AGR Launches Next-Generation Time and Cost Estimation Software

Source: 3/17/2023, Location: Europe

P1ANS™ software enables well teams to estimate more accurate drilling project budgets, with management able to make well-informed investment decisions based on the accurate AFE (Approval For Expenditure).

The AGR Software business has launched a new and innovative software that gives drilling professionals unrivalled understanding of time, cost and risk when planning wells.

The next-generation P1ANS™ application builds on the global success of AGR Software’s field-proven and industry-leading P1™ application. P1ANS™ combines trusted techniques with improved technology and new features, including rig campaign time and cost modeling, autodistribution from historic reference data, company specific tagging and templates increasing standardisation in well construction.

P1ANS™ employs Monte Carlo probabilistic simulation technique to analyse thousands of data points, before predicting a range of possible outcomes. Designed for D&W (Drilling & Well) engineers and management, D&W digitalisation leads and cost controllers, P1ANS™ helps ensure time and cost for single wells and drilling campaigns are thoroughly planned and consider all risks.

The software integrates seamlessly with a range of other widely used technologies and is compliant with all modern software architecture requirements, including cybersecurity compliance, Single Sign On (SSO) and OpenAPI.

Users benefit from a learning curve feature which enables greater forecasting over the duration of a campaign. The solution also offers greenhouse gas emission prediction, helping companies achieve low carbon ambitions. With the option to import historical data and input from other digital solutions, users can seamlessly integrate time and cost outputs in their overall software network without the risk of data duplication or guessing errors.

P1ANS™ was developed in close consultation with AGR’s users and partners. As a result, it offers enhanced collaboration features to license partners, service companies and stakeholders at all levels.

Commenting on the launch, Øystein Andersen, VP of Software at AGR, said:
“This eagerly anticipated release of the next-generation drilling time and cost estimation software helps to further AGR Software’s ambition of digitising the well delivery process, unlocking an array of workflow efficiencies.

“P1ANS™ gives operators the ability to unify data streams imported from other programs while standardising the well time and cost estimation output, such as AFE or time/cost curve for quicker decision-making.

“P1ANS™ is the latest addition to our expanding portfolio of industry-leading software, iQx™. We have experienced huge interest from the market in this tool and will be presenting the solution at the SPE/IADC International Drilling Conference and Exhibition event in Stavanger this week.”

Key benefits of P1ANS™:
Modern software architecture with OpenAPI, SSO and option for local deployment
Improved collaboration across all project partners
Comprehensive campaign time and cost modelling with learning curve
Greater transparency of budgets and risk exposures
Enhanced exploitation of historic reference data
Improved standardisation with data tagging and templates
Selective data output with autodistribution
Seamless data flow with external sources for empowered drilling time and cost analysis

Norway >>  6/8/2023 - At the Nor-Shipping trade fair, Classification society DNV released its new Steel Load Planner (SLP), a self-service application that can provide inst...
United States >>  6/8/2023 - Kraken opens popular Smart Flex proposition to US licensees, enabling them to make the grid more resilient and bring down bills
Smart Flex is th...

Lithuania >>  6/6/2023 - PVcase, the global leader in solar project design software, announced it has acquired Anderson Optimization, the world's most popular solar siting sof...
United Kingdom >>  6/6/2023 - The North Sea Transition Authority (NSTA) has launched a digital platform which operators will now use to submit and update Supply Chain Action Plans ...

United States >>  6/6/2023 - Quasar, a high-performance time-series database designed for real-time data processing and analytics, has been selected by the U.S. Department of Ener...
United States >>  6/6/2023 - EV Insurance Company, Inc. dba Ozop Plus, a wholly owned subsidiary of Ozop Energy Solutions, Inc. (OZSC or the “Company”), announces the development ...

Gulf Oil and Gas
Copyright © 2023 ICT All rights reserved. - Terms of Service - Privacy Policy.