TLDR
AGR used iQx to replace spreadsheet-based cost tracking during a North Sea wildcat drilling campaign. The platform enabled accurate, real-time well cost estimation and forecasting across offshore and onshore teams, reducing errors, improving productivity, and minimizing the risk of unforeseen drilling costs.
FEATURED RESULTS
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The challenge
AGR drilling team were assigned to plan and execute wildcat exploration well in central Norwegian Sea.
Traditionally, tracking and forecasting drilling costs accurately during the well operations is difficult to manage; it involves multiple spreadsheets, numerous well cost items and spreadsheets have the potential for hidden errors.
The drilling cost input needs to be done both offshore, where one has overview of current well costs, and onshore where the operational well cost accounting has contract overview.
iQx offers accurate drilling costing & forecasting
- Increased accuracy in drilling cost estimations due to interface being intuitive and easy to use
- Valuable well cost comparisons and forecasts; for instance cost per phase vs. estimated
- Increased reliability in drilling cost estimation due to no potential for errors in spreadsheets, thus reducing risk for unforeseen well cost for operator
- Increased productivity for offshore drilling & logistics engineers, as well as less monitoring required for onshore personnell
iQx well cost estimation capabilities
- Efficiency in entering cost data
- Reduced risk for errors
- High reliability
- Standardised reporting functionality
Contact our team here.
