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AFE and initial project cost estimate

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Proceedings Papers

Paper presented at the SPE/IADC Drilling Conference and Exhibition, March 17–19, 2015
Paper Number: SPE-173148-MS
... but in a different (scalable) manner. The initial development well plan is itself a project that requires sufficient front end loading analysis to provide a suitably accurate estimate enabling the financial decisions to be taken to drill the field or not. The entry point into the cost classification system could...
Proceedings Papers

Paper presented at the SPE Annual Technical Conference and Exhibition, October 3–6, 1993
Paper Number: SPE-26339-MS
..., engineering calculations, projections regarding operational improvements, and judgments about suitable contingencies. Fundamental to the APE estimate is an estimate of time to perform the various operations. Our attempts to analyze the first three years of drilling data highlighted that current AFE-writing...
Proceedings Papers

Paper presented at the SPE Nigeria Annual International Conference and Exhibition, August 5–7, 2014
Paper Number: SPE-172391-MS
... project plan with potential negative effects on project scope, time and budget as documented in the AFE. This can easily be spotted through real-time schedule and cost management. For instance, at any time in the project, schedule performance can be analyzed by estimating schedule parameters...
Proceedings Papers

Paper presented at the Petroleum Computer Conference, June 25–28, 1990
Paper Number: SPE-20331-MS
... FOR AUTOMATED DRILLING AFE COST ESTIMATING AND TRACKING SPE 20331 BACKGROUND A Project was initiated in May 1988 to coordinate company wide installation of a standardized Drilling Operations Computer System (OOCS), and oversee the development and distribution of new drilling software. DOCS capabilities...
Proceedings Papers

Paper presented at the SPE/IADC Drilling Conference, February 23–25, 2005
Paper Number: SPE-92340-MS
... depending on the stage that the project is at. An initial scoping level estimate will look very different from an AFE level estimate in terms of its input as well as its output but there is no reason why a probabilistic approach cannot be used for both. It is important to review at each stage requiring...
Proceedings Papers

Paper presented at the SPE Nigeria Annual International Conference and Exhibition, August 2–4, 2016
Paper Number: SPE-184261-MS
.... It is recommended to use probabilistic method more for AFE estimation especially for projects where the uncertainties are very high. It helps eliminate the possibility of grossly underestimating or overestinmating of your AFE. It is recommended to apply detailed risk analysis to probabilistic time and cost...
Proceedings Papers

Paper presented at the Offshore Technology Conference, May 5–8, 2003
Paper Number: OTC-15133-MS
... the initial drilling operation. Introduction An increasingly important issue in deep water exploitation is the evaluation of exploration wells as possible production wellbores. It is not uncommon for the necessities of the exploration phase of a project to dictate patches, sidetracks and other repairs...
Proceedings Papers

Paper presented at the SPE/IADC Drilling Conference, March 9–11, 1999
Paper Number: SPE-52773-MS
... that MaxWell becomes a part of the well planning culture and does not become another forgotten initiative. team member implementation template project management well value phillips afe goforit drilling operation management objective planit upstream oil & gas organizational learning...
Proceedings Papers

Paper presented at the SPE/IADC Drilling Conference, February 28–March 2, 1995
Paper Number: SPE-29364-MS
... to more wisely allocate limited drilling funds among potential projects has accentuated the need for representative AFE estimates, in order to drill as many promising prospects as possible in a period while staying within the constraints of an approved budget. By using stochastic AFEs, operators may...
Proceedings Papers

Paper presented at the SPE Annual Technical Conference and Exhibition, October 9–12, 2005
Paper Number: SPE-97116-MS
... as: Improved Performance ■ Effective Bit Selection based on the actual conditions ■ 27 drilling days less than the AFE ( Fig. 11 ) ■ Improvement on past performance ( Fig. 12 ) Projected Savings Going Forward Future savings will be made via reduced drilling time and bit costs; future...
Proceedings Papers

Paper presented at the SPE/IADC Middle East Drilling and Technology Conference, October 22–24, 2007
Paper Number: SPE-107250-MS
... target depth (measured depth), and based on the cost of offset wells with some adjustments for depths, rig rates. etc the budget could be established. Initial authorisation for expenditures (AFE): most companies require an estimate to be within 10% for AFE purposes. This can only be given after...
Proceedings Papers

Paper presented at the Abu Dhabi International Petroleum Exhibition & Conference, November 13–16, 2017
Paper Number: SPE-188652-MS
.... The forecasted production rate of this prospect is 40 MMSCF/D based on two development wells. The tieback distance between prospect AF and existing wellhead platform is approximate 10 km. The prospect AF cost estimate and project net present value (NPV) are showed in Figure 5 . Figure 1 Prospect...
Proceedings Papers

Paper presented at the SPE Annual Technical Conference and Exhibition, September 25–28, 1994
Paper Number: SPE-28342-MS
... arises, it eventually has. to move from conception to reality. In the next step the initiatior 457 3 does a quick look to satisfy themselves that the project is a viable one. An estimate of potential benefits versus cost is made as well as a check on the availability of funds and staff to perform...
Proceedings Papers

Paper presented at the Offshore Mediterranean Conference and Exhibition, March 23–25, 2011
Paper Number: OMC-2011-093
... the uncertainties and to enhance the accuracy of AFE estimates: At any stage of the probabilistic modelling, it is useful to measure the efficiency of the risk control actions in terms of costs versus benefits. During project execution, a potential time or cost overrun exceeding the contingencies provided...
Proceedings Papers

Paper presented at the SPE Middle East Oil and Gas Show and Conference, March 11–14, 2007
Paper Number: SPE-105424-MS
... project planning team Budget Proposal group process business guideline asia government team requesting team cost estimation and control controlling team project downstream oil & gas kuwait government deliverable controlling group Knowledge Management Literature survey leads us...
Proceedings Papers

Paper presented at the International Petroleum Technology Conference, December 4–6, 2007
Paper Number: IPTC-11099-MS
... and therefore the level of accuracy. Following are cost estimates that will be usually needed as the project progresses Budget estimate: the accuracy of budget estimate is or 25%. The information needed will include approximate target depth (measured depth), and based on the cost of offset wells with some...
Proceedings Papers

Paper presented at the Offshore Technology Conference, May 1–4, 1995
Paper Number: OTC-7842-MS
... conventional types of projects. INTRODUCTION The Garden Banks 388 field development is centered Concept screening studies were initiated in 1990 SUbsequent to the discovery well, which was drilled in 1989. The threshold reserve level was achieved in 1992. At this point, the AFE's were prepared along...
Proceedings Papers

Paper presented at the SPE Symposium: Decommissioning and Abandonment, November 30–December 2, 2021
Paper Number: SPE-208621-MS
... in Phase II & III operations, and 708 hours of offline and online flame cutting and burning, to enhance preparation and tubular recovery, presented in Figure 21 . The project contributed to the delivery of the 64 wells at 44% ahead of the AFE planning and at a significantly reduced cost, unlocking...
Proceedings Papers

Paper presented at the SPE Asia Pacific Oil and Gas Conference and Exhibition, September 20–22, 2011
Paper Number: SPE-145760-MS
... to know the current status of the AFE (that is, whose desk it may be sitting on). Delays cost in terms of non-productive time (NPT) for personnel and equipment. For example, a contracted Gulf of Mexico (GOM) semi-submersible rig has an average cost of USD 250,000 per day. A five-day delay to a project...
Proceedings Papers

Paper presented at the Offshore Technology Conference, May 6–9, 1996
Paper Number: OTC-8129-MS
... option feasibility study cost estimate seastar project purchase order project management manifold lead engineer subsea equipment phillips installation contractor strategic planning and management platform modification personnel engineering contractor upstream oil & gas vendor subsea...

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