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6000 5000 4000 3000 Drilling Technology and Costs United States Worldwide 2000 1000 Chapter 6 1975 1980 1985 1990 1995 2000 2005 The effect of inflation on drilling costs was also considered. Figure 6.6 shows the gross domestic product (GDP) deflator index (U.S. Office of Management and Budget, 2006), which is often used to adjust costs from year to year due to inflation, compared to the MITDD drilling cost index. Figure 6.6 shows that inflation has been steadily increasing, eroding the purchasing power of the dollar. For the majority of depth intervals, the drilling cost index has only recently increased above the highs of 1982, despite the significant decrease in average purchasing power. Because the MITDD index does not account for inflation, this means the actual cost of drilling in terms of present U.S. dollars had actually decreased in the past two decades until recently. This point is illustrated in Figure 6.7, which shows the drilling index adjusted for inflation, so that all drilling costs are in year 2004 U.S. $. For most depth intervals shown in Figure 6.7, the actual cost of drilling in year 2004 U.S. $ has dropped significantly since 1981. Only shallower wells (1,2502,499 feet) (380760 m) do not follow this trend, possibly due to rig availability issues discussed above. This decrease is likely due to technological advances in drilling wells – such as better drill bits, more robust bearings, and expandable tubulars – as well as overall increased experience in drilling wells. Figure 6.5 Year 615 Average operating rotary drilling rig count by year, 19752004 (Baker Hughes, 2005). Rig CountPDF Image | Drilling Technology and Costs
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