The goal of reservoir management is to make decisions with the objective of maximizing the value creation from the oil or gas production. In order to do this models that preserve geological realism and have predictive capabilities are being developed and used. These models are commonly calibrated by using Assisted History Matching (AHM) methods which, in general, will lead to reduced uncertainty in the predicted production. Although uncertainty assessment and reduction is often an element of high-quality decision making, it is not, in itself, value-creating. Value can only be created through decisions and any decision changes resulting from AHM should be modeled explicitly. Recently there has been a spurt in the application and understanding of Value of Information workflows for reservoir management. In this talk we present a comparison of existing workflows and point out the differences between them. Following this we introduce, a practically driven approach, referred to as Drill and Learn, with elements and concepts from existing workflows to quantify the Value of Learning. The difference and definitions of Value of Information and Value of Learning (VoL) are also presented. Ensemble methods (ES-MDA and StoSAG) are used for the history matching and optimization. The results presented are obtained by applying the proposed Drill and Learn workflow on a realistic synthetic case. Sensitivities to the amount of information obtained before a closed loop exercise is performed are also investigated. We show the benefit of performing the closed loop approach to quantify the value of learning (VoL) to modify field development decisions which leads to a mature robust decision making framework.

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