The decision-making process related to field development planning is very complex. It involves significant investment and it is necessary to account for a large number of geologic, economic, and technical parameters. Most of these parameters are uncertain and these uncertainties must be considered when evaluating the risks associated with the projects. An appropriate choice of production strategy will ensure proper reservoir performance, leading to a satisfactory recovery. Therefore, it is very important to develop methodologies: (1) to improve the quality of the results; and, (2) to accelerate the process. This paper introduces a new optimization procedure which is applied to the production strategy planning process. The procedure was developed for several types of reservoirs and includes producer and injector vertical wells. Furthermore, it uses reservoir simulations to provide reliable production/injection forecasts for the evaluation of an objective-function. The procedure was developed in a flexible way and can be adapted to different situations. The results obtained for some cases are presented