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How to choose the most cost-effective drill bit?

by:Ronix Tools     2021-07-17
An important concept when choosing a drill bit is that regardless of the quality of the drill bit or the drill bit, the economics of drilling should always be measured at the cost per foot. Engineers and sales personnel should correctly choose the most economical drill bit per unit depth in order to reduce costs and obtain higher profits. In particular, the price of a PDC drill bit can be 20 times the price of a milling drill bit and four times the price of a tire drill bit. But in many cases, PDC bits are a more economical choice, because PDC bits usually have a faster drilling speed (ROP) or better durability (longer). Again, there are no absolute advantages or disadvantages in choosing a drill bit. All of these are based on drilling costs per foot. Whether it is a PDC drill, milling or a toothed cone drill, it must be an economically 'reasonable performance' standard. 'Reasonable performance' is sometimes achieved by reducing the speed, sometimes simply by staying in the hole for a longer time. Therefore, when we consider whether to use more expensive electric drill bits, break-even analysis is very important. In other words, for a special well, can we compensate for the additional cost of the drill bit in other ways. Figure: Smith drill bit parameter list Let us take the above eight-and-a-half inch Smith drill bit as an example for actual drilling. Starting from the first column, the size of the drill bit, the type of the drill bit, the price of the drill bit, the depth of the well at the beginning, the depth of penetration, the operating market and the speed of the well. To facilitate the calculation, let us write down some key data and assume two variables as follows: Drilling time u003d 212.5 hours Start time u003d 54.3 hours operating cost u003d $300/hour drill cost u003d $16,148 total lens u003d 3,380 feet The assumed starting speed is 1000 ft/h and the assumed spare PDC bit price is $18,300. First, we can calculate the price of each well under current conditions C u003d 300 * (212.5 + 54.3) + [16148] / 3380 u003d 28.46 USD/ft. Second, because the new electric drill bit has two unknown variables (penetration rate and depth) , So we first assume that the new drill bit can reach the break-even point of 3,380 feet ROP u003d 300 / {28.46- [300 * 12,000 / 1000] +18300] / 3380} u003d 13.7ft / hr That is, if the drill bit can reach 13.7 feet per hour With a speed of 1 ft and a distance of 3,380 ft, the break-even point of the new drilling program can be reached. In the third step, we can also assume that the drilling speed is 20ft/hr, then we can calculate the break-even point of the drilling depth. The break-even lens u003d (300 * 12 + 18300)/(28.46-)300/ 20 u003d 1627 feet. That is, if the drill bit can hit 1,627 feet at a speed of 20 feet per hour, the break-even point of the new drill bit program can be reached. Of course, in the actual drilling process, due to the existence of geology, labor and various unexpected variables, the ideal situation in the calculation will not actually happen. However, the idea of u200bu200bcalculating the economics of the use of a bit has always played an important role in the selection of a bit. This is the basic guiding ideology of 'how to maximize the benefits of drilling a well'.
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