The maximization of the net present value of the investment in oil field improvements is greatly aided by the optimization of well location, which plays a significant role in the production of oil. However, using of optimization methods in well placement developments is exceedingly difficult since the well placement optimization scenario involves a large number of choice variables, objective functions, and restrictions. In addition, a wide variety of computational approaches, both traditional and unconventional, have been applied in order to maximize the efficiency of well installation operations. This research demonstrates how optimization approaches used in well placement have progressed since the last time they were examined. Following that, the research looked at a variety of different optimization strategies, and it demonstrated the limitations of each strategy as well as the scope of its application in order to achieve a suitable level of accuracy and simulation run time. In conclusion, this study presents an all-encompassing analysis of the well location optimization approaches that are applied in the petroleum engineering area, ranging from traditional methods to contemporary methods that make use of artificial intelligence.
