EVALUATION OF DRILLING BIT PERFORMANCE: (A CASE STUDY OF ABC FIELD, WELL-X and WELL-Y) PROJECTS
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Abstract
This research aims to assess the performance of drilling bits by employing cost per
foot and breakeven equations as a means of evaluating their cost-effectiveness. The
study focuses on ABC Well X and ABC Well Y, both located onshore in the southern swamp region of OML 11 within the Eastern Niger Delta area. In ABC Well X, the evaluation involved the use of four SEC Bits, three HTC Bits, and one REED Bit. For ABC Well Y, the assessment incorporated three SEC Bits and three HTC Bits. To evaluate the bits, cost per foot and breakeven equations were applied, taking into consideration their respective manufacturers. The study computed the average cost per foot for each type of bit. The results revealed the following average cost per foot values: SEC Bits in ABC Well X: $58.29 per foot, HTC Bits in ABC Well X: $22.24 per foot, REED Bit in ABC Well X: $47.38 per foot, SEC Bits in ABC Well Y: $38.82 per foot and HTC Bits in ABC Well Y: $20.32 per foot. Based on the cost per foot evaluation, it is evident that HTC Bits exhibit superior
performance compared to the other types of bits, as they have the lowest cost per foot. Utilizing HTC Bits for drilling to the total depth in the field would require a total cost of $3,363.6. This investment would enable drilling for 9.108 hours and yield a footage of 78.47 feet, ultimately reaching the breakeven point for cost per foot.
foot and breakeven equations as a means of evaluating their cost-effectiveness. The
study focuses on ABC Well X and ABC Well Y, both located onshore in the southern swamp region of OML 11 within the Eastern Niger Delta area. In ABC Well X, the evaluation involved the use of four SEC Bits, three HTC Bits, and one REED Bit. For ABC Well Y, the assessment incorporated three SEC Bits and three HTC Bits. To evaluate the bits, cost per foot and breakeven equations were applied, taking into consideration their respective manufacturers. The study computed the average cost per foot for each type of bit. The results revealed the following average cost per foot values: SEC Bits in ABC Well X: $58.29 per foot, HTC Bits in ABC Well X: $22.24 per foot, REED Bit in ABC Well X: $47.38 per foot, SEC Bits in ABC Well Y: $38.82 per foot and HTC Bits in ABC Well Y: $20.32 per foot. Based on the cost per foot evaluation, it is evident that HTC Bits exhibit superior
performance compared to the other types of bits, as they have the lowest cost per foot. Utilizing HTC Bits for drilling to the total depth in the field would require a total cost of $3,363.6. This investment would enable drilling for 9.108 hours and yield a footage of 78.47 feet, ultimately reaching the breakeven point for cost per foot.
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