Cost and risk scheduling for drilling planning is an uncertain exercise until the project is complete. Only then the project team can analyse weaknesses of the cost model. So how to plan good drilling budgets prior to the start of the project?
iQx P1 software uses the Monte Carlo probabilistic modelling approach. As a result of applying a range of values, instead of a discrete number on all inputs to the model, the software creates an assessment of chances to get the desired model outcome. The simulation outputs present a series of most probable time and cost outcomes.
With the most optimistic and least optimistic scenarios, there's higher accuracy in the drilling budget and detailed analysis for getting AFE approved.