Method for determining economic drill bit utilization
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United States of America Patent
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-
Dec 27, 1988
Grant Date -
N/A
app pub date -
Aug 18, 1986
filing date -
Aug 18, 1986
priority date (Note) -
Expired
status (Latency Note)
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Abstract
Disclosed is a real-time method for determining when a drill bit that is being used in drilling operations should be replaced, given the objective of minimizing the total expected, controllable costs of a well. The basis of the bit replacement decision is a direct comparison of the total expected, controllable unit cost of the current bit in the borehole to the total expected, controllable unit cost of a replacement bit over a specified interval of analysis.
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