Powering Success in Deepwater Drilling for a Landmark Well in Guinea-Bissau
The Challenge: Managing Uncertainty
- Deepwater drilling campaigns are inherently complex, with high financial stakes, significant uncertainties, and many stakeholders involved.
- Apus Energy needed a way to accurately forecast Atum-1X well time and costs and manage uncertainties throughout the campaign.
- Apus Energy criteria for a reliable time and cost estimate of a pure frontier wildcat deepwater exploration well, the first deepwater well offshore Guinea-Bissau, that can be revised real-time given huge project uncertainties on logistics, contracts and objectives.
- Apus Energy aimed to use a web-based solution that is easily accessible to all team members, enhancing collaboration and ensuring that all stakeholders work with the same data, providing a single source of truth.
How did iQx™ PLANS™ make a difference in Apus Energy’s Atum-1X Well?
- Data-Driven decisions: PLANSâ„¢ provided forecasts for well duration and costs with visuals and detailed AFE
- Uncertainty management: helped the team better understand and plan for potential risks and outcomes
- Collaboration: as central data point, all team members stayed well-informed, making it easy to follow up on tasks and monitor project progress efficiently.
What value did iQxâ„¢ PLANSâ„¢ bring to this frontier deepwater drilling campaign?
- The user’s first ever exploration drilling campaign stayed within budget and schedule, avoiding overruns
- iQxâ„¢ PLANSâ„¢, a Monte Carlo simulation software, helped streamline the well planning with highest focus on risk management
Key features leveraged: #probabilistic cost and time estimation, #uncertainty analysis, #risk management