A solution for funding the development of technology in oilwell drilling

Abstract

This article proposes a novel methodology to solve an existing gap in benchmark definition by the adoption of statistically defined benchmarks as references to test products or technical procedures. In a win–win partnership, remuneration is made upon realistic bases of comparison being proportional to existing risks. However, establishing values for benchmarks is rarely unanimous if asked to different persons involved in drilling analysis. Conventional benchmarking, which enhances few results and leaves aside poor operational performances, produces references that do not properly represent the geological environment. Nonetheless, when testing new products, it serves as reference to remunerate suppliers. The review of an optimization program, which resulted in a world record of drilling rate of penetration, reveals the financial magnitude of the savings produced, proposing the method discussed as a reliable solution to the development of technology.