Method for determining economic drill bit utilization

摘要

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.