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ESTIMATING DRILLING COSTS-Conclusion: Systems approach combines hybrid drilling cost functions
08/27/2007
Drilling costs can be estimated with a combination of established, analytic techniques. This article, concluding a three-part series, presents a general framework to estimate costs with a formalized systems perspective.This framework combines regression-based techniques, as employed in the joint association survey, with the multidimensional attributes of drilling, as incorporated in the mechanical risk index (MRI), directional difficulty (DDI), and difficulty index (DI) models (OGJ, Aug. 6, 2007, p. 39; Aug. 13, 2007, p. 46). A generalized methodology to frame the drilling cost estimation problem is presented and illustrated with an example from the Gulf of Mexico.Drilling objectivesThe o...
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