Take a look. This is a hands on problem requiring itteration and a clear understanding of your goal. Goal is produce as much as you can and hold cost as low as possible.
I think this paper describes this as well as anyone could just writting you messages here. Today we do this running a simulator.
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This paper will describe realistic problems when running a water flood.
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This one will give you an outline of how this is done
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This problem requires running cases and trying to understand you reservoir as well as possible (monitoring response).
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