Decreasing operational cost of high performance oilfield services by lifecycle driven trade-offs in development

Oilfield service providers are faced with increasing service reliability, reducing operational cost, and the need for rapidly delivering innovative technology. These factors are predominantly influenced in the conceptual design stage. To enable better trade-off decisions a holistic, bottom-up, lifecycle cost model has been developed. The novelty is the early involvement of all stakeholders, i.e., developers, producers and customers, with heavy focus on the operational cost, ultimately meeting the needs of an integrated service providerʹs customers. Existing business, product, and operational data, as well as expert knowledge, are fed into the model to forecast lifecycle cost throughout development. In addition to the model description, a case study is presented.