P1™ software will play a key role in Xcite’s strategic planning for the field, allowing the oil company to maximise the performance of well construction.
Chris Ferrier, Director of Software Solutions at AGR, said: “Xcite is the latest in a number of leading oil companies to select P1™ and we look forward to working with them to support the development of the Bentley field.
“The philosophy behind P1™ is that the value of a project is enhanced when operators plan correctly and understand risk and opportunity.
“By drawing on historical data, companies like Xcite can take their finger out of the air and understand the impact of their decision, generating likely outcome scenarios.”
AGR’s P1™ has been developed to improve well-construction performance. The use of the software and the associated procedures ensure that all risks and opportunities can be examined thoroughly in the design phase, with well costs viewed as a range of likely outcomes. The system allows informed decisions to be made on all aspects of planning, from the conceptual phase through to spudding the well.
From planning onwards, P1™ can be utilised to monitor and improve well-construction performance and to evaluate options in the event of a problem. The software accounts for the fact that risks in well design are not intuitive, and that sometimes the lowest cost option may carry the greatest business risk.
P1™ adds value and knowledge throughout the project management process, from project selection right through to programme execution.
For more information about P1™, please click here.