AGR Petroleum Services has announced contract wins totaling more than £600,000 for its cutting-edge software that will allow operators to maximize performance during well construction projects.
The organization, which is the largest independent well management consultancy in the world, will provide its risk management technology, P1™ Version 3.8 to oil and gas companies including: NEXEN, Fairfield Energy, Petro-Canada and Sonangol. The software enables companies to significantly reduce the time involved during well construction phases. The contracts have been confirmed within the last fortnight.
Chris Ferrier, P1™ director at AGR Petroleum Services said, "We have had a fantastic response to the release of the latest version of our software and we look forward to working with our clients to help them realize the benefits it brings during activity. We have drawn on our extensive experience of global well construction projects to develop P1™ Version 3.8 which gives engineers the greatest opportunity to capitalize on construction activity.
"We understand that sometimes the most cost effective option can bring the greatest risks and so have designed the software to offer a range of solutions and highlight the level of risk associated with each of these thereby giving engineers complete control over their projects."
Breaking from traditional risk management tools, P1™ Version 3.8 draws on data from previous well construction projects to offer operators a range of solutions to problems that may arise during construction work. It provides the costs associated with these allowing engineers to quickly understand the financial impact of their decision and generates likely outcome scenarios of particular actions.
P1™ Version 3.8 is compatible with Windows and is Vista certified. It enables engineers to compare real-time data with the model to monitor construction work as it progresses. In this way, corrective action can be taken at an early stage and so allows costs and lengthy delays to be kept to a minimum.
Graham McLaren, senior drilling engineer at AGR Petroleum Services commented, "This software is already an integral part of the tools we use during well management projects. It gives us the ability to process information much faster and track performance as the well is drilled. As a result, productivity has increased ten fold."
The company provides full installation support and its team of specialists are on call to provide technical advice. A revised license structure enables companies of all sizes to benefit from the technology with three different software packages available: Express, Workgroup and Enterprise.
AGR Petroleum has operated more than 260 wells for at least 82 clients in 22 countries in every type of drilling environment including offshore, shallow water, deep water and extended reach.