• BHIMADOLE. SUMAN SATWIK
• T. ANIL KUMAR

One of the crucial factors in oil industry is overall cost for a well which depends on the formations. Even seismic analysis cannot give a complete output, so most of the times it’s difficult to forecast the end cost, but this can be resolved to a certain limit by proper bit evaluation. Bits are one of the crucial factors in deciding the cost of rig which depends on the formations. The current oil economy is not the one which was forecasted. It is so unstable that the oil industries focus on increasing the production rate to balance the decreasing barrel price, so the industries aims in maximum output from the existing well and the wells belonging to high hydrocarbon potential which are going to be drilled. Bit evaluation plays a crucial role in deciding the minimum cost for a well if the conditions agree. The result of the bit evaluation by different methods can be used for wells with similar formations after the seismic analysis and calculated assumptions. This project discusses about the current scenario in the oil industry, reasons for the decline in the barrel price and evaluation of bit performance in different wells by some of the most important and common methods. A case study has been conducted on six wells, out of which two wells have been evaluated using cost per foot method and the remaining four wells have been evaluated using specific energy method. The data’s used in the project report are taken from drillers logbook, the recommendations and conclusions given for each well are part of discussions with experts. The project concludes with recommendations for current oil economy.

"Evaluation Of Bit Analysis By Different Methods And Concluding With Recommendations For Current Oil Economy ", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.9, Issue 6, page no.h320-h329, June-2022, Available :http://www.jetir.org/papers/JETIR2206737.pdf

"Evaluation Of Bit Analysis By Different Methods And Concluding With Recommendations For Current Oil Economy ", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.9, Issue 6, page no. pph320-h329, June-2022, Available at : http://www.jetir.org/papers/JETIR2206737.pdf