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DRILLING PROBABILISTIC TIME AND COST ESTIMATES
8 August 2006
Osprey Risk™, a Schlumberger product, helps you achieve a step change in drilling performance through improved well planning and risk management. ADA's Drilling Engineers can effectively focus on mitigating your critical risks and reducing non-productive time (NPT) by using Osprey. ADA can also evaluate multiple scenarios for field-development planning or stand alone wells to uncover more opportunities to reduce costs.
Initial program costs for budgetary purposes can be created quickly utilizing ADA's up to date cost and time database. Earth model information is incorporated into the Osprey Risk package which generates an engineered well plan, including cost and time estimates in a probabilistic format. This approach allows the Operator and its Joint Venture partners to fully understand their financial exposure.
Osprey Risk is a key tool in carrying out peer reviews and due diligence audits on Operator's existing well designs. ADA recreates the well design using Operator supplied parameters and offset information.This well design is then risk assessed within Osprey, which identifies and highlights areas of concern in the project. Risked drilling time and cost estimates may then be produced using Monte Carlo analysis.
For more detailed design, analysis and verification of specific aspects of well designs, ADA uses Schlumberger's Drilling Office™ software including TDAS™ (Tubular Design and Analysis System).
Key Benefits
 | Generate engineered well plans, understand critical risks and accurately estimate time and cost by incorporating earth-model information.
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| Reduce NPT by quickly identifying high-impact drilling problems and focusing detailed engineering efforts.
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| Better understand cost versus risk trade-offs by easily testing alternative drilling scenarios.
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| Understand your financial exposure more accurately using Monte Carlo time and cost analysis.
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| Immediately focus on trouble zones and understand the severity of the risk for gains, losses, stuck pipe, or mechanical problems.
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| Produce well engineering montages that can be used for peer reviews or as a drilling road map.
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Contact ADA for more information on these packages and other services ADA have to offer.
Osprey Risk™, Drilling Office™ and TDAS™ are Schlumberger products.
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