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For oil reservoirs under water and/or gas drive, it is challenging and rewarding to effectively manage the water/gas fronts to maximize the sweep efficiency. In the past, a wide variety of approaches were developed and implemented for optimizing the reservoir performance by smartly adjusting operational controls. With recent developments in monitoring and control, the opportunity to optimize reservoir production through frequent adjustment of well controls has substantially increased. In this paper, we propose an improved ensemble-based approach for production optimization using Conjugate Gradient method (CGEnOpt). The proposed method results in faster convergence rate as a result of using the conjugate gradient directions instead of steepest ascent search directions. The net present value (NPV) of a single reservoir is optimized by obtaining the gradient of the NPV from an ensemble of control …