close
Trending
Well Cost Optimiser

About the Customer

Companies in the Oil and Gas market segment

Solution in Brief - AI driven cost analytics to improve capital efficiency, enable efficient risk management and help proactive interventions in well planning and budgeting.

Business Challenges

  • High cost variance between authorisation for expenditure (AFE) and actual well cost, on an average +/- 25% (Budget vs Expendture)
  • Limited ability to validate AFE using historical well data, and to perform data driven estimation for a new planned well
  • High lead times to derive cost estimates from well collected data

Solution Description

Consolidate, cleanse data and create descriptive analytics

  • Discover and integrate available data of wells from various sources
  • Perform exploratory analysis and data quality assessment to create descriptive analytics

Develop Predictive Analytics

  • Conduct feature selection and feature engineering to condense the list of useful model inputs
  • Create well cost models using various structures and algorithms; assess model performance by comparing actual vs. predicted results
  • Select the best-performing model; interpret model parameters to derive actionable insights
  • Derive analytics-driven historical data, cost trends and patterns to support cost planning for existing/new wells and predict new well's cost variance.

Value Delivered

  • 8-10% savings on total well spend
  • Higher AFE accuracy, up to 30% reduction in cost variance
  • Data science-led predicted cost variance allows for more accurate AFEs
  • Single platform for data entry and consolidation

Dark Mode

One of the world's first website to run on Dark Mode by default.

Brightness Control

Adjust the brightness as suited.

Hibernate Mode

Save energy when you're not looking at your screen.

ECO
ENGINE
Know More

The Eco Engine

Reduce your carbon footprint using any of these modes.
  • Dark Mode
    One of the world's first website to run on Dark Mode by default.
  • Brightness Control
    Adjust the brightness as suited.
  • Hibernate Mode
    Save energy when you're not looking at your screen.