The results given by Risk€
After assessment of the input parameters required for well construction evaluation, the Risk€ analysis is performed using Monte Carlo simulation of all operations and associated undesirable events. Results are given as probability distributions and histograms, which gives a complete picture of the uncertainty related to the cost and duration of a drilling operation.
The main results provided are:
- Curves representing the mean duration and the mean cost, obtained analytically from the input distributions versus the deterministic drill depth
- Drill depth versus time curves.
- The probability distribution for the total drilling cost and duration is given using a histogram, including summary statistics such as the maximum values, mean, and standard deviation.
- The probabilities of performing the well construction within user defined cost and time limits.
- Sensitivity analysis based on correlation coefficients
- Sensitivity analysis based on cost and duration contribution
- Cost breakdown
- Comparison of different well design.
Figure 2: An example of a result window “Well summary”in Risk€