System and tool with increased forecast accuracy to configure well settings in mature oil fields

Well settings in mature oil field may be configured by generating progressively, geological reservoir models by fitting a set of initial geological reservoir models that generate forecasts of fluid injection and production at a well as a function of time, with a subset of historical well data to produce a set of intermediary geological reservoir models, and fitting the set of intermediary geological reservoir models to a next subset of the historical well data. A set of diverse geological reservoir models may be determined from the geological reservoir models. A mid-term schedule of well settings associated with the well may be generated based on the set of diverse geological reservoir models and an economic model that comprises mid-term estimation of oil sale price and of production costs. The mid-term schedule of well settings may be actuated to control the fluid injection and production at the well.