Applications
A new integration between iQx PLANS and OpenWells® operations software marks a significant step forward in digital well planning and improves the quality of well time and cost forecasting.
Historical well data for smarter risk modelling of future well operations
In many organisations, valuable operational well data is captured daily but remains underutilised in planning next well operation workflows.
The integration between iQx PLANS and OpenWells® operations software addresses this challenge by enabling the seamless transfer of daily drilling data into a structured environment for risk analysis and cost forecasting.
With data automatically imported into iQx PLANS, well engineers can apply advanced cost estimation and risk modelling techniques using real historical performance.
Through a Monte Carlo approach, iQx PLANS builds probabilistic models based on distributions derived from offset well data, eliminating the need for manual assumptions.
This enables:
- More robust offset well analysis
- Improved understanding of risk and drilling cost outlook
- Reduced variability in planning assumptions
- Improving well time and cost forecasting
- More credible probabilistic ranges for well duration and cost
This allows teams to move beyond static estimates and adopt dynamic, data-driven forecasting methods.
Strengthening AFE with data-backed insights
Reliable forecasts are critical when preparing Authorization for Expenditure (AFE). With iQx PLANS, supported by OpenWells data:
- Assumptions are grounded in actual historic performance
- Consistent and repeatable modelling approaches
- Risk is quantified transparently
- Estimates are easier to justify to stakeholders
The result is stronger, more defensible AFE submissions and improved confidence in project approvals.
Enabling the shift to digital well planning
This integration supports the industry’s transition toward collaborative digital well planning, where data, automation, and probabilistic modelling replace fragmented, spreadsheet-based workflows.
Developed in collaboration with an operator in Southeast Asia, this new capability demonstrates how integrating OpenWells® operations software with iQx PLANS can unlock the full value of existing well data.
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