Methods, systems, and computer readable media are provided for fast updating of oil and gas field production optimization using physical and proxy simulators. A base model of a reservoir, well, or a pipeline network is established in one or more physical simulators. A decision management system is used to define uncertain parameters for matching with observed data. A proxy model is used to fit the uncertain parameters to outputs of the physical simulators, determine sensitivities of the uncertain parameters, and compute correlations between the uncertain parameters and output data from the physical simulators. Parameters for which the sensitivities are below a threshold are eliminated. The decision management system validates parameters which are output from the proxy model in the simulators. The validated parameters are used to make production decisions.