- Operational Model – The well plan is broken down into a series of operational phases and sub-divided into events.
- Cost Model – All the costs that relate to the well being planned are captured. Costs can be one of 3 types: Day Rate, Cost per Unit or Lump Sum. The costs are assigned to individual or a range of phases
- Contingency/Project Risks – P1™ allows contingency events to be entered. Contingencies can be applied to individual or a group of phases. Such contingencies might be Wait on Weather (WOW)
- Process Flow Map (PFM) – The Process Flow Map provides a visual representation of the sequence of events that make up the P1™ model
- Multiple currencies – P1™ supports multiple currencies which allows costs to be entered in a native currency before converting and reporting on a project currency
- Probabilistic Cost Estimate – Using the information entered in the Cost Model, P1™ can generate a probabilistic AFE. The AFE splits costs between drilling and completion costs and displays the AFE in the project currency.
- Cumulative Probability – curve for time/cost – Using the results of Monte Carlo simulation, P1™ generates cumulative probability charts for both time and cost. These charts display a range of times or costs plotted against the likelihood of occurrence from P0 – P100
- Phase duration charts – Phase duration charts allow the team to indentify the phase(s) that have high inherent risk. By focusing attention and effort to these areas risk can be mitigated, reduced or even eliminated
- Tracking – By recording the actual duration of an event, analysis can be performed on the model to compare Planned versus Actual performance. It can highlight relative planning performance, how any scope change impacted the project or highlight relative operational performance. Such analysis can aid the team by identifying opportunities for training, lessons learned or even good practice.
Should you wish to find out more about P1™ and what it can do for you, please email firstname.lastname@example.org.