This paper describes a recently introduced methodology to perform value of information
(VOI) analysis within a closed-loop reservoir management (CLRM) framework, and adds a
first step to improve the computational efficiency of the procedure. CLRM is a combination of
model-based optimization and model-parameter identification applied to large-scale models
of subsurface hydrocarbon reservoirs. The approach is illustrated with a simple two-
dimensional model of an oil reservoir produced with water injection. The results are …