Abstract: Well settings in mature oil field may be configured by generating progressively, geological reservoir models by fitting a set of initial geological reservoir models that generate forecasts of fluid injection and production at a well as a function of time, with a subset of historical well data to produce a set of intermediary geological reservoir models, and fitting the set of intermediary geological reservoir models to a next subset of the historical well data. A set of diverse geological reservoir models may be determined from the geological reservoir models. A mid-term schedule of well settings associated with the well may be generated based on the set of diverse geological reservoir models and an economic model that comprises mid-term estimation of oil sale price and of production costs. The mid-term schedule of well settings may be actuated to control the fluid injection and production at the well.

Abstract: Configuring well settings may include determining schedules over a mid-term horizon for well settings for all or a subset of wells in an oil field. The schedule may be generated so that a performance metric for the considered horizon is maximized. An economic metric, for example, a net present value, and production metrics, for example, cumulative oil production, are considered. Minimum acceptable short-term and long-term metrics, for example, short-term and long-term cumulative field oil production, may be included as target/constraints.

Abstract: Well settings in mature oil field may be configured by generating progressively, a plurality of geological reservoir models by fitting a set of initial geological reservoir models that generate forecasts of fluid injection and production at a well as a function of time, with a subset of historical well data to produce a set of intermediary geological reservoir models, and fitting the set of intermediary geological reservoir models to a next subset of the historical well data. A set of diverse geological reservoir models may be determined from the plurality of geological reservoir models. A mid-term schedule of well settings associated with the well may be generated based on the set of diverse geological reservoir models and an economic model that comprises mid-term estimation of oil sale price and of production costs. The mid-term schedule of well settings may be actuated to control the fluid injection and production at the well.