AGR Software’s iQx is set to be implemented by Wintershall Dea for use in its Norwegian drilling and well projects. The software has a number of applications, including time and cost estimation based on probabilistic models and tracking.
It is expected that the software will allow Wintershall Dea’s well and drilling teams to improve standardization in the well delivery process, boost communication and workflow automation, and facilitate greater transparency in project-related risks and costs for the benefit of management and external stakeholders.
iQx P1, the software company’s drilling time and cost planning application, makes it easier to assess the correlation between well costs and risks using Monte Carlo simulation methods. High-level decisions on strategic well budgeting scenarios will take into account the results generated by the tool.
Wintershall Dea will also benefit from greater visibility when it comes to actual drilling times and costs, allowing stakeholders to forecast project duration and expenditure throughout the process.
The cost tracking functionality can be seamlessly integrated with other tools such as logistics trackers, ensuring accuracy of information and thereby helping to prevent errors.
The oil and gas operator selected iQx in part thanks to its ability to map all possible well project outcomes, supported by real-time data. This ensures timely and in-budget project delivery.
Øystein Andersen, Vice President of AGR Software: “We are pleased to be working with Wintershall Dea as they look to successfully deliver several ambitious goals. This partnership is a testament to Wintershall Dea’s forward-thinking nature and understanding of how much there is to be gained from having full visibility and a complete understanding of all project risks and opportunities, which play a major role in improving cost and time management. It’s an honour that Wintershall Dea trusts AGR to facilitate its well operation’s time and cost planning and tracking.”
German group BASF owns 72.7% of Wintershall Dea with remainder is held by Russian investors Mikhail Fridman, Petr Aven and German Khan.
