Dynamic balancing of well construction and well operations planning and rig equipment total cost of ownership

Abstract

Computer program products, systems containing computer program products, and methods are disclosed for considering rig equipment asset life and maintenance costs in decisions related to well construction/operations planning. A method may include utilizing sensor measurements to generate and record condition indicators for equipment over time and using the condition indicators to develop/refine a digital avatar including a model correlating operation of the equipment with a progression of the condition indicators to predict changes in equipment condition. The method may further include calculating costs/profits based on a well construction/operation plan and predicting a progression of conditions of the equipment during operation of the plan. The digital avatar or comprehensive operations model may enable comparison of costs/profits from resource production with a cost of service delivery (COSD) for the equipment, and may advantageously enable plan changes to be proposed to reduce/minimize costs and/or to increase/maximize profit.

CPC Classifications