RMX - Probabilistic Time and Cost Estimation
It can be difficult for a drilling engineer to account for the risk inherent in drilling operations, create a time and cost estimate then present the AFE in a way that communicates that risk to all project stakeholders.
RMX solves theses challenges by delivering a standardized and systematic approach to the probabilistic modeling of time, cost and risk.
RMX templates allow models to be built for any type of activity. For drilling teams this means the product is appropriate whether it be early appraisal work or a detailed well plan, a single deepwater exploration well or a fifty well onshore campaign.
Reporting can be tailored for each project type to ensure that you get the results presented in the right way to communicate the right information to project stakeholders.
If your projects require a consistent, clear and realistic representation of risked time and cost to stakeholders then contact Well Data Technologies today.
Accurate Cost Tracking and Reporting
CTX helps companies track and control complex project costs by providing reliable and accurate reports in real time. Over the past 16 years it has proven indispensible to a number of organizations including BP, NATO, Apache Corporation, TAQA and Senergy.
CTX streamlines the ordering process, costs are automatically tracked when equipment is mobilized and the system provides easy and accurate invoice reconciliation. CTX has proven to be capable of tracking all daily costs on a well to within 1 or 2%, without any increase in staff.
CTX provides stakeholders with reconciliation of Budget, Committed, Actual and Invoiced costs on a daily basis, improving management of cashflow and ultimately the relationship with partners. Continued usage creates a database of vital cost information for future projects.
A single Materials Controller using CTX today raises all requisitions for the well, accurately tracks all of the costs to any given day in the well and provides technical review and correct allocation of every single invoice.
Lessons Learned and Knowledge Management for Drilling
WellKnowledge emulates your current processes for tracking operational lessons learned and event details. It has a flexible structure to allow the mapping of your workflows and provides a fully searchable repository of lessons and downtime information.
By mapping your own workflows, WellKnowledge has unprecedented levels of adoption across organizations. It achieves its goal of being a simple to use and effective tool whilst also being fully featured with flexible reporting and automatic e-mailing of actions based on your own criteria.
While featuring a full search facility for browsing lessons, the WellKnowledge system also categorizes lessons learned to allow easy reporting in advance of any phase or operation. By cutting effort at every step WellKnowledge allows staff to concentrate on core operations rather than searching through paper.
The system is built using .NET with integrated Active Directory authentication and Single Sign On, so it is both easy to use and easy to implement across your organization. A Major Operator in Azerbaijan was able to expand use of the system from drilling operations to include major projects without any increase in their infrastructure or downtime.
Probabilistic Time and Cost Estimation
Within the business of drilling wells, Monte Carlo based probabilistic time and cost estimation has become a common solution to the problem of communicating the risk in AFEs to project stakeholders.
Unfortunately engineers often have to rely on complex Excel based solutions that are cumbersome to use, error prone and lack auditing and revision control.
RMX provides a robust solution, allowing the drilling team to understand and communicate the risk and impact on possible project time and cost outcomes to project stakeholders.
RMX emulates rather than replaces your current process, with all inputs and reports unique to your own template(s). This means you can model any type of project in RMX the way you want to do it.
Contact us to find out more.
We deliver performance improving results across the globe
Well Data Technologies have developed and continue to support software in over 30 countries, providing real results to hundreds of drilling operations.
With decades of hands-on software and well engineering experience, we are uniquely positioned to provide the right solution to our customers.
"I can truly say that the system has surpassed my expectations and has been a source of pride to our management and admired by our clients. Thank you again for the development of such a valuable system!"
Dave Wilkinson
Drilling Engineering Manager
KCA DEUTAG
"Because the database is straightforward to use, it has been quickly adopted by all who use it. It is user friendly and fast."
Iain Dawson
Performance Consultant
BP Magnus
BP Libya
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