From spreadsheets to digital workflows in well time and cost modelling

Marginal field development remains a key strategy for Malaysia to extend the life of its offshore assets and diversify energy production.

Developing marginal oil fields in Malaysia demands strict cost control due to limited budgets.

Transforming Time and Cost Management in Marginal Field Development

Traditionally, this marginal field Operator relied its well cost management on spreadsheets and standalone Monte Carlo applications, which were slow, lacked scalability, and hindered collaboration among stakeholders. These legacy systems created inefficiencies, data silos, and delayed decision-making, especially for integrated drilling and completion campaigns.

To address these challenges, the Operator transitioned to iQx™ PLANS™, the cloud-based well time and cost management software supporting probabilistic cost estimation, real-time collaboration, and advanced analytics.

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How iQx™ PLANS™ made a difference?

Implementing iQx™ PLANS™ and adopting the application's probabilistic cost management methodology delivered measurable results:

• Up to 95% accuracy in cost estimates (when scope remained unchanged)
• 10% reduction in risk exposure
• Simulation run time cut from hours to seconds
• Award winning operational efficiency: the Operator earned industry recognition for operational excellence, achieving the lowest drilling and completion cost per foot in two consecutive years

What value did iQx™ PLANS™ bring?

 

• Probabilistic cost estimation integrated into company’s D&W workflows with automated historical data input
• Improved accuracy in time and cost forecasting
• Realistic modelling of uncertainty and operational risks
• Aligned collaboration across all stakeholders
• Enhanced control through real-time tracking
• Scalability and continuous improvement

 

This is what the Operator had to say about their experience with iQx™ PLANS™:

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

 

 

 

Ready to experience how iQx™ PLANS™ can transform your next well project? Reach out to our team.