Optimisation of Oil Depletion Strategy to Satisfy Long-Term Objectives

The problem of deterrnining how fast to extract oil from oil fields is a complicated one involving reservoir engineering, economic and political factors. Reservoir engineering simulations can be used to determine good ways of extracting the oil but they cannot do more than evaluate the economic consequences. By contrast, conventional MP models are unable to represent the behaviour of the oil reservoirs sufficiently accurately to be credible. A technique is presented for combining the accuracy of reservoir engineering simulations and the optimisation of the MP approach within the framework of a MP model.