Past the Bit
Just mentioning the expression can draw an expansive selection of clichй terms, with the most apparent being ‘time is money'. The current shift in the industry has severely altered the supply and need for drill bits. And then in one tongue-in-cheek assessment, operations are demanding extended performance beyond a fewer variety of products. Today these sentiments are not only valid, yet are the power behind drill bit manufacturers' and suppliers like Drill Bits World focus when delivering methods to the marketplace.
When operators plan their projects, a variety of expenses are considered. Just as much as 98% of the drilling operation's budget normally encompasses the appropriate services and personnel to use the rig including fluids, drive systems, etc. Drill bit costs, in relation, have historically been known to only represent approximately 2% from the total authorization for expenditure (AFE).
Drill bit manufacturers like Drill Bits World are constantly confronted by the question on how they can improve drilling economics. Luckily for operators, fierce competitiveness in this particular market drives innovation. Using the end goal to increase hours on bottom and rate of penetration without jeopardizing safety and bit integrity, extra length drill bits providers attempt to achieve superior drilling performance.
Through the industry standard cost per ft/m measurement, one can possibly clearly discern that this drill bit's contribution for the drilling economics will have a rather large effect. Correct bit selection can reduce hours, otherwise days, of drilling time proving that drill bits have a measurable effect on the bottom line. This saving of energy directly leads to main point here savings of rig rate, and elimination of additional service components and safety concerns.
Analytical tools and software development
In today's digital oilfield environment, practically each portion of the base hole assembly for example the drill bit may be modelled, tested and optimized before ever being manufactured. Initial drill bit software platforms, introduced in the late 1980s, have given solution to software programs able to modelling merchandise with consideration to rock properties and drilling parameters, simulating a run and assisting in picking the most effective drill bit to the application. These packages work to strike the fragile balance between drilling efficiency, bit life and borehole quality.
The main drill bit manufacturers just like Drill Bits World have adopted holistic design systems, or perhaps a closed loop system for drill bit design. The systems are generally based upon formation analysis, cutting structure design and simulation.
For more info contact Drill Bits World at (407) 385-3511 or, visit their webpage at www.drillbitsworld.com.
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