Energy company Wintershall Dea said it plans to implement AGR’s iQx probabilistic time and cost estimation and tracking applications for its drilling and well projects in Norway.
This development is expected to play a role in enabling greater standardization for Wintershall Dea’s well and drilling teams in the well planning and well delivery process, improve communication and automation in workload distribution, and increase the transparency of project-related risks and costs for the management team and wider stakeholders.
“We are delighted to be working with Wintershall Dea as they look to successfully deliver a number of ambitious goals,” said Øystein Andersen, vice president of AGR Software. “This partnership is a testament to Wintershall Dea’s forward-thinking nature and understanding of how much there is to be gained from having full visibility and a complete understanding of all project risks and opportunities, which play a major role in improving drilling cost and time management.”
The iQx P1 drilling time and cost planning application uses Monte Carlo simulation methods and enhances understanding of correlation between well costs and risks. The tool will contribute to decision making in high level strategic well-budgeting decisions.
Complemented with iQx’s time and cost tracker, CT, Wintershall Dea said it hopes to benefit from visibility of actual drilling time and cost, offering stakeholders functionality to forecast a project’s final duration and expenditures as the project develops.
Thanks to its openness (OpenAPI), CT integrates with other leading software, such as logistics tracking technology, to ensure that information is communicated accurately to reduce the risk of errors.
Wintershall Dea said one of the factors in its decision to adopt iQx was the applications’ ability to map all possible outcomes of a well project. This provides real-time data to help ensure projects are delivered on cost and on time.