At the start of drilling planning and well design, drilling engineers face countless choices about timing and cost – but these estimates are always a guessing game. Is there a distinct methodology that underpins the ability to make well-informed decisions while formulating drilling budgets, all the while accounting for potential risks? 

 

Instead of providing a single cost estimate, you might consider a range of potential costs based on different scenarios. This probabilistic modelling approach offers a more realistic picture of the potential financial outcomes.

By standardising well delivery processes across business units, leveraging historical data, and incorporating operational risks, such as Wellbore Instability (WOW), Non-Productive Time (NPT), and Learning Curves, iQx PLANS allows our users to drill their well 10,000 times with our Monte Carlo simulation engine and visualise the reality before it unfolds.

 

• The outcome? .... A comprehensive AFE report, customised to your company's needs, with visualised workflows, desired percentiles, and even environmental impact assessment with PLANS' carbon footprint calculator.

 

Discover how iQx PLANS can revolutionise your drilling planning and budgeting endeavors by speaking to our sales team sales@agr-software.com.