How iQx™ sets the benchmark for efficient, more accurate, and collaborative well construction

 

From spreadsheets to digital workflows in well time and cost modelling

 

Struggling with inefficiencies from traditional spreadsheets and standalone modelling applications, the Operator sought to modernise workflows and enhance collaboration.

Key objectives of transitioning to cloud-native time and cost modelling software were improving productivity in well planning and achieving greater accuracy in well budgeting

 

How iQx™ PLANS™ made a difference?

 

• 95% accuracy: Reliable well cost estimates with minimal scope adjustments
• Accelerated simulations: Monte Carlo analysis completed in seconds, down from hours
• Award-Winning operational efficiency: Secured the lowest $/ft for drilling over two consecutive years

 

What value did we bring?

 

• Probabilistic cost estimation integrated into company’s D&W workflows with automated historical data input
• Improved resource allocation and proactive decision-making
• Unified collaboration for better planning and execution

 

 

"This digital transformation sets a benchmark for efficient, accurate, and collaborative well cost management in the industry."

iQx user™