A simple tool to assess the cost-effectiveness of new bit technology Metadata

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Title

  • Main Title A simple tool to assess the cost-effectiveness of new bit technology

Creator

  • Author: Bomber, T. M.
    Creator Type: Personal
  • Author: Pierce, K. G.
    Creator Type: Personal
    Creator Info: Sandia National Labs., Albuquerque, NM (United States)
  • Author: Livesay, B. J.
    Creator Type: Personal
    Creator Info: Livesay Consultants, Encinitas, CA (United States)

Contributor

  • Sponsor: United States. Department of Energy.
    Contributor Type: Organization
    Contributor Info: USDOE, Washington, DC (United States)

Publisher

  • Name: Sandia National Laboratories
    Place of Publication: Albuquerque, New Mexico
    Additional Info: Sandia National Labs., Albuquerque, NM (United States)

Date

  • Creation: 1998-07-01

Language

  • English

Description

  • Content Description: Cost or performance targets for new bit technologies can be established with the aid of a drilling cost model. In this paper the authors make simplifying assumptions in a detailed drilling cost model that reduce the comparison of two technologies to a linear function of relative cost and performance parameters. This simple model, or analysis tool, is not intended to provide absolute well cost but is intended to compare the relative costs of different methods or technologies to accomplish the same drilling task. Comparing the simplified model to the detailed well cost model shows that the simple linear cost model provides a very efficient tool for screening certain new drilling methods, techniques, and technologies based on economic value. This tool can be used to divide the space defined by the set of parameters: bit cost, bit life, rate of penetration, and operational cost into two areas with a linear boundary. The set of all the operating points in one area will result in an economic advantage in drilling the well with the new technology, while any set of operating points in the other area indicates that any economic advantage is either questionable or does not exist. In addition, examining the model results can develop insights into the economics associated with bit performance, life, and cost. This paper includes development of the model, examples of employing the model to develop should cost or should perform goals for new bit technologies, a discussion of the economic insights in terms of bit cost and performance, and an illustration of the consequences when the basic assumptions are violated.
  • Physical Description: 7 p.

Subject

  • STI Subject Categories: 42 Engineering Not Included In Other Categories
  • Keyword: Drill Bits
  • Keyword: Mathematical Models
  • Keyword: Well Drilling
  • Keyword: Geothermal Legacy
  • Keyword: Cost Benefit Analysis
  • Keyword: Drilling Equipment
  • STI Subject Categories: 15 Geothermal Energy
  • Keyword: Performance
  • Keyword: Geothermal Wells Geothermal Legacy

Source

  • Conference: Geothermal Resources Council annual meeting, San Diego, CA (United States), 20-23 Sep 1998

Collection

  • Name: Office of Scientific & Technical Information Technical Reports
    Code: OSTI

Institution

  • Name: UNT Libraries Government Documents Department
    Code: UNTGD

Resource Type

  • Article

Format

  • Text

Identifier

  • Other: DE98002965
  • Report No.: SAND--98-1537C
  • Report No.: CONF-980917--
  • Grant Number: AC04-94AL85000
  • Office of Scientific & Technical Information Report Number: 656530
  • Archival Resource Key: ark:/67531/metadc702052

Note

  • Display Note: OSTI as DE98002965
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