Optimising well planning with precise time & cost estimates using drilling engineering software

In the low cost and low carbon drilling world, accurate drilling time and cost estimates are crucial for well planning and project success. This case study explores how an engineering and project management drilling contractor, Generteq, transformed their well planning process by adopting iQx drilling engineering software.

Transitioning from deterministic planning to our advanced probabilistic time and cost simulation software, our customer gained improved reliability of their time estimations and time efficiency in well planning.

Why was iQx time and cost estimation platform chosen?

Before adopting iQx, Generteq relied on deterministic drilling time and cost estimation to plan their wells. While functional, this approach lacked the advanced capabilities to include in the time and cost model high-impact, low-probability events such as stuck pipes or side tracks. The drilling engineering team needed a more robust solution that could provide reliable time and cost estimates and better communicate potential risks to stakeholders.

How was iQx implemented for optimising well planning with precise time & cost estimates?

Transitioning their well planning process to iQx platform, which enables probabilistic time, cost and risk simulation, allowed Generteq to move away from manual, spreadsheet-based processes and embrace a more integrated, data-driven approach.

Key benefits provided by iQx time & cost management platform

• Improved Reliability of Time & Cost Estimates

The probabilistic simulation feature of iQx has greatly reduced uncertainty in estimating critical parameters. By incorporating potential high-impact, low-probability events into the simulations, the client can now present a more dependable and comprehensive picture of possible outcomes to stakeholders.

• Time-Efficient Planning

One of the standout features for the client has been the ability to reuse activities from an existing well cost model and simulate a new well time and cost model within minutes. This functionality has significantly cut down the time needed to plan wells, enabling the team to focus on optimizing operations rather than starting from scratch for each new project.

• Seamless Project Management

The ability to roll an Authorization for Expenditure (AFE) over into a iQx cost tracker  and continue working within the same software tool throughout the project has provided a seamless workflow. This integration has enhanced the efficiency of our time and cost management processes, ensuring consistency and accuracy from planning to execution.

The iQx value

With over a dozen wells planned using our solutions, including Generteq’s projects with their clients like Aker BP, Vår Energi, MEPC, International Petroleum (IPC), and Lithium de France Geothermal, Generteq’s drilling team has experienced  increased time and cost accuracy and project management efficiency since adopting iQx.

The ability to simulate different scenarios and communicate the most likely outcomes along with worst-case scenarios has been instrumental in Generteq’s stakeholder management and decision-making.

The switch from Excel cost sheets to iQx has not only improved the reliability of their estimates but also significantly streamlined their overall well planning process.