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FutureOn, a Norwegian software company, and Rystad Energy launched an innovative digital system that blends up-to-date cost estimation with present project data for energy projects to accelerate project delivery. This is a major advance towards data-driven decisions in the energy market, quickening project delivery and increasing efficiency for energy companies.
The comprehensive system, composed of FutureOn's FieldTwin platform and Rystad Energy's Cost Estimating system (RCES) overcomes the problem of data barriers, allowing for concurrent field notion and cost iterations. It will aid energy players in regularly assessing their fiscal standing and effect on project CAPEX. Both oil and gas and offshore wind projects can significantly streamline decision-making in initial energy ventures, and P50 cost estimates might be transmitted with inflation-linked forecasts.
Filip Valica from FutureOn addressed the need to eliminate process bottlenecks to enhance operations and accelerate renewable energy projects. He called for data-driven and collaborative decision-making, emphasising the importance of their integrated solution in facilitating modernised decision-making in early-stage energy ventures. Additionally, the application includes the ability to export P50 cost estimates, inclusive of inflation predictions, significantly enhancing the financial review process.
"Data silos must be eliminated, with data-driven, collaborative choices paving the path to net zero. We are dedicated to providing informed, rapid, and cost-effective digital field development for our customers."
Rob Mathey of Rystad Energy remarked on the potential of this integration to expedite project evaluation and bolster interdepartmental collaboration within project development teams. Further demonstrating the applicability and the growing reach of its technology, FutureOn recently expanded into West Africa.
Already, FutureOn, a Norwegian software company, collaborated with Azule Energy to use its digital design and visualisation platform for four oil projects in West Africa.
Read more here- https://www.futureon.com/futureon-and-rystad-energy-launch-cost-estimation-tool-for-energy-industry/?_gl=1*f99z1k*_up*MQ..*_ga*NTA2NTQwNjkxLjE3MDU2NDQ4MTI.*_ga_ZQW7MS8FJR*MTcwNTY0NDgxMC4xLjEuMTcwNTY0NTA2Mi4wLjAuMA..
