How You Can Cut Costs on an Oil Rig Site

How you can cut costs on an oil rig site

1 min read

With a shift in economics and the always-changing market of drilling oil, you must prepare for how you can cut costs on an oil rig site.

Make these small yet immense changes to save money in your company’s pockets and the consumers of the product. By standardizing and simplifying oil wells, you can attain a better process for drilling petroleum.

Steel corrosive prevention

The natural threat of corrosion to steel necessitates an intervention of oil drilling companies. When you have solutions to reducing the corrosion of the pipes, your equipment will last longer and produce a greater return on investments. Prolong the life of your drilling and foundation equipment in any way you can to save time and money in the future.

Choose the finest BHAs

When it comes to bottom hole assembly (BHA), you want to choose components that will boost your rate of penetration (ROP) and reduce your slide percentage. BHA tools to consider replacing with higher quality items include mud motors, stabilizers, downhole tools, logging equipment, etc. Also, try to cut down on the time it takes for your crew to select BHAs so that you can get back to making money quicker.

Increase ROP and decrease slide percentage

The rate of penetration as the rig drills the oil depends on the hydraulics, rotational speed, bit wear, etc. Adjust any elements that aren’t optimal and increase the percentage points of the ROP to cut cycle time. Decreasing your slide percentage to minimize the wear and tear on the drill rig equipment also helps with directional drilling accuracy.

Cut down connection times

The more time your rig needs to connect with the well, the more time it takes to drill the oil and the more effort the machine needs to extract the petroleum. Minor changes to the timing and how the crew handles the equipment could drastically change the cost. And because timing is the biggest issue in cutting costs on an oil rig site, you might want to focus your energy on reducing it as much as possible.

All in all, taking a pragmatic, data-driven approach will help you cut costs the most. Review your data before each drilling to ensure you make the appropriate changes in the process. Cutting down costs on an oil rig is a must for companies drilling more regularly because of the ever-changing petroleum market.

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