This real-life case study from an operator in Malaysia demonstrates how implementing well cost software and adopting a probabilistic cost management methodology – rather than relying on static, deterministic spreadsheets – delivered measurable results.
- Up to 95% accuracy in cost estimates (when scope remained unchanged)
- 10% reduction in risk exposure
- Simulation run time cut from hours to seconds
- Industry recognition for operational excellence, achieving the lowest drilling and completion cost per foot in two consecutive years
The Challenge?
An Operator in Malaysia relied their well time and cost management on spreadsheets and standalone Monte Carlo tools. These slowed down planning, created data silos, and made collaboration a struggle – especially across integrated drilling and completion campaigns.
The solution
After implementing iQx™ PLANS™ and embracing a probabilistic time and cost management approach, the Operator in Malaysia achieved impressive, measurable outcomes in their well delivery – marked by greater efficiency, improved collaboration, and data-driven decision-making.
The transformation even earned them industry recognition for operational efficiency for achieving the lowest drilling and completion cost per foot in two consecutive years.
Transforming Time and Cost Management in Marginal Field Development in Malaysia
Marginal field development remains a key strategy for Malaysia to extend the life of its offshore assets and diversify energy production.
Developing marginal oil fields in Malaysia demands strict cost control due to limited budgets.
Traditionally, the marginal field Operator relied on its well cost management on spreadsheets and standalone Monte Carlo applications, which were slow, lacked scalability, and hindered collaboration among stakeholders.
Legacy systems led to inefficiencies, fragmented data, and delays in decision-making, particularly in integrated marginal field drilling and completion campaigns. To overcome these challenges, the Operator adopted iQx™ PLANS™ , the cloud-based well time and cost management solution to enable probabilistic cost estimation, real-time collaboration, and advanced analytics.
