DETERMINATION OF DRILLING BIT PERFORMANCE USING COST PER FOOT AND BREAKEVEN EQUATIONS

¹Oloro J., ² Ukrapor F. and ³Ikhalea .A.

¹Delta State University, Department of Petroleum Engineering, Oleh Campus

²Delta State University, Department of Mechanical Engineering, Oleh Campus

³Delta State University, Department of Petroleum Engineering, Oleh Campus

joloroeng@yahoo.com; ukrakporf@gmail.com

ABSTRACT

This paper is to determine the drilling bit performance, using cost per foot and breakeven equations.Opukushi-38 well of Shell Petroleum Development Company(SPDC) was used as a case study.Nine drill bits were used to drill this well to a total depth of 13,500ft.They were evaluated using cost per foot and breakeven equation base on their makers and their average cost per foot was calculated.From the results obtained, the average cost per foot for Hughes security, smith and redhcal bits were $34.57/ft,$11.441/ft,$36.35/ft and $39.77/ft respectively.Base on evaluation of bit performance using cost per foot,it could be said that Hughes bit with $34.57/ft has better performance than the other bits since it has the lowest cost per foot.If Hughes bit were used in Opukushi-38 to drill to total,a total cost$6,000 will drill for 75.3hours to produce forage of 2,455.2ft in order to breakeven the cost per foot or less of Hughes with the best performance in the offset well.

Key words: Bit, Drilling, Performance, Holes