UnRiskIT™ Objectives

  • Provide a consistent approach to well cost estimating activities
  • Improve well cost and time estimating accuracy
  • Integrate risk assessment activities with the cost estimating process
  • Provide key information to budget holders and key stakeholders regarding risk, uncertainties and assumptions included in the cost estimate and facilitate improved business decisions.

UnRiskIT™ AFE Maturity Process

AFE Generation Life Cycle

UnRiskIT™ provides an effective means to address technical and commercial uncertainty in the development of a final Acquisition for Expenditure at each stage from Scoping to Designing to Planning.

  • Statement of Requirements
  • Basis of Design / Objective
  • Risks
  • Well Engineering Plan
  • Offset Data
  • Cost Structure
  • Business Environment
  • Risk Assessment
  • Range Determination
  • Peer Review
  • UnRiskIT scenario creation and modelling
  • Simulate and generate results
  • Analyze and validate the UnRiskIT® model(s)
  • Document any assumptions
  • Evaluate the economic drivers and compare with expectations
  • Compare existing projects
  • Define the acceptable target and technical limit scenarios
Finalize
  • Uncertainty Statement
  • Basis of Cost Estimate
  • Final Cost Estimate
  • Project AFE
  • Purchase Requisition