This study is for companies that want consistent, reliable, and detailed information to use in assessing their strengths, their weaknesses, and their opportunities for improving their current drilling programs. We measure your spending relative to other operators in the study and provide you with data points showing where your costs are high in relation to those with similar wells. This information alerts you to where opportunities exist to reduce the costs of future wells.
This study is aimed specifically at operators drilling in the Bakken formation, which reaches into parts of Montana, North Dakota, and Saskatchewan. Solomon’s Drilling and Completion Cost Study focuses on best practices related to the two key challenges of the Bakken oil shale: 1) expensive drilling and 2) completion efficiency.
Why Choose Solomon's Drilling and Completion Cost Study?
Minimizing drilling costs is critical to profitability for E&P companies. Solomon’s detailed time, cost, and operational benchmarking allows participants to reduce drilling and completion costs through focused application of successful best practices.
The objective of our analysis is not only to define the gaps between current practices and best practices, but also to provide you with performance metrics for enhancing operating efficiency.
How It Works
Solomon’s studies make clear the performance gaps and improvement opportunities in the well construction process and reveal the best practices involved in drilling and completion. Because we apply our methodology consistently to all assets, we remove the subjectivity inherent in internal measurements of operational performance.
This study does the following:
- Analyzes industry performance by area/geology, depth range, and type of well.
- Includes multiple performance metrics, including cost per foot, feet per day, completion time, and more.
- Analyzes cost drivers such as well depth, well profile (vertical, horizontal, multilateral), geology, surface location, hydrogen sulfide, and completion design.
- Provides reliability metrics based on an analysis of daily production data to identify downtime incidents (planned and unplanned) and lost production.
Solomon’s studies help you find answers to the critical questions key to your business success:
- How reliable are my facilities?
- How does my equipment utilization compare with that of others?
- Are my operating expenses comparable to those of companies with similar facilities?
- Do my facilities produce a competitive gross margin, taking into account my utilization and complexity?
- How do I compare across the range of performance in the industry?