Applications
The iQx software team participated in the International Energy Week held on 15–17 July 2025 in Kuching, Sarawak, Malaysia. The three-day event featured exhibition, panel discussions, workshops, and tech talks, all aimed at promoting Sarawak’s low-emission energy leadership and strengthening ASEAN energy cooperation.
We were proud to contribute to the Tech Talk sessions, where our BD Advisor presented insights on driving improved performance through digital well delivery.
His presentation, based on a real-life case study from an operator in Malaysia, demonstrated how implementing a well cost software and adopting a probabilistic cost management methodology delivered measurable results:
- Up to 95% accuracy in cost estimates (when scope remained unchanged)
- 10% reduction in risk exposure
- Simulation run time cut from hours to seconds
- Industry recognition for operational excellence, achieving the lowest drilling and completion cost per foot in two consecutive years
From Spreadsheets to Digital: Transforming Time and Cost Management in Marginal Field Development
Marginal field development remains a key strategy for Malaysia to extend the life of its offshore assets and diversify energy production.
Developing marginal oil fields in Malaysia demands strict cost control due to limited budgets.
Traditionally, the marginal field Operator relied on its well cost management on spreadsheets and standalone Monte Carlo applications, which were slow, lacked scalability, and hindered collaboration among stakeholders. These legacy systems created inefficiencies, data silos, and delayed decision-making, especially for integrated drilling and completion campaigns.
To address these challenges, the Operator transitioned to a cloud-based well time and cost management software supporting probabilistic cost estimation, real-time collaboration, and advanced analytics.
Building A Cloud-Based Workflow for More Precise Cost Estimation and Improved Performance
To implement the digital well delivery process to its workflows, the Operator adopted a structured seven-step implementation approach. This methodology began with a review of offset data and performance, followed by the creation of a well plan outline, definition of statistical distributions, and risk modelling. It continued with the setup of a cost model, execution of simulation and analysis, and concluded with real-time tracking during operations.
Each step was designed to build upon the previous one, integrating data, uncertainty, and collaboration into a unified workflow.
The consolidated outcomes across all steps were:
- Improved accuracy in time and cost forecasting
- Realistic modelling of uncertainty and operational risks
- Aligned collaboration across all stakeholders
- Enhanced control through real-time tracking
- Scalability and continuous improvement
Future-Proofing Well Delivery Through Continuous Improvement
The Operator’s roadmap focuses on strengthening and expanding current digital well delivery capabilities to maximise value through automation, standardisation, and data-driven decision-making.
Planned enhancements include leveraging open API integrations to seamlessly import well design data into time and cost models and consolidating historical performance data - such as drilling times, costs, and NPT - for advanced forecasting and analytics.
The strategy also calls for standardising vendor performance tracking, giving engineers real-time visibility into their quality and reliability. In addition, the Operator aims to automate dynamic lookahead and scenario analysis, driven by real-time inputs from daily drilling reports to enable proactive planning and rapid decision-making.
By fostering a fully integrated digital well data ecosystem and aligning engineers, cost controllers, finance teams, and managers on a single source of truth, the Operator is ensuring greater efficiency, stronger collaboration, and sustainable operational performance across well campaigns.
Reach out to our team for a demo.
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