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, a plurality of 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 plurality of 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.