P1™ provides a rigorous, standardised and systematic approach to many of the key elements of successful well construction such as:
- Probabilistic time estimating
- Probabilistic cost estimating
- Risk quantification and mitigation
- Statistically credible option selection
- Mechanism to provide clear communication with all stakeholders
- Forecasting time and cost outcomes
- Standardisation across wells, projects and business units.
The P1™ tool and the complete process encompassing its use provide the basis for Performance Management including:
- Operational look-ahead
- Phase-by-phase analysis of Actual vs. Planned performance (Benchmarking)
- Technical limit approach
- Data Quality and Analysis.
Should you wish to find out more about P1™ and what it can do for you, please email firstname.lastname@example.org.