Accepted June, 2021
Performance evaluation of drill bit is very vital to obtain the efficiency of drill bit in mining and oil and gas operation. However, it is paramount to evaluate the performance of drill bits because of the high cost of replacing damaged ones. It is also very important to examine the rocks particle properties as changes in these can affect the performance of a drill bit. This research is focused on the establishment of cost and perform economic evaluation of bit in terms of performance, using cost per foot analysis and breakeven model equation. Sections of a popular petroleum company was used as case study - MOPOL well number A and MOPOL well number B of the oil and gas company was used. Evaluation was conducted by selecting the right type of bit which will give the best performance in a given formation. In MOPOL well number A, four bits were used. The bit with the least cost in terms of cost per foot is the first bit (17½” Volgaburmash Milled Tooth) with $25.85/ft and the highest breakeven penetration rate of 75.48ft/hr. In MOPOL well #B, seven (7) different bits were used. The bit with the least performance in terms of cost per foot is the seventh bit (8½” Volgaburmash PDC) with $422.64/ft and the first bit (16” REED T135) had the highest breakeven penetration rate of 135.86ft/hr.
Keywords: Drill bit, Oil and Gas, Break Even Model Equation, Cost per foot Analysis