Offshore oilfield development planning under uncertainty and fiscal considerations (Q2358130)

The paper presents a comprehensive review of the optimal development planning of offshore oil and gas fields. The major strategic/tactical decisions involved in the oilfield development planning phase are the following: a.) Selecting platforms b.) Deciding which fields to develop c.) Deciding which wells and how many are to be drilled d.) Deciding which fields are to be connected to which facility e.) Determining how much oil and gas to produce from each field. By including all the considerations described in an optimization model, it is difficult to solve to global optimality. The mixed-integer linear disjunctive multistage stochastic program with endogenous uncertainties for oilfield development problem using the alternative scenario-tree can be represented in the compact form. The deterministic as well as the multistage stochastic instances of the problem can be presented.