced.