One of Norway’s largest energy companies, Wintershall Dea, will implement iQx™ probabilistic time and cost estimation and tracking applications for its drilling and well projects in Norway.
This development will play a role in enabling greater standardisation for Wintershall Dea’s well and drilling teams in the well planning and well delivery process, improve communication and automation in workload distribution, and increase the transparency of project-related risks and costs for the management team and wider stakeholders.
iQx™ P1™ drilling time and cost planning application 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.
Complemented with iQx™’s time and cost tracker, CT™, Wintershall Dea will benefit from visibility of the actual drilling time and cost, offering stakeholders functionality to forecast a project’s final duration and expenditures as the project itself develops.
Thanks to its openness (OpenAPI), CT™ seamlessly integrates with other leading software, such as logistics tracking technology to ensure that information is communicated accurately to reduce the risk of errors.
One of the factors in Wintershall Dea’s decision to adopt iQx™ was the applications’ ability to map all possible outcomes of a well project. This provides real-time data to help ensure projects are delivered on cost and on time.
Øystein Andersen, Vice President of AGR Software, said: “We are delighted to be working with Wintershall Dea as they look to successfully deliver a number of ambitious goals. This partnership is a testament to Wintershall Dea’s forward-thinking nature and understanding of how much there is to be gained from having full visibility and a complete understanding of all project risks and opportunities, which play a major role in improving drilling cost and time management. It’s an honour that Wintershall Dea trusts AGR to facilitate its well operation’s time and cost planning and tracking.”