Curated Well Method
An extended capability to deliver robust and predictable project outcomes
Peter Serhalawan | Andre Mol | Ivo Nijhuis
Case for change
PROJECTS ARE PLANNED AND EXECUTED UNDER INCREASINGLY UNCERTAIN, RISKY AND STRINGENT CONDITIONS
Yet, the likelihood that a drilling, work-over or decommissioning project unfolds exactly as planned is (close to) nil. A wide range of events cause operational deviation that impacts the approved cost estimate and cost profile. That changing (risked) cost profile is typically not tracked neither is it used to make real-time decisions to steer operations back on track, hence the way these projects are planned, reviewed and managed remains static, mostly ad-hoc and thus reactive.
Advancements in risk management are needed for high CAPEX and complex projects, beyond mostly re-active reality of today. Accommodating unplanned, surprise events without jeopardising project goals. Management of uncertainties and related risk need to be real-time and continuous capability of project teams.
“TECHNIQUES, TOOLS AND METHODS, ROOTED IN ECONOMETRICS, OPERATIONS RESEARCH, DATA ANALYTICS AND MODELLING, ARE COMMONPLACE ELSEWHERE WHEN PLANNING AND EXECUTING COMPLEX PROJECTS.”
The ‘curated well method’ is a data-driven, scenario-based method that delivers robust and predictable project outcomes. It is a proven method that facilitates transparent decisions at every step of the project, maintaining focus on business objectives, well integrity, compliance and agreed standards.
“CURATION: A THOUGHT-OUT AND REHEARSED SEQUENCE OF OPERATIONAL STEPS, LIKE A CURATED MUSIC- SEQUENCE OR EXHIBITION. A WELL-THOUGHT-OUT PLAN WILL ALWAYS BE A STEP AHEAD.”
Combining technical and commercial data and defining the causal relationship between these, transforms operational decisions into investment decision. This enables a truly integrated well delivery whereby every operation results in an updated (risked) cost profile.
The methodology offers a capability extension, enabling well engineers to excel in their work, namely making decisions and choosing from a wide range of (transparent) options while at the same time, mundane, repetitive work gets automated.
Executives and financial professionals are on top of their budgets having operational steps directly translated into forward looking (projected) risked cost profiles, crossing over organisational silos. It enables robust (pro-active) decision- making and rehearsal through scenarios.
PETER SERHALAWAN is partner at New Frontier Solutions, a consulting company providing decision and data analytics services.
ANDRE MOL has built a reputation as performance specialist.
IVO NIJHUIS is partner and technical director at WellSpec.