Enhancing the success of deepwater drilling for much-anticipated well offshore Guinea-Bissau

How iQx™ PLANS™ helped streamline well planning and manage uncertainty

 

The Challenge: managing uncertainty in deepwater drilling

 

  • Deepwater drilling campaigns are inherently complex, with high financial stakes, significant uncertainties, and many stakeholders involved.
  • Apus Energy needed a way to accurately forecast Atum-1X well time and costs and manage uncertainties throughout the campaign.
  • Apus Energy criteria for a reliable time and cost estimate of a pure frontier wildcat deepwater exploration well, the first deepwater well offshore Guinea-Bissau, that can be revised real-time given huge project uncertainties on logistics, contracts and objectives.
  • Apus Energy aimed to use a web-based solution that is easily accessible to all team members, enhancing collaboration and ensuring that all stakeholders work with the same data, providing a single source of truth.

Enhancing the success of deepwater drilling for much-anticipated well offshore Guinea-Bissau

How iQx™ PLANS™ made a difference in Apus Energy’s Atum-1X Well

 

  • Data-Driven decisions: PLANS™ provided forecasts for well duration and costs with visuals and detailed AFE
  • Uncertainty management: helped the team better understand and plan for potential risks and outcomes
  • Collaboration: as central data point, all team members stayed well-informed, making it easy to follow up on tasks and monitor project progress efficiently.

Enhancing the success of deepwater drilling for much-anticipated well offshore Guinea-Bissau

What value did iQx™ PLANS™ bring to this frontier deepwater drilling campaign?

 

  • The user’s first ever exploration drilling campaign stayed within budget and schedule, avoiding overruns
  • iQx™ PLANS™, a Monte Carlo simulation software, helped streamline the well planning with highest focus on risk management

 

Key features leveraged: probabilistic cost and time estimation, uncertainty analysis, and risk management

 

iQx™ PLANS™ played a crucial role in mitigating unforeseen events and optimizing well delivery.