Stochastic modelling improves budget accuracy for carbon storage wells

Stochastic modelling improves budget accuracy for carbon storage wells

Our P1 application used for time and cost estimation has proven valuable in all types of oil and gas well operations. We’re passionate about bringing our technology to a wider pace of industries and carbon capture and storage is among these.

Carbon storage wells require excellent planning as investment decisions are often marginal. It is therefore of crucial importance to have confidence that the wells do not exceed sanctioned budgets and their exposure to risk is minimal.

P1 applies a probabilistic approach in assessing uncertainty around well timing and associated cost.

• For decision-makers, this modelling solution delivers comprehensive insight for data driven investment decisions and offers greater clarity around the most optimistic, realistic and pessimistic cost outcome scenarios.
• For drilling engineers, the visual AFE representation of the modeled project, its risks and the large number of probable outcomes allows them to drill into cost and time related challenges, improve collaboration across departments and simply enhance accuracy in budgeting.

If you would like to find out more how our applications can help you in planning and delivering carbon storage wells, please contact our team here.