Solution Study
DECLASSIFIED OMI DOSSIER MC-02099
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is evolving
lean extraction
Underbidding is a pervasive problem in the industry and one that was not going to go away on its own. The complexity in estimating an oil well is staggering - current estimations are being done through complex spreadsheet macros that require in-depth knowledge of past wells, location risk, and current cost codes of parts.
Bottom hole assembly, in which selections are made regarding construction of the drill string, is especially thorny. Providing field engineers with a tool that facilitated estimation and allowed informed contextual choices regarding regional cost codes, time, and staff required to realize the build was tremendously attractive.
Algorithmic application leads to more informed well estimates. Real-time monitoring of producing wells allows estimators to see deviation trajectory – each change requires a new AFE related to any deviation. Overall attractiveness and elegance of the design positions the tool for broad organizational acceptance and utilization in executive meetings that gave the tool a global profile.
The Well Cost Estimator was approached from a user-centric perspective and gaining an understanding of the full well lifecycle as well as the information required by field engineers during that time range was critical to producing a robust application that satisfies needs and anticipates future challenges.
Creating a solution for a complex industry with very specific niche needs was a bold undertaking for a team not versed in the minutiae of a somewhat oblique industry. But by viewing the challenge holistically, our team was capable of creating something truly future-forward that was ready for a forthcoming artificially intelligent evolution with [Company] in the vanguard.
“Technological change is never an isolated phenomenon. This revolution takes place inside a complex ecosystem which comprises business, governmental and societal dimensions. To make a country fit for the new type of innovation-driven competition, the whole ecosystem has to be considered.”
