I am looking for some help in terms of gaining a comprehensive understanding of the latest state-of the-art down-hole production monitoring methods used in upstream petroleum?
You sure have flow rate of Oil and Water combined, monitored in real time. But only after separation of Oil from Water you know your real rate of oil recovery from this given well. It will vary from one day to another.
Can you precise your question? Are you looking into down hole tools only or more generally means to monitor changes in reservoirs? For downhole tools I would list, downhole pressure gauges as the most important change over past 10 years (noting that their impact is somewhat under-rated as implementation is impeded by difficulties in retro fitting) and optic fibers for acousting sensing the most exciting recent development (temperature recording being more established). For surface means of monitoring reservoirs, 4D seismic under all forms is definitely winning the palm if looking at a 10 year span. The fracking massification is widening the seismic field quite a bit.