1. A method for fast updating of oil and gas field production models using a physical and proxy simulator, comprising: establishing a base model of a physical system in at least one physics-based simulator, wherein the physical system comprises at least one of a reservoir, a well, a pipeline network, and a processing system and wherein the at least one simulator simulates the flow of fluids in the at least one of a reservoir, a well, a pipeline network, and a processing system; defining boundary limits including extreme levels and an uncertainty distribution for each of a plurality of uncertain parameters of the physical system through an experimental design process, wherein the uncertain parameters as defined by the boundary limits and the uncertainty distribution comprise a set of design parameters; fitting data comprising a series of inputs, the inputs comprising the values associated with the set of design parameters, to outputs of the at least one simulator utilizing a proxy model, wherein the proxy model is a proxy for the at least one simulator, the at least one simulator comprising at least one of the following: a reservoir simulator, a pipeline network simulator, a process simulator, and a well simulator; and utilizing an optimizer with the proxy model to determine design parameter value ranges for which outputs from the proxy model match observed data.