PDC bit selection, how to choose the most cost-effective bit?
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An important concept when choosing a drill bit is that the economics of drilling should always be measured in terms of cost per foot, regardless of the quality of the drill or bit. Engineers and salespeople should correctly select the most economical drill bit per unit depth to reduce costs and achieve 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 the more economical choice, as PDC bits typically have a faster rate of penetration (ROP) or better durability (longer). Again, there are no absolute advantages or disadvantages to choosing a drill. All are based on drilling costs per foot.
Whether it is a PDC drill, milling or insert bevel drill, it must be an economically "reasonable performance" standard. "Reasonable performance" is sometimes achieved by slowing down the speed, sometimes simply staying in the hole longer.
Therefore, the break-even analysis is very important when we consider whether or not to use a more expensive drill. That is, for a particular well, can we compensate for the additional cost of the drill bit in other ways.
In the actual drilling process, due to the existence of geological, artificial and various unexpected variables, the ideal situation in the calculation does not actually occur. However, the idea of calculating the economics of bit usage has always played an important role in the bit selection process, which is the basic guiding principle of "how to maximize the benefits of drilling a well".
