Probabilistic well planning delivers more precise Time and Cost estimates

Probabilistic well planning delivers more precise Time and Cost estimates

We’re so excited to share a client story spreading the good vibes they are experiencing with using PLANS for well planning and time and cost estimation within hydrocarbon and geothermal drilling.

Generteq Ltd and their highly skilled drilling engineering team have provided project management and engineering support to major energy companies in Oil&Gas (e.g. Aker BP, Vår Energi, MEPC, International Petroleum Corp.) as well as the Geothermal Industry (including Lithium de France, Services Industriels de Geneve) among others.

Having integrated PLANS into Generteq’s well planning workflow, the team has planned over a dozen wells since transitioning from deterministic planning to advanced probabilistic simulations.

This shift has delivered key benefits:

• Enhanced Reliability: By incorporating high-impact, low-probability events into simulations, decision makers and stakeholders have now access to more robust forecasts.
• Time Efficiency: The ability to reuse well models and simulate new wells within minutes has significantly streamlined the planning process.
• Seamless Project Management: Effortlessly transitioning from AFE to cost tracking within iQx has ensured consistency from planning through execution.

Generteq has become a superuser of PLANS and integrates the software into their project delivery for their clients. They confidently utilize the solution as a key tool in Generteq’s drilling engineering consultancy for both hydrocarbon and geothermal projects.

Read user experience story in more detail how Generteq’s switch from Excel to iQx™ has improved their time and cost accuracy and boosted project efficiency.