Field-proven drilling software delivers accuracy in drilling cost estimation
iQx is a field proven drilling software that delivers instant efficiencies in drilling cost estimation. It offers comprehensive drilling time models which form a solid framework for AFE.
P1™ time and cost modeling application applies Monte Carlo statistical simulation approach and allows to enter a range on all inputs. As a result, the Drilling & Wells teams are presented with the most optimum cost scenario and the accuracy of cost forecasting improves.
The outputs from P1™ for drilling time and cost planning can be used to estimate the probability of achieving the drilling goals within a certain time and budget. A 10% chance becomes P10, a 50% chance P50, or a 90% chance P90.
Based on the degree of risk acceptable to stakeholders, P1™ provides data for well informed drilling investment decisions and helps to put in place optimum project management controls.