One of Norway’s fastest growing E&P operators, OKEA, will implement AGR Software’s iQx™ probabilistic time and cost estimation applications for its drilling and well projects in Norway.
iQx™ drilling time and cost planning solution uses Monte Carlo simulation methods and enhances understanding of correlation between well costs and risks. The tool will contribute to decision making in high level strategic well budgeting decisions.
Øystein Andersen, Vice President of AGR Software, said: “We are delighted to be working with OKEA as they look to successfully deliver on their ambitious goals. This collaboration reflects OKEA's progressive mindset and recognition of the substantial benefits that arise from attaining comprehensive understanding of project risks and opportunities. This understanding contributes to improving information about the potential outcomes of cost and time aspects.
It’s an honour that OKEA trusts AGR Software to facilitate its well operation’s time and cost management.”