Abstract
Optimization of oil production may be performed on different time horizons. Long-term optimization (which is typically performed over timescales of years) is usually conducted by reservoir engineers, whereas short-term optimization (which typically concerns days or weeks) is performed by production engineers. Long-term objectives focus on finding the best strategy to drain as much oil as possible from reservoirs. However, in reality it is often short-term goals such as maximizing daily oil rates that dictate the operational strategy. Unfortunately, these goals may be in conflict with each other. Therefore, incorporating long-term goals into short-term objectives is crucial. We present a novel approach to systematically combine long-term and short-term production optimization. The approach is based on a priori articul...
