Part 14/14:
The session concluded with questions on whether well location optimization constitutes a single or multi-level problem, and about accuracy metrics. The consensus was that it is indeed a single-level optimization challenge, aiming mainly to find the global minimum or maximum of the objective function, with accuracy judged by the reduction in simulation iterations and the proximity to the true reservoir performance.
In essence, Shell’s case underscores how advanced Bayesian strategies, combined with parallel computing, are transforming the energy industry’s approach to exploration, delivering faster insights and optimizing resource utilization amid costly simulations.