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FutureOn and Rystad Energy Launch Revolutionary Cost Estimation Tool for Energy Industry

FutureOn and Rystad Energy Launch Revolutionary Cost Estimation Tool for Energy Industry


FutureOn, the global energy software company, and Rystad Energy, a pioneer in energy cost estimation, have launched a collaborative digital tool which integrates up-to-date cost estimation with live project data for energy developments. This enables accelerated project delivery and efficiency for customers across the energy supply chain.

FutureOn’s FieldTwin and Rystad Energy’s Cost Estimating Solution (RCES) are synced in real time which removes data silos and facilitates parallel field concept and cost iteration, enabling customers to continuously assess the financial status and impacts on project CAPEX.

By using this seamless workflow, customers across both oil and gas and offshore wind projects can significantly streamline decision making in early phase energy developments and can easily export P50 cost estimates alongside inflation-linked forecasting.

Filip Valica, VP Strategic Partnerships at FutureOn said: "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 towards net zero.

“We are committed to enabling informed, streamlined and cost-efficient digital field development for our customers. By uniting FutureOn’s FieldTwin technology with Rystad Energy’s expertise in cost estimation, we are redefining how industry approaches the early phase development of energy projects.”

Rob Mathey, VP Cost Estimating of Rystad Energy added: “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. We’re excited about the added value this partnership provides our users and looking forward to driving more efficient project outcomes.”

The integrated solution is available to Rystad Energy and FutureOn FieldTwin customers today.

Read the latest issue of the OGV Energy magazine HERE

Published: 16-01-2024

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