The Olympus field is an optimization case prepared by TNO to test different optimization methods and workflows for field development. The authors have joined the Olympus optimization challenges by solving various optimization problems for field development. Here, we consider the well control problem from a different perspective by using well economic limits as parameters to optimize the objective function - the Net Present Value (NPV).

The Ensemble-based Optimization (EnOpt) method applied to this problem has been shown to be simple and efficient to handle geological uncertainty in many literatures. In this work, the performance of EnOpt is illustrated on the Olympus benchmark case. The economic limit determines when a well will be shutin with respect to the water-cut, which directly affects the calculation of NPV. After optimizing the economic limits, we see that the producers are not necessarily following the fixed value of economic limits to give the best production benefit in terms of NPV. Given a well control scheme in the field, the NPV can be further improved by optimizing the economic limits of each producer.

Optimizing the economic limits is a novel aspect for Olympus case, as this was not within the original scope of the Olympus optimization challenge. This work also shows that the NPV is further improved compared to the values obtained by the authors during the Olympus optimization challenge by utilizing optimized well economic limits.

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