Systems and methods for optimizing oil production
Abstract:
A method for optimizing oil production includes receiving historical production data for one or more wells. A first model is generated based at least partially upon the historical production data. The production in the one or more wells is predicted based at least partially upon the first model. A second model is generated based at least partially on the predicted production. A production allocation is determined in the one or more wells to maximize production based at least partially upon the second model. The production allocation is then implemented.
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