Statistical Analysis Helps to Quantify Benefits of New Bit Technology
Rather than rely on individual gut instinct, industry should look to trends from large-scale data sets to understand value and performance of new drill bits
The drilling industry has relied too long on comparative experience and “gut instinct” when assessing new products and technologies and how they affect drilling performance. This is a problematic approach because applications vary wildly, even on the same pad or location, and no two wells are ever really drilled in the same way.