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€