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Preparing cost estimates for a well and getting management approval in the form of an AFE is the final step in well
planning. The AFE is often accompanied by a projected payout schedule or revenue forecast. Although an essential
part of well planning, the cost estimate is often the most difficult to obtain with any degree of reliability.
1 Overview
2 Factors/cost estimates evaluated in an AFE
3 Cost estimate categories
3.1 Tangible and intangible costs
3.2 Detailed cost analysis[1]
4 References
5 Noteworthy papers in OnePetro
6 External links
7 See also
A properly prepared well cost estimate may require as much engineering work as the well design. The costs should
address dry holes and completed wells. In addition, accounting considerations such as tangible and intangible items
must be taken into account. Unfortunately, many cost guestimates are the back of the napkin type, with only a
small amount of engineering work used in the process.
The cost estimate is the last item to be considered in the well plan, because it is heavily dependent on the technical
aspects of the projected well. After the technical aspects are established, the expected time required to drill the well
must be determined. The actual well cost is obtained by integrating expected drilling and completion times with the
well design.
The following are some of the major cost estimates captured in the AFE:
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Fig. 1Summary of the authority for expenditure.
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or necessary for the drilling of wells, such as structures for storing oil.
Casing, even though required by state law.
Installation of production facilities.
Oilwell pumps, separators, or pipelines.
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Fig. 2AFE detailed summary.
1. Adams, N. and Charrier, T. 1985. Drilling Engineering: A Complete Well Planning Approach. Tulsa,
Oklahoma: PennWell Publishing Company.
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