Wintershall Dea will implement AGR Software’s iQx probabilistic time and cost estimation and tracking applications for its drilling and well projects in Norway.
The development will play a role in enabling greater standardization for Wintershall Dea’s well and drilling teams in the well delivery process. The move will also improve communication and automation in workload distribution and increase the transparency of project-related risks and costs for the management team and wider stakeholders.
iQx P1 drilling time and cost planning application uses Monte Carlo simulation methods and enhances understanding of correlation between well costs and risks. The tool will contribute to decision making in high-level strategic well budgeting scenarios.
“We are pleased to be working with Wintershall Dea as they look to successfully deliver a number of ambitious goals,” said Øystein Andersen, VP of AGR Software. “This partnership is a testament to Wintershall Dea’s forward-thinking nature and understanding of how much there is to be gained from having full visibility and a complete understanding of all project risks and opportunities, which play a major role in improving cost and time management.”