Reservoir characterization is the key to success in history matching and production forecasting. Thus, numerical simulation becomes a powerful tool to achieve a reliable model by quantifying the effect of uncertainties in field development and management planning, calibrating a model with history data, and forecasting field production. History matching is integrated into several areas, such as geology (geological characterization and petrophysical attributes), geophysics (4D-seismic data), statistical approaches (Bayesian theory and Markov field), and computer science (evolutionary algorithms). Although most integrated-history-matching studies use a unique objective function (OF), this is not enough. History matching by simultaneous calibrations of different OFs is necessary because all OFs must be within the acceptance range as well as maintain the consistency of generated geological models during reservoir characterization. The main goal of this work is to integrate history matching and reservoir characterization, applying a simultaneous calibration of different OFs in a history-matching procedure, and keeping the geological consistency in an adjustment approach to reliably forecast production. We also integrate virtual wells and geostatistical methods into the reservoir characterization to ensure realistic geomodels, avoiding the geological discontinuities, to match the reservoir numerical model. The proposed methodology comprises a geostatistical method to model the spatial reservoir-property distribution on the basis of the well-log data; numerical simulation; and adjusting conditional realizations (models) on the basis of geological modeling (variogram model, vertical-proportion curve, and regularized well-log data). In addition, reservoir uncertainties are included, simultaneously adjusting different OFs to evaluate the history-matching process and virtual wells to perturb geological continuities. This methodology effectively preserves the consistency of geological models during the history-matching process. We also simultaneously combine different OFs to calibrate and validate the models with well-production data. Reliable numerical and geological models are used in forecasting production under uncertainties to validate the integrated procedure.194694712Center of Petroleum Studies (CEPETRO) at the University of Campinas (UNICAMP), BrazilDepartment of Petroleum Engineering at the University of Campinas (UNICAMP), BrazilResearch Group in Reservoir Simulation and Management at the University of Campinas (UNICAMP), BrazilPetrobrasBrazilian National Agency of Petroleum, Natural Gas and BiofuelsCGG Geoscience CompanyOffshore Technology ConferenceMAY 04-07, 2015Houston, TX