Musings: The Impact Of Rig Efficiency On Drilling And Production

That conclusion is borne out by Exhibit 8 that shows not only the number of wells drilled but also the average well depth and the number of days needed to drill the average well. The days to drill a well is potentially overstated because we have assumed that each rig in the Baker Hughes weekly rig count worked for seven days. Because there is no data base of when rigs spud wells and when they are released, as exists in Canada, our assumption may be overstating the number of days. Our defense is that we have used this methodology consistently for all years in the survey period, so all years would be overstated, which is likely to average out over the time period. The chart shows that there has been a sharp increase in the number of days required to drill the average well at the same time the average well depth has increased, something that would appear to be a logical conclusion.

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Exhibit 8. Days To Drill Up Along With Well Depth
EIA, Baker Hughes, PPHB


When one plots just drilling days and well depth, the closeness of the relationship becomes clear, as shown in Exhibit 9 below.

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Exhibit 9. Well Depth And Drilling Days Track Closely
Source: EIA, Baker Hughes, PPHB







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