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Simulating the impact of rig reductions saves super major $100 million in Free Cash Flow.
With operational complexity increasing, a super major using MS-Excel spreadsheets to schedule their drilling programs, recognized that their approach was hindering rather than supporting their effort. They needed to gain better visibility into operations, closely monitor KPIs as schedule changes occurred, and improve the scheduling process.
To address their needs, the super major turned to Actenum DSO/Upstream software with immediate and positive results. By switching, they were able to automatically generate integrated drilling activity schedules optimized against business objectives and priorities and make rapid and accurate decisions by creating and evaluating multiple “What if?” schedule scenarios on demand. As a result of simulating the impact of rig reductions and presenting multiple operational scenarios to management, the operator generated $100 million in Free Cash Flow in a single year.
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Actenum DSO has allowed us to hit our budget at a level never before seen, and the dynamic, “What if?” scenario planning capability has dramatically improved our decision making.
DSO not only helps reduce cycle times, but also determines economics and value, so we can effectively prioritize development. It’s highly configurable which makes it easy to use.
The company is very dedicated to the software and its clients and that’s what makes Actenum scheduling software a great product. The technical and sales staff are responsive and very easy to work with.
Benefits achieved with Actenum DSO/Upstream rig scheduling software
in people time
in 3 months
“We saved $1.5 million in people time in 3 months”
The VP of Operations at an IOC called us to say that his organization had saved an estimated $1.5 million in the first 3 months of using Actenum DSO/Upstream for rig scheduling. Formerly his team used MS-Excel to schedule drilling operations, and this required a daily meeting of up to 3 hours with 20 people attending. He referred to it as “the 3-hour argument”. After a very short time using Actenum DSO/Upstream the meeting evolved to a 4-person 15-minute daily session. The rig schedule was viewable by all attendees, the impact of changes was immediately visible, and questions about moving wells resolved rapidly.
within 60 days
“Scenario capability for rapid decision-making”
Actenum DSO/Upstream’s scenario creation and evaluation capability is used by a leading US operator to rapidly analyze multiple versions of a drilling and completions schedule, to determine the appropriate course of action to maximize project value. Unlike many other operators, the drilling project schedule is frozen only for a six-week period, and this enables them to rapidly reconfigure their approach to the project in response to operational and market conditions. In one situation the customer used a DSO/Upstream scenario to determine the impact of a decision to spend an additional $12 million in one area of an asset. They forecasted a $45 million return within 60 days, and this proved to be the case.