The goal of optimizing production and reservoir optimization is about increasing recovery efficiency and production rate, while reducing operating expenses and capital expenditures in a prudent way. Improving reservoir description, surveillance and analysis, and optimizing production performance during any stage of the primary and IOR/EOR processes increase recovery efficiency. Reservoir management (RM) is a comprehensive and integrated strategy for appraising, delineating, developing, producing, monitoring and optimizing recovery and production from a reservoir, and it is a key to the success of achieving the goal of optimization. The formulation of a depletion or development plan is an integral part of RM. Although the process of RM is dynamic, the development plan is based on a solid foundation and it is orchestrated judiciously considering: (a) reservoir description, (b) reservoir performance, (c) recovery methods employed – natural or improved (d) wells and facilities requirements, (e) environmental and safety considerations, and (f) economic and decision analysis. Optimizing production rates and recovery efficiency simultaneously is becoming a new “mantra” in today’s world. More detailed understanding of reservoir characterization, EOR processes, selective injection and conformance control, better understanding of reservoir physics, and designer wells are helping EOR to succeed in our industry.