Illustration; Source: FutureOn

New cost estimation tool streamlines decision-making for oil & gas and offshore wind projects

FutureOn, a Norwegian software company specializing in the energy sector, has joined forces with Rystad Energy to launch a digital tool that integrates up-to-date cost estimation with live project data for energy developments, opening doors to accelerated project delivery and efficiency for companies across the energy supply chain.

Illustration; Source: FutureOn

According to FutureOn, its FieldTwin and Rystad Energy’s Cost Estimating Solution (RCES) are synced in real-time, removing data silos and facilitating parallel field concept and cost iteration. As a result, the duo’s customers across both oil and gas and offshore wind projects can continuously assess the financial status and impacts on project CAPEX.

Filip Valica, VP Strategic Partnerships at FutureOn, commented: “Addressing current workflow inefficiencies across the energy industry is crucial to optimizing oil and gas operations while accelerating renewable energy projects.

“Siloed data needs to be a thing of the past, with data-driven, collaborative decisions leading the way toward net zero. We are committed to enabling informed, streamlined, and cost-efficient digital field development for our customers.”

The integrated solution enables companies to modernize and optimize decision-making in early-phase energy developments while easily exporting P50 cost estimates alongside inflation-linked forecasting.

Rob Mathey, VP Cost Estimating of Rystad Energy, highlighted: “Integrating FutureOn’s field visualization software with Rystad Energy’s cost estimating toolset enables project development teams to accelerate the project evaluation phase and break down barriers between departments.”

This comes shortly after FutureOn gained its first foothold in West Africa, thanks to a deal with Azule Energy, which picked its digital design and visualization platform to propel the development of four oil projects forward.