This book explores methods for managing uncertainty in reservoir characterization and
optimization. It covers the fundamentals challenges and solutions to tackle the challenges
made by geological uncertainty. The first chapter discusses types and sources of uncertainty
and the challenges in different phases of reservoir management along with general methods to
manage it. The second chapter focuses on geological uncertainty explaining its impact on field
development and methods to handle it using prior information seismic and petrophysical data
and geological parametrization. The third chapter deals with reducing geological uncertainty
through history matching and the various methods used including closed-loop management
ensemble assimilation and stochastic optimization. The fourth chapter presents dimensionality
reduction methods to tackle high-dimensional geological realizations. The fifth chapter covers
field development optimization using robust optimization including solutions for its
challenges such as high computational cost and risk attitudes. The final chapter introduces
different types of proxy models in history matching and robust optimization discussing their
pros and cons and applications. The book will be of interest to researchers and professors
geologists and professionals in oil and gas production and exploration.
