Tuesday, 14:15 - 14:40 h, Room: MA 004

 

Tsan Sheng Ng
Target-oriented robust optimization for gas field development planning

Coauthors: Sy Charlle, Myun-Seok Cheon, Melvyn Sim, Lu Xu

 

Abstract:
Gas field development projects involve both investment and operation decisions, including field infrastructure installation, capacity expansions, and gas extraction planning. Many of these decisions are very expensive, difficult to reverse, and can impact the company's profitability. In this work we consider an offshore gas field development planning problem to achieve a target net present value at the end of the planning horizon as well as possible. This problem is also plagued by endogenous uncertainty that is found in the efficacy of gas well reserves. Inspired by robust optimization, we develop a model that maximizes the robustness of the development plan against uncertainty. The characteristics of the problem lead us to identify an equivalent deterministic mixed integer programming model of polynomial size, which enables us to obtain solutions to realistic size problems. Our computational tests show that the proposed model significantly improves target attainment and performs favourably in different problem instances.

 

Talk 3 of the invited session Tue.2.MA 004
"Applications of robust optimization I" [...]
Cluster 20
"Robust optimization" [...]

 

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