Hydrocarbon use has been increasing and will continue to increase for the foreseeable future in even the most pessimistic energy scenarios. Over the past few decades, natural gas has become the major player and revenue source for many countries and multinationals. Its presence and power share will continue to grow in the world energy mix. Much of the current gas reserves are found in gas condensate reservoirs. When these reservoirs are allowed to deplete, the pressure drops below the dew point pressure and a liquid condensate will begin to form in the wellbore or near wellbore formation, possibly affecting production. A field optimization includes determining the number of wells, type (vertical, horizontal, multilateral, etc.), trajectory and location of wells. Optimum well placement has been studied extensively for oil reservoirs. However, well placement in gas condensate reservoirs has received little attention when compared to oil. In most cases involving a homogeneous gas reservoir, the optimum well location could be determined as the center of the reservoir, but when considering the complexity of a heterogeneous reservoir with initial compositional variation, the well placement dilemma does not produce such a simple result. In this research, a horizontal well placement problem is optimized by using a modified Genetic Algorithm. The algorithm presented has been modified specifically for gas condensate reservoirs. Unlike oil reservoirs, the cumulative production in gas reservoirs does not vary significantly (although the variation is not economically negligible) and there are possibly more local optimums. Therefore the possibility of finding better production scenarios in subsequent optimization steps is not much higher than the worse case scenarios, which delays finding the best production plan. The second modification is developed in order to find optimum well location in a reservoir with geological uncertainties. In this modification, for the first time, the probability of success of optimum production is defined by the user. These modifications magnify the small variations and produce a faster convergence while also giving the user the option to input the probability of success when compared to a Standard Genetic Algorithm.

Reservoir management, sometimes referred to as asset management in the context of petroleum reservoirs, has become recognized as an important facet of petroleum reservoir development and production operations. In the first stage of planning field development, the simulation model is calibrated to dynamic data (history matching). One of the aims of the research is to extend the streamline based generalized travel time inversion method for full field models with multimillion cells through the use of grid coarsening. This makes the streamline based inversion suitable for high resolution simulation models with decades long production history and numerous wells by significantly reducing the computational effort. In addition, a novel workflow is proposed to integrate well bottom-hole pressure data during model calibration and the approach is illustrated via application to the CO2 sequestration. In the second stage, field development strategies are optimized. The strategies are primarily focused on rate optimization followed by infill well drilling. A method is proposed to modify the streamline-based rate optimization approach which previously focused on maximizing sweep efficiency by equalizing arrival time of the waterfront to producers, to account for accelerated production for improving the net present value (NPV). Optimum compromise between maximizing sweep efficiency and maximizing NPV can be selected based on a 'trade-off curve.' The proposed method is demonstrated on field scale application considering geological uncertainty. Finally, a novel method for well placement optimization is proposed that relies on streamlines and time of flight to first locate the potential regions of poorly swept and drained oil. Specifically, the proposed approach utilizes a dynamic measure based on the total streamline time of flight combined with static and dynamic parameters to identify "Sweet-Spots" for infill drilling. The "Sweet-Spots" can be either used directly as potential well-placement locations or as starting points during application of a formal optimization technique. The main advantage of the proposed method is its computational efficiency in calculating dynamic measure map. The complete workflow was also demonstrated on a multimillion cell reservoir model of a mature carbonate field with notable success. The infill locations based on dynamic measure map have been verified by subsequent drilling.