Welldata Technologies

RMX - Probabilistic Time & Cost Estimation

It can be difficult to account for the risk inherent in drilling operations, create a time and cost estimate, then present the AFE in a way that communicates that risk to all project stakeholders

The standard solution has generally been complex Excel spreadsheets that are often individual to each engineer. Unfortunately Excel spreadsheets are prone to error and difficult for other users to share and understand.

Complex Excel spreadsheets therefore result in inconsistent and inaccurate estimating within your team.

RMX delivers a standardized, systematic approach to understanding and communicating project risk.

Using RMX Templates you can capture your existing processes and implement a powerful, fast and easy solution for creating probabilistic time and cost estimates.

Main Features

Define Process

  • Convert existing Excel models
  • Your company processes
  • Consistent, Systematic and Robust
  • Define the inputs you want
  • Run the reports you need

Develop Estimate

  • Any type or level of estimate
  • Offset Data link to generate times
  • Cost Model with spread rates, tangibles, and complex costs
  • Fast and simple to use

Build Campaign

  • Build a multi-well development
  • Multiply single-well concepts
  • Add Learning and NPT curves
  • Re-order & run scenarios
  • Transparent and Auditable estimate

Communicate

  • Custom reporting module
  • Configurable Excel reporting / charting
  • Clear and consistent output
  • Clearly communicate risk / cost to stakeholders