iQx™ CT™ used for daily cost tracking on wildcat in Norwegian North Sea
AGR’s drilling team were assigned to plan and execute wildcat exploration well in central Norwegian Sea.
Traditionally, tracking costs correctly during the well operations is difficult to manage; it involves multiple spreadsheets, numerous cost items and potential for hidden errors.
The cost input needs to be done both offshore, where one has overview of current costs, and onshore where the operational accounting has contract overview.
WHAT VALUE DID iQx BRING TO THE CLIENT?
- Increased accuracy in cost estimations due to interface being intuitive and easy to use
- Valuable cost comparisons; for instance cost per phase vs. estimated
- Increased reliability in cost estimation due to no potential for errors in spreadsheets, thus reducing risk for unforeseen cost for operator
- Increased productivity for offshore drilling & logistics engineers, as well as less monitoring required for onshore personnel
- Efficiency in entering cost data
- Reduced risk for errors
- High reliability
- Standardised reporting functionality