A Lesson In Shorter Drilling Time Cycles for $10MM in Savings
A large, New York Stock Exchange-listed leader in Exploration and Production
Our client was engaged in drilling wells in the Eagleford Shale under day rate drilling contracts. They needed to decrease the amount of time it took to drill each well in order to eliminate waste and speed up the process of getting production to market.
At a project cost of $275,000, we redesigned and implemented significant process modifications to shorten drilling time cycles and remove waste, saving our client more than $10 million in production costs while also boosting production revenues.
Read on for more information on how we successfully delivered a positive outcome for our client.
Our client was working under day rate drilling contracts to drill wells in the Eagleford Shale formation.
Their strategy was costly, and they needed to find ways to improve their processes and streamline their procedures in order to shorten the amount of time it took to drill each well.
This would allow them to reduce the amount of waste they produced and speed up the process of bringing production to market.
We sent in a multi-disciplined team that included process improvement specialists, Six Sigma Black Belts, and leaders in the energy industry’s financial industry to evaluate their drilling operations and critical processes, calculating cycle times, and evaluating the efficacy of their procedures.
Following the redesign and implementation of adjustments to our client’s main processes, our team trained their drilling operations staff on these procedures in order to reduce drilling time cycles and eliminate waste.
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