Intelligent optimization of flow control devices

A method for generating a well completion plan and design that meets or converges to a selected objective for a well penetrating a subsurface formation having a reservoir of a hydrocarbon fluid or a geothermal reservoir, the method comprising:

• evaluating with a processor a plurality of different well completion plans and designs for the well using a reservoir simulator that includes a detailed model of the subsurface formation to calculate dynamic flows of fluid through the subsurface formation, each well completion plan and design in the plurality comprising a flow control device, a location of the flow control device, an adjustment setting or rating of the flow control device related to fluid flow through the flow control device and into or out of tubing disposed in the well, and optionally a packer and location of the packer to provide output data for each well completion plan and design evaluation resulting in a plurality of output data sets, the plurality of output data sets comprising a first data set comprising first evaluation output data corresponding to first input data and a second data set comprising second evaluation output data corresponding to second input data, the second data set being different from the first data set;
• developing with the processor a surrogate reservoir model using at least some of the first data set;
• using intelligent sequential sampling of the first data set for with the processor to provide intelligent sequential sampling data in response to the surrogate reservoir model not meeting a validation criterion based on the second data set;
• updating with the processor the surrogate reservoir model using the intelligent sequential sampling data;
• iterating with the processor the using and the updating using a latest surrogate reservoir model until the latest surrogate reservoir model meets the validation criterion;
• calculating with the processor an objective function using the latest surrogate reservoir model and a proposed well completion plan and design;
• modifying with the processor the proposed well completion plan and design in response to the calculated objective function not meeting the selected objective;
• iterating with the processor the calculating and the modifying until the latest calculated objective function meets the selected objective;
• and
• presenting the modified proposed completion plan and design in which the latest calculated objective function meets the selected objective to a user using a user interface.