Improved drilling scheduling process increases annual earnings by $510K

It was clear to a US operator in the Permian Basin that they had outgrown their existing spreadsheet-based scheduling tool. Besides being cumbersome and unreliable, it didn’t provide them with an easy way to evaluate schedule scenarios to determine the impact on capital and production of adding or redeploying rigs. Their Schedulers had to perform multiple iterations of painstaking manual manipulation to analyze outcomes.

To address their needs, the operator switched to DSO/Upstream, AI-powered, scheduling software and dramatically improved their drilling efficiency. The integrated well lifecycle scheduling incorporates all activities and milestones from permitting to putting new wells online. By using DSO/Upstream to rapidly optimize the entire drilling project activity sequence, according to the objectives and constraints that the project team derives, the operator was able to add $510,000 to their annual earnings.

Read the complete case study here.   

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See how Actenum’s oil and gas drilling scheduling software can work for your operations

Benefits achieved with Actenum DSO/Upstream rig scheduling software

Saved $1.5m
in people time

in 3 months

Real-world examples

“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.

Forecasted a
$45m return

within 60 days

Real-world examples

“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.