For its offshore drilling and well projects in Norway, the oil and gas company Wintershall Dea will use AGR Software's iQx probabilistic time and cost estimation and tracking applications.
AGR said Tuesday that the development would help with greater standardization for Wintershall Dea’s well and drilling teams in the well delivery process.
The move will also improve communication and automation in workload distribution and increase the transparency of project-related risks and costs for the management team and wider stakeholders, AGR said.
"iQx P1 drilling time and cost planning application uses Monte Carlo simulation methods and enhances understanding of correlation between well costs and risks. The tool will contribute to decision making in high-level strategic well budgeting scenarios," AGR said.
According to AGR, when combined with iQx's time and cost tracker, CT, Wintershall Dea will be able to see how long drilling actually takes and how much it costs.
"Thanks to its openness (OpenAPI), CT seamlessly integrates with other leading software, such as logistics tracking technology to ensure that information is communicated accurately to reduce the risk of errors," AGR said.
"One of the factors in Wintershall Dea’s decision to adopt iQx was the software’s ability to map all possible outcomes of a well project. This provides real-time data to help ensure projects are delivered on cost and on time," AGR added.